New Concept Energy, Inc. Reports First Quarter 2018 Results
New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”)
a Dallas-based oil and gas company, today reported a net loss from
continuing operations for the three months ended March 31, 2018 of
$134,000 or ($0.07) per share, compared to net loss from continuing
operations of $172,000 or ($0.09) per share for the three months ended
March 31, 2017.
The Company reported a net loss of $134,000 for three months ended March
31, 2018, as compared to net loss of $159,000 for the similar period in
2017.
For the three months ended March 31, 2018, the Company recorded oil and
gas revenues of $204,000 as compared to $195,000 for the comparable
period of 2017.
For the three months ended March 31, 2018, the Company recorded oil and
gas operating expenses of $275,000 as compared to $256,000 for the
comparable period of 2017. The increase was due to overall increase in
general operating expenses.
For the three months ended March 31, 2018, corporate general &
administrative expenses were $75,000 as compared to $100,000 for the
comparable periods in 2016. The decrease was due to a decrease in
payroll expenses of $23,000 as well as other administrative costs.
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(amounts in thousands)
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March 31,
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December 31,
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2018
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2017
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Assets
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Current assets
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Cash and cash equivalents
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$
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397
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$
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419
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Accounts receivable from oil and gas sales
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58
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67
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Current portion note receivable
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47
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36
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Total current assets
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502
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522
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Oil and natural gas properties (full cost accounting method)
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Proved developed and undeveloped oil and gas properties, net of
depletion
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2,669
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2,721
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Property and equipment, net of depreciation
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Land, buildings and equipment - oil and gas operations
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647
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661
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Note Receivable
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278
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301
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Total assets
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$
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4,096
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$
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4,205
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS - CONTINUED
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(amounts in thousands, except share amounts)
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March 31,
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December 31,
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2018
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2017
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Liabilities and stockholders' equity
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Current liabilities
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Accounts payable - (including $433 and $412 due to related parties
in 2018 and 2017)
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$
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464
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$
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446
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Accrued expenses
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58
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29
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Current portion of long term debt
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68
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81
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Total current liabilities
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590
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556
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Long-term debt
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Notes payable less current portion
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234
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243
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Asset retirement obligation
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2,770
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2,770
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Total liabilities
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3,594
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3,569
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Stockholders' equity
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Preferred stock, Series B
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1
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1
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Common stock, $.01 par value; authorized, 100,000,000
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shares; issued and outstanding, 2,036,935 shares
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at March 31, 2018 and December 31, 2017
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21
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21
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Additional paid-in capital
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59,000
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59,000
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Accumulated deficit
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(58,520
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)
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(58,386
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)
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Total shareholders' equity
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502
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636
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Total liabilities & equity
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$
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4,096
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$
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4,205
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NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF OPERATIONS
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(unaudited)
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(amounts in thousands, except per share data)
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For the Three Months ended
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March 31,
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2018
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2017
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Revenue
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Oil and gas operations, net of royalties
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$
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204
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$
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195
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Total Revenues
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204
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195
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Operating expenses
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Oil and gas operations
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275
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256
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Corporate general and administrative
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75
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100
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Total Operating Expenses
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350
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356
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Operating earnings (loss)
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(146
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)
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(161
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)
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Other income (expense)
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Interest income
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7
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4
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Interest expense
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(6
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)
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(7
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Other income (expense), net
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11
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(8
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Expense
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12
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(11
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Earnings (loss) from continuing operations
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(134
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)
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(172
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)
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Earnings from discontinued operations
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0
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13
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Net income (loss) applicable to common shares
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$
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(134
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)
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$
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(159
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)
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Net (loss) per common share from continuing operations
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$
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(0.07
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)
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$
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(0.09
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)
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Net income per common share from discontinued operations
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$
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-
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$
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0.01
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Net income (loss) per common share-basic and diluted
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$
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(0.07
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)
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$
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(0.08
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)
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Weighted average common and equivalent shares outstanding - basic
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2,037
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1,947
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180515006598/en/
Copyright Business Wire 2018
Source: Business Wire
(May 15, 2018 - 4:30 PM EDT)
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