Hurricane Reports - Trading @ 2.1X Cash Flow, 2.4X Earnings
Heads up, guys and gals!
Hurricane Hydrocarbons (NQB:HHLF, TSE:HHL.A)
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Closing Price, 11/3/00: US$6.73/sh
Cash Flow From Ops, 3Q00: US$0.82/sh (fully diluted)
Net Income, 3Q00: US$0.69/sh (fully diluted)
Cash Flow Multiple: US$6.73 / (US$0.82 X 4) = 2.1X
Earnings Multiple: US$6.73 / (US$0.69 X 4) = 2.4X
Plus almost all that post-bankruptcy LT debt is now gone.
Hmmmmm!!!!
Best regards,
Razor
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"Hurricane Hydrocarbons Ltd. - Consolidated Financial Results for the Third Quarter of 2000"
Friday November 3, 6:19 pm Eastern Time
Press Release
SOURCE: Hurricane Hydrocarbons Ltd.
CALGARY, Oct. 31 /PRNewswire/ - Hurricane Hydrocarbons Ltd. announces its consolidated financial results for the third quarter of year 2000. All amounts are expressed in U.S. dollars unless otherwise indicated.
Net income for the three months ended September 30, 2000 was $62.3 million compared to $19.5 million in the third quarter of 1999. Net income for the nine months ended September 30, 2000 was $108.7 million compared with a loss of $7.8 million in the nine months ending September 30, 1999.
Cash flow from operations was $73.8 million for the third quarter of 2000 versus $20.0 million in the third quarter of 1999. For the nine months ending September 30, 2000, cash flow was $126.4 million compared to $0.1 million the year prior.
Earnings before interest, taxes, depreciation and amortization and minority interest (``EBITDA'') for the third quarter of 2000 was $113.7 million or $1.44 per share ($1.24 fully diluted).
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(in millions of US$ Nine Months ended Three Months ended
except per share amounts) September 30 September 30
2000 1999 2000 1999
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Sales Revenue $ 388.8 $ 100.3 $ 172.8 $ 53.3
Net income 108.7 (7.8) 62.3 19.5
Net Income
Per share (basic) 1.61 (0.17) 0.79 0.44
Net Income
Per share (fully diluted) 1.38 (0.17) 0.69 0.39
Cash flow 126.4 0.1 73.8 20.0
Per share (basic) 1.87 0.00 0.93 0.45
Per share (fully diluted) 1.61 0.00 0.82 0.39
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During the third quarter of 2000, Hurricane's crude oil production totalled 8.2 million barrels or an average of 89,600 barrels of oil per day. Of this total, 3.6 million barrels were exported.
The Shymkent refinery processed a total of 5.9 million barrels including 3rd party tolling volumes.
The average price realized for domestic refined products was $18.26 per barrel and the average price for crude oil exports was $22.06 per barrel.
Hurricane submitted an application on September 27, 2000 to Nasdaq in the United States for a new listing on Nasdaq. Nasdaq is still reviewing the Company's application.
On October 20, 2000, Hurricane was added to the Canadian TSE300 Composite Index in the Integrated Oil and Gas Group and to the S&P/TSE Canadian SmallCap Index in the Energy sector.
Hurricane's shares are traded on The Toronto Stock Exchange under the symbol HHL.A and in the United States on the National Quotation Bureau (NQB) under the symbol HHLF. The company's website can be accessed at www.hurricane- hhl.com.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
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CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars - Unaudited)
NINE MONTHS THREE MONTHS NINE MONTHS THREE MONTHS
ENDED ENDED ENDED ENDED
SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
30, 2000 30, 2000 30, 1999 30, 1999
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REVENUE
Sales of crude oil $ 236,978 $ 98,209 $ 98,186 $ 51,320
Sales of refined products 139,494 67,728
Processing fees 8,070 5,806
Interest and other income 4,261 1,033 2,100 1,951
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388,803 172,776 100,286 53,271
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EXPENSES
Production 23,411 6,076 45,784 16,271
Pipeline tariff 17,675 6,731
Royalties 18,355 6,964 8,627 4,190
Refining 8,126 4,019
Crude oil purchases 27,959 4,104
Cost of sales of purchased
refined oil products 16,311 16,311
Selling expenses 5,122 2,214
General and administrative 32,686 14,152 20,947 5,500
Interest expense 15,989 3,916 18,188 6,578
Depletion and depreciation 7,428 3,715 1,543 438
Write-downs - - 5,385 918
Foreign exchange
(gain) loss (3,045) (1,505) 3,386 (1,644)
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170,017 66,697 103,860 32,251
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INCOME (LOSS) BEFORE THE
UNDERNOTED 218,786 106,079 (3,574) 21,020
Waiver fees and debt
restructuring costs 20,373 - - -
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INCOME (LOSS) BEFORE
INCOME TAXES 198,414 106,079 (3,574) 21,020
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INCOME TAXES
Current provision 79,523 36,078 4,208 1,473
Future tax provision 863 2,896 - -
