SEITEL'S DDD ENERGY SUBSIDIARY
A few years ago Seitel attempted to spin off another subsidiary as an IPO. As a result, there is a fair amount of disclosure on DDD Energy that is not included in Seitel's SEC filings. The attempt to spin off DDD as "Vision Energy" fell flat on its face. Whether because the attempt came shortly after Seitel's previous spin off filed Chapter 11, or because the SEC killed it, is a subject open to conjecture.
From the filing:
freeedgar.com
<<<In addition, because we have incurred losses from operations since our formation, our future operating results are difficult to forecast.>>>
According to the prospectus, DDD reported operating losses of $13.9 million in the period covered. For some strange reason Seitel's filings show DDD Energy operating income of $13 million for the same period.
Per Seitel's filings
1994 $229,000
1995 $838,000
1996 $5,984,000
1997 ($1,714,000)
1998 $2,439,000
1999 $5,223,000
Total $12,999,000
Per Vision Energy filings
1994 ($307,000)
1995 ($597,000)
1996 $2,168,000
1997 ($8,803,000)
1998 ($3,647,000)
1999 ($2,684,000)
Total ($13,870,000)
I guess it makes a difference on who you're trying to con and how afraid you are of getting caught when it comes to which set of books to show the SEC. Note that these reports were audited by Arthur Andersen. |
