ISRAMCO, INC. Reports Second Quarter Results PR Newswire HOUSTON, Aug. 9, 2013 HOUSTON, Aug.9, 2013 /PRNewswire/ --ISRAMCO, INC. (Nasdaq: ISRL) reported second quarter 2013 revenues were $17,038,000, compared to $12,828,000 in the second quarter of 2012, an increase of approximately 32.8%. The increase was primarily due to revenues from Isramco's overriding royalty interest in the Tamar Field located offshore Israel, which resulted in net revenues of $4,641,000, and to an increase in revenues from well service operations, which totaled to $2,993,000 compared to $2,368,000 for the same period in 2012. This increase was offset by a decline in oil and gas revenues from the Company's US based operations which decreased by approximately 11% when compared to the same period of 2012. The decrease in revenues from US based operations was due to lower prices received for natural gas liquids ("NGLs") and a decrease in volume produced for crude oil and natural gas. Isramco, Inc. reported net income of $3,172,000 or $1.14 per share for the second quarter of 2013 compared to net income of $2,592,000 or $0.92 per share for the same period in 2012. This increase was primarily due to revenues from overriding royalty in Tamar Field off shore Israel and increase in revenues from well service activities. These increases were partially offset by decreased revenues from crude oil and NGLs sales and net gain on derivative contracts in 2012. The Company reported net income of $2,663,000, or $0.96 per share, for the six months ended June 30, 2013, as compared to a net income of $4,134,000 or $1.48 per share, for the comparable six month period in 2012. This decrease was primarily due to the fact that Isramco Inc. realized a net gain of $3,650,000 from a sale of its marketable securities of a related party and a net gain of $1,560,000 on derivative contracts in 2012 combined with lower crude oil and NGLs sales revenues in 2013 which, as noted above, were partially offset by revenues from the aforementioned overriding royalty interest in the Tamar Field and revenues from well service activities. There are currently 2,717,691 outstanding shares of Common Stock. Isramco's unaudited quarterly results are summarized below (in thousands except for shares outstanding and per share amounts): For the Three For the Six Months Months Ended June Ended June 30, 30, 2013 2012 2013 2012 STATEMENT OF OPERATIONS DATA Revenues 17,038 12,828 28,490 24,292 Total operating expenses 10,574 10,563 21,247 20,101 Operating income 6,464 2,265 7,243 4,191 Net income 3,172 2,592 2,663 4,134 Earnings per share – basic and diluted 1.14 0.92 0.96 1.48 CASH FLOW DATA Net cash provided by operating activities 7,353 9,377 Net cash used in investing activities (8,039) (2,703) Net cash provided by (used in) financing activities 1,789 (7,323) June December 30, 31, 2013 2012 BALANCE SHEET DATA Current assets 23,659 17,386 Total assets 161,376 153,958 Total liabilities 139,898 135,143 Total shareholders' equity 21,478 18,815 FORWARD-LOOKING STATEMENTS ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE "FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE-HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2012, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE. SOURCE Isramco, Inc. Contact: Edy Francis, Chief Financial Officer, 713-621-3882, firstname.lastname@example.org
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ISRAMCO, INC. Reports Second Quarter Results
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