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80,386 38,974 4,208 1,473
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Minority Interest 9,349 4,808 - -
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NET INCOME (LOSS) 108,678 62,297 (7,782) 19,547
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Retained earnings
(deficit) beginning of
period (192,827) (127,430) (201,286) (228,633)
Future income tax
restatement 19,061 - - -
Preferred share dividends (54) (9) (60) (42)
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RETAINED EARNINGS
(DEFICIT) END OF PERIOD (65,142) (65,142) (209,128) (209,128)
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Weighted Avg Basic
Common Shares O/S 67,591,506 79,053,254 44,512,359 44,512,359
Basic Net Income
per Share $ 1.61 $ 0.79 $ (0.17) $ 0.44
Fully Diluted Common
Shares O/S 79,245,630 91,516,787 44,512,359 50,711,081
Fully Diluted Net Income
per Share $ 1.38 $ 0.69 $ (0.17) $ 0.39
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars - Unaudited)
NINE MONTHS THREE MONTHS NINE MONTHS THREE MONTHS
ENDED ENDED ENDED ENDED
SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
30, 2000 30, 2000 30, 1999 30, 1999
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Net income (loss) $ 108,678 $ 62,297 $ (7,782) $ 19,547
Items not affecting cash
Depletion and depreciation 7,428 3,715 1,543 438
Future income taxes 863 2,896 - -
Minority interest 9,350 4,809 - -
Other non-cash charges 34 34 6,373 17
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Cash flow (deficiency)
from operations 126,353 73,751 134 20,002
Changes in non-cash working
capital items 32,292 (28,535) 30,053 11,053
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158,645 45,216 30,187 31,055
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FINANCING ACTIVITIES
Proceeds from issue of
share capital,
net of costs 24,945 318 - -
Repayment of long-term
debt (143,875 (50,000) - -
Preferred share dividends (54) (9) (60) (42)
Proceeds from short-term
loan - - 7,000 -
Payment of short-term loan - - (7,000) (7,000)
Deferred financing costs 907 - - -
Changes in long term
receivables 1,393 1,393 - -
Other - (100) - -
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Funds provided from
financing (116,684) ( 48,399) (60) (7,042)
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INVESTING ACTIVITIES
Acquisition of ShNOS (46,566) (491) - -
Cash acquired on
acquisition of ShNOS 12,628 - - -
Deferred financing and
other costs - - (2,375) (1,688)
Investments and notes
receivable (67) (67)
Capital additions, net of
dispositions (14,709) (8,154) (9,453) (5,845)
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Funds used for investing (48,714) (8,712) (11,828) (7,533)
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INCREASE (DECREASE) IN CASH (6,753) (11,896) 18,299 16,480
CASH POSITION, BEGINNING OF
PERIOD 30,748 35,891 1,466 3,284
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CASH POSITION, END OF
PERIOD $ 23,995 $ 23,995 $ 19,764 $ 19,764
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Weighted Avg Basic Common
Shares O/S 67,591,506 79,053,254 44,512,359 44,512,359
Basic Cash Flow per
Share $ 1.87 $ 0.93 $ (0.00) $ 0.45
Fully Diluted Common
Shares O/S 79,245,630 91,616,391 44,826,081 50,711,081
Fully Diluted Cash Flow
per Share $ 1.61 $ 0.82 $ (0.00) $ 0.39
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars - Unaudited)
AS AT AS AT
SEPTEMBER 30, 2000 DECEMBER 31, 1999
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ASSETS
CURRENT
Cash and term deposits $ 23,995 $ 30,748
Accounts receivable 35,934 5,300
Due from joint venture - 7,554
Inventory 10,381 5,131
Prepaid expenses 8,190 2,849
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78,501 51,582
Long-term amounts receivable - 1,393
Future income tax asset 14,995 -
Capital assets, net 209,747 87,555
Deferred financing and other costs, net - 907
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$ 303,243 $ 141,437
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LIABILITIES
CURRENT
Short-term bank loans $ 2,000 $ -
Accounts payable and accrued liabilities 25,078 24,652
Prepayments for refined products 3,892 -
Taxes payable and accrued 30,852 4,756
Current portion of long-term debt 34,697 198,570
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96,520 227,978
Long-term debt 20,000 -
Provision for future site restoration costs 1,386 905
Future income tax liability 19,126 -
Minority interest 29,108 -
Preferred shares of subsidiary 113 136
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166,253 229,019
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SHAREHOLDERS' EQUITY
Share capital 202,132 105,245
Retained earnings (deficit) (65,142) (192,827)
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136,990 (87,582)
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$ 303,242 $ 141,437
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SOURCE: Hurricane Hydrocarbons Ltd.
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