Aspen Announces Record Growth in 3rd Quarter
Highlights
- Revenue up 629%
- Net Income of $444,140
- Sales increase 1,126%
May 9, 2000 08:30 AM Eastern Time
OKLAHOMA CITY, May 9 /PRNewswire/ -- Jack E. Wheeler, Chairman, President and CEO of Aspen Group Resources Corporation, ASRG , today announced results for the Third
Quarter and Nine Months of its Fiscal 2000 ended March 31, 2000.
For the Third Quarter, Aspen recorded Revenue of $1,011,276, a 629% increase from the same Period last year. For the first Nine Months of Fiscal 2000, Revenue has increased by 141% from $971,041 to $2,341,190.
Net Income increased to $444,140 in the Third Quarter. This compares to a net loss of $6.5 million, or ($.31) per share, in the same period last year. Net income for the Nine Month
period was $565,310 versus a net loss of $7.07 Million in the prior year period.
"For the Third Consecutive Quarter, since the change in Management, Aspen has continued its exceptional performance," stated Jack Wheeler. "Our Net Income growth this Quarter demonstrates a $7 Million turnaround from where the Company was one year ago. Our Revenue of over $1 Million for the quarter, our positive cash flow, and solid earnings
represent the first true picture of Aspen Group Resources since we completed our acquisition of East Wood Ventures in March of this Year. We are very proud of Management for reaching this level of performance while reducing G&A expense by 12% for the Quarter and 24% for the Nine Month period."
Total Revenues increased to $1,011,276 during the Third Quarter ended March 31, 2000, with Oil and Gas Sales increasing 1,126% during the period, compared to the prior Fiscal period. Total Revenues increased to $2,341,190, up $1,370,149 or 141% from $971,041 during the Nine Months ended March 31, 2000, compared to the prior Fiscal period.
"We have accomplished a dramatic turnaround in the growth and financial condition of Aspen Group and remain focused on the continued growth of the Company," Mr. Wheeler continued. "While much remains to be done, we now have interests in over 780 Producing Properties, a highly successful developmental drilling program which has produced 64 out of 65 commercially productive oil and gas wells, and an aggressive acquisition program. With prices for both oil and natural gas stabilizing at higher levels, and our proven business plan, we feel that Aspen Group Resources is well positioned to enhance Shareholder Value going forward."
Aspen Group Resources Corporation is an oil and gas Exploitation, Production and Development Company based in Oklahoma City. The Company currently owns interests in
approximately 780 gross wells located in Eight States with a predominant focus in Oklahoma and Texas.
Financial Highlights
Three Months Ended Nine Months Ended
March 31, 00 March 31, 99 March 31, 00 March 31, 99
Revenue $1,011,276 $138,627 $2,341,190 $971,041
Net Inc.(Loss)$444,140 $(6,570,400) $ 565,310 $(7,076,458)
EPS $0.01 $(0.31) $0.01 $(0.36)
Additional information on Aspen Group Resources Corporation is available from:
Jack Wheeler,Chairman, President & CEO
Al Kau 888-795-3166
405-606-8500 877-504-8500 www.asgrc.com
Investor Relations -- SmartStockAdvisor.com Phone (toll-free): (877) 710-1426, E-mail:smartstockadvisor@yahoo.com
The information in this news release includes certain forward-looking statements as defined in the "Safe Harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based upon assumptions that are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in forward
looking statements are reasonable, it can give no assurance that the expectations of any of its forward-looking statements will prove to be correct.
SOURCE Aspen Group Resources Corporation |
