Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) today announced
its un-audited results for the quarter ending March 31, 2007. Due
to the company�s earnings exceeding the revenue threshold tests
under income tax regulations, the company was required to file its
income tax returns using the accrual basis of tax accounting. In
order to achieve consistency in reporting, effective January 1,
2007, the company has changed its method of financial reporting
from the cash receipts and disbursements method of reporting to the
accrual method of reporting. For comparative purposes, we have
adjusted our Statement of Revenues and Expenses and Retained
Earnings for Q1-2006 to reflect the accrual method of reporting.
The change in our reporting method has no material effect on our
cash flows. Total revenue for the quarter was $1,435,985 compared
to accrual adjusted total revenue of $3,483,651 for the same period
of 2006. During the first quarter of 2007 revenues from mineral
royalties were $1,294,040 compared to accrual adjusted $3,236,076
for the same period of 2006. Meanwhile, expenses for the first
quarter of 2007 were $219,348 compared to expenses of $240,053 for
the prior year�s first quarter. Net earnings were $853,772 or $0.31
per share for the first quarter of 2007 compared to $2,238,885 or
$0.81 for the same period of 2006. As of March 31, 2007 the
combined gross daily production from 12 wells including those
operated by TMR and Manti Jambi, Inc. was approximately 12.5 mmcf
with net daily production accruing to the Company of approximately
1.6 mmcf. On March 31, 2007 TMR had several of its wells shut-in
which negatively affected the foregoing production report. On April
15, 2006 the combined gross daily production from 16 wells
including those operated by TMR and Manti Jambi, Inc. was
approximately 21 mmcf with net daily production accruing to the
Company of approximately 2.5 mmcf. As previously announced, the
company�s partially owned subsidiary B & L Exploration, LLC
(BLX), of which the company owns 75%, placed its first drilling
program with The Manti Group. The drilling of the first well in
this drilling program was originally scheduled to commence at the
end of March, due to unanticipated delays drilling is now scheduled
to commence by May 15, 2007. If the well is successful, BLX will
have a 16.3% revenue interest in the production with the company
having an additional 25% land owner�s royalty. It is anticipated
that the well will be produced on a lease basis. �We are cognizant
of the decline in our revenues caused by declining production
rates. Due to the lack of drilling activity over the past year
these declines were anticipated. The formation of BLX and the
placement of the first drilling package is jumpstarting drilling
and gives the company significant interest in newly drilled wells,�
commented William B. Rudolf, President and Chief Executive Officer.
Please refer to our website www.biloximarshlandscorp.com for
investor information and historical press releases. Biloxi Marsh
Lands Corporation owns approximately 90,000 acres of marsh lands
located in St. Bernard Parish, Louisiana. As the landowner, it
derives the vast majority of its revenue from oil and gas
exploration and production activities that take place on or near
the company�s land. The company also derives minimal revenues from
surface rentals. This news release contains forward-looking
statements regarding oil and gas discoveries, oil and gas
exploration, development and production activities and reserves.
Accuracy of the forward-looking statements depends on assumptions
about events that change over time and is thus susceptible to
periodic change based on actual experience and new developments.
The Company cautions readers that it assumes no obligation to
update or publicly release any revisions to the forward-looking
statements in this report. Important factors that might cause
future results to differ from these forward-looking statements
include: variations in the market prices of oil and natural gas;
drilling results; unanticipated fluctuations in flow rates of
producing wells; oil and natural gas reserves expectations; the
ability to satisfy future cash obligations and environmental costs;
and general exploration and development risks and hazards. Readers
are cautioned not to place undue reliance on forward-looking
statements made by or on behalf of the Company. Each such statement
speaks only as of the day it was made. The factors described above
cannot be controlled by the Company. When used in this report, the
words �believes,� �estimates,� �plans,� �expects,� �should,�
�hopeful,� �outlook,� and �anticipates� and similar expressions as
they relate to the Company or its management�are intended to
identify forward-looking statements. The following �Statements of
Assets, Liabilities and Stockholders� Equity� and �Statement of
Revenues and Expenses and Retained Earnings� have been derived from
an interim un-audited financial statement which does not include
the information and footnotes that are an integral part of a
complete financial statement. BILOXI MARSH LANDS CORPORATION
Statements of Assets, Liabilities, and Stockholders' Equity March
31, 2007 and 2006 � � Assets 2007� 2006� Accrual Accrual Current
assets: Cash and cash equivalents $ 2,056,443� $ 1,677,164� Royalty
Receivable 535,518� 1,115,124� Accrued Interest Receivable 42,021�
70,489� Total current assets 2,633,982� 2,862,777� Investments:
Other Investments 1,528,663� �� Marketable debt and equity
securities - at cost 12,551,004� 19,494,812� Land - at cost
234,939� 234,939� 14,314,606� 19,729,751� � � Total assets $
16,948,588� $ 22,592,528� Liabilities and Stockholders' Equity
Current liabilities: Federal income taxes payable $ 382,141� $
3,548,255� State income taxes payable (2,450) 538,078� Deferred tax
liability 1,078,000� 1,694,000� Other current liabilities 81,494�
57,903� Payroll taxes payable 2,377� 1,695� Total current
liabilities 1,541,562� 5,839,931� Stockholders' equity: Common
stock, par value $.001 - 20,000,000 shares authorized, 2,851,196
shares issued, 2,754,428 shares outstanding 47,520� 47,520�
Retained earnings 15,434,321� 16,779,892� 15,481,841� 16,827,412�
Less cost of treasury stock - 96,768 shares (74,815) (74,815)
15,407,026� 16,752,597� Total liabilities and stockholders' equity
$ 16,948,588� $ 22,592,528� BILOXI MARSH LANDS CORPORATION
Statements of Revenues and Expenses and Retained Earnings March 31,
2007 and 2006 � � 2007� 2006� Accrual Accrual Revenues: Oil and Gas
Royalties (net of production taxes) 1,294,040� 3,236,076� � Total
Oil and Gas 1,294,040� 3,236,076� � Other: Partnership Income
(Loss) (247,331) -� Dividends and interest 106,819� 247,575� Gain
on sale of securities 282,457� -� � Total Other revenues 141,945�
247,575� � Total Revenue 1,435,985� 3,483,651� � Expenses � Total
Expenses 219,348� 240,053� � Net Income before provision for income
taxes 1,216,637� 3,243,598� � Income taxes Provision for income
taxes 362,865� 1,004,713� � Net Income 853,772� 2,238,885� �
Retained Earnings-beginning of period 14,580,549� 20,049,863�
15,434,321� 22,288,748� Dividends -� 5,508,856� Retained
earnings-end of period $ 15,434,321� $16,779,892� � � Net Income
Per Share $ 0.31� $ 0.81�
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