SANTA ANA, Calif., April 15, 2004 (PRIMEZONE) -- Capco Energy, Inc. (OTCBB:CGYN), today announced increased revenues and profits from continuing operations for the year ended December 31, 2003.
The Company had gross sales and income from continuing operations, consisting principally of oil and gas production activities, of $3.1 million and $46,000, respectively, for the year 2003. For the year 2002, the Company reported gross sales of $1.3 million and a loss from continuing operations of $(1.6 million).
Operations from the Company's petroleum products distribution activities, reported as discontinued operations, resulted in a loss of $(2.0 million) for the year 2003 versus a loss of $(470,000) for the year 2002. Included in the reported operations for the year 2003 is a loss on disposal of discontinued operations in the amount of $(730,000) resulting from the Company's reported sale of the petroleum products distribution business.
Ilyas Chaudhary, CEO of Capco, said, "We are very pleased with the reported operating results from our oil and gas production activities. Acquisitions in Montana and the Texas Gulf Coast that closed during the fourth quarter of 2003 were not significant to our results of operations in 2003, but will contribute to increases in revenues and profitability in 2004."
Statements of Operations Summary
Years Ended December 31, 2003 and 2002
(Dollars in thousands, except per share data)
2003 2002
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Sales $ 3,148 $ 1,345
Gross profit 1,618 611
Income (loss) from continuing
operations 46 (1,617)
(Loss) income from discontinued
operations, including loss on
disposal of discontinued
operations (1,994) (470)
Net loss (1,948) (2,087)
Earnings (loss) per share-basic:
Continuing operations $ -- $ (0.02)
Net loss $ (0.03) $ (0.03)
Weighted average common share
and common share equivalents-
basic 77,897,657 77,101,520
Balance Sheet Summary
December 31, 2003
(Dollars in thousands)
Current assets $ 706
Oil and gas property, full cost pool method 10,236
Assets attributable to businesses sold under contract 4,013
Other assets 1,515
------
Total assets $16,470
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Current liabilities $ 2,371
Long-term debt and liabilities 5,325
Liabilities attributable to businesses sold under contract 4,346
Deferred tax liability 553
Total stockholders' equity 3,875
------
Total liabilities and stockholders' equity $16,470
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For further information please call Bruce A. Bales @ (281) 658-6653.
Safe Harbor Statement under the Private Securities Litigation reform Act: Statements in this release looking forward in time involve risks and uncertainties discussed here and in the Company's filings with the Securities and Exchange Commission, including uncertainty regarding future revenue and integration. This and other risks are identified in our SEC filings and should be considered in evaluating the forward-looking statements made herein. These risks could cause actual financial results to vary from those anticipated.