Ray:
It does not get much better than this:
Comstock reported revenues of $45.0 million for the third quarter of 2000, an increase of 96% over third quarter 1999 revenues of $23.0 million. Comstock's net income this quarter reached $12.1 million, as compared to a net loss of $1.3 million for the third quarter of 1999. Net income per share for the third quarter of 2000 was 37 cents as compared to a net loss per share of 5 cents for the third quarter of 1999 on weighted average shares outstanding of 34.5 million and 24.8 million for 2000 and 1999, respectively. Comstock generated $31.2 million in operating cash flow (cash flow before changes in working capital accounts) in 2000's third quarter, an increase of over 200% over 1999's third quarter operating cash flow of $10.3 million. Earnings before interest, taxes and depreciation depletion and amortization (``EBITDA'') of $37.1 million in 2000's third quarter was 124% higher than 1999's third quarter EBITDA of $16.5 million.
For the nine months ended September 30, 2000, Comstock's revenues totaled $116.8 million, a 79% increase over revenues for the same period in 1999 of $65.3 million. Net income for the nine months ended September 30, 2000 totaled $24.2 million (77 cents per share), as compared to a net loss of $6.8 million (28 cents per share) for the nine months ended September 30, 1999. Operating cash flow generated by Comstock reached $74.8 million for the first nine months of 2000, a 159% increase from the first nine months of 1999's cash flow of $28.8 million. EBITDA grew to $93.1 million for the first nine months of 2000, a 102% increase over EBITDA of $46.1 million for the first nine months of 1999.
The outstanding financial results in the third quarter were driven by increased production and higher oil and gas prices. Comstock produced 9.3 billion cubic feet equivalent (``Bcfe'') of natural gas in the third quarter of 2000, a 7% increase from 1999's third quarter production of 8.7 Bcfe. Production for the first nine months of 2000 totaled 28.6 Bcfe as compared to 1999's first nine months production of 27.8 Bcfe. Prices in the third quarter increased to $4.69 per thousand cubic feet (``Mcf'') for natural gas and $31.37 per barrel for oil from $2.28 per Mcf and $20.82 per barrel in 1999's third quarter
Rev's and income are way up, cash flow is way up, shares outstanding look to be decreased year 2000 from 1999...a buyback somewhere. That would help to up the EPS...I'll have to dig deeper on that. I'll go to SEC and see what else is going on. This stock, on face value should be trading much much higher than it is.
Ken |
