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ISRAMCO, INC. Reports Third Quarter Results
By: PR Newswire
Nov. 9, 2012 04:00 PM
HOUSTON, Nov. 9, 2012 /PRNewswire/ -- ISRAMCO, INC. (Nasdaq: ISRL) reported today that third quarter 2012 revenues were $12,755,000, compared to $11,177,000 in the third quarter of 2011, an increase of approximately 14.1%. Our oil and gas revenues decreased by approximately 10% when compared to the same period of 2011 due to lower prices and volumes produced for natural gas and natural gas liquids ("NGLs"). The lower revenues from natural gas and NGLs were partially offset by an increase in crude oil production volumes. The revenues from well service operations totaled $2,617,000 and caused an increase in total revenues in the third quarter of 2012.
The Company reported a net loss attributable to Isramco of $(1,159,000) or $(0.43) per share for the third quarter of 2012 compared to net income attributable to Isramco of $14,694,000 or $5.41 per share for the same period in 2011. This decrease was primarily due to net gain on sale of our investment in shares of Media Mind Ltd of $15,910,000 in 2011, net loss from derivative contracts in 2012 compared to a net gain in 2011, and decreased revenues from natural gas and natural gas liquids sales as compared to the third quarter of 2011. The decrease was partially offset by an increase in revenues from well service activities and a decrease in income taxes.
The Company reported net income of $2,873,000, or $1.06 per share, for the nine months ended September 30, 2012, as compared to a net income of $11,689,000, or $4.30 per share, for the comparable nine month period in 2011. This decrease was primarily due to the net gain of $3,650,000 on sale of our investment in shares of Jerusalem Oil Exploration Ltd as compared to the net gain on sale of investment in shares of Media Mind Ltd in 2011 in the amount of $15,910,000, lower natural gas and NGLs sales revenues as a result of the decrease in natural gas and NGLs prices and volumes, decrease in gains on derivative contracts which were partially offset by an increase in revenues from well service activities, lower taxes and interest expenses in nine months ended September, 2012.
There are currently 2,717,691 shares of Common Stock issued and outstanding.
Isramco's unaudited quarterly results are summarized below (in thousands except for shares outstanding and per share amounts):
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 2011, 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.
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