Isramco, Inc. Reports Fourth Quarter Results PR Newswire HOUSTON, March 17, 2014 HOUSTON, March 17, 2014 /PRNewswire/ --Isramco, Inc. (Nasdaq: ISRL) reported today revenues for the fourth quarter ended December 31, 2013, of $20,617,000 compared to revenues of $13,383,000 for the fourth quarter a year ago. The company reported a net loss of $13,132,000, or ($4.83) per share, for the fourth quarter of 2013 compared to a net loss of $652,000, or ($0.24) per share for the same quarter a year earlier. The loss was primarily caused by one time impairment of $23,161,000 on our oil and gas properties in United States, lower crude oil, natural gas and natural gas liquids ("NGLs") sales revenues in the fourth quarter of 2013 as a result of a decrease in crude oil, natural gas and NGLs sales volumes in the U.S. This decrease was partially offset by revenues from the Company's overriding royalty in Tamar Field off shore Israel, an increase in revenues from well service activities and an increase in crude oil, natural gas and NGLs sales prices. For the full year, revenues from oil and gas sales were $51,288,000 in 2013, compared to $40,402,000 in 2012. The Company's net loss in 2013 was $6,710,000 or $(2.47), per share compared to a net income of $2,221,000 or $0.82 per share in 2012. When compared to 2012, the loss was primarily due to a one time impairment of $23,161,000 on our oil and gas properties in the United States in 2013, the Company's net gain of $3,650,000 in 2012 on sale of its investment in shares of a related party, Jerusalem Oil Exploration Ltd ("JOEL"), lower crude oil, natural gas and NGLs sales revenues in 2013 as a result of a decrease in crude oil, natural gas and NGLs sales volumes in the U.S., and a decrease in NGLs prices in 2013.This loss was partially offset by revenues from the Company's overriding royalty in the Tamar Field off shore Israel, an increase in revenues from well service activities and an increase in NGLs sales prices. 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 Months Ended For the Year Ended December 31, December 31, 2013 2012 2013 2012 STATEMENT OF OPERATIONS DATA Revenues $20,617 $13,383 $68,692 $50,430 Total operating expenses 38,994 12,794 72,021 44,433 Operating income (loss) (18,377) 589 (3,329) 5,997 Net income (loss) (13,132) (652) (6,710) 2,221 attributable to Isramco Earnings (loss) per share (4.83) (0.24) (2.47) 0.82 – basic and diluted CASH FLOW DATA Net cash provided by 24,282 17,000 operating activities Net cash used in (21,931) (12,031) investing activities Net cash provided by (used in) financing 1,183 (6,476) activities December 31, December 31, 2013 2012 BALANCE SHEET DATA Current assets $ 28,343 $ 17,386 Total assets 157,913 153,958 Total liabilities 145,422 135,143 Total shareholders' 12,491 18,815 equity 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 2013, 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, email@example.com
Isramco, Inc. Reports Fourth Quarter Results
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