ASPG - news
Aspen Group Reports Revenue and Earnings Growth for Nine Months Ended March 31, 2001
May 14, 2001 4:50:00 PM ET
Highlights for the Nine-Month Period:
- Net Income Increases 278% to $2.1 million
- Cash Flow Increases 381% to $3.5 million
- Revenue Increases 229% to $7.7 million
OKLAHOMA CITY, May 14 /PRNewswire/ -- Aspen Group Resources Corporation, (OTC Bulletin Board: ASPG; Toronto: ASR), today announced results for the nine-month period ended March 31, 2001. For the nine-month period Aspen Group recorded net income (in US Dollars) of $2,137,395 as compared with $565,310 for the same period of the previous year. Cash flow (net income plus depreciation) was $3,539,384 as compared to $735,413 and revenue was $7,691,651 as compared to $2,341,190. The overall improvement is the result of increased oil and gas production combined with higher sustained oil and gas prices. The increased production in the nine-month period resulted from the Company's acquisition programs and increased development drilling.
Net income per share for the nine-month period was eleven cents ($0.11), up from seven cents ($0.07) in the same period last year. Cash flow per share was nineteen cents ($0.19), up from eight cents ($0.08), and revenue per share was forty-one cents ($0.41), up from twenty-seven cents ($0.27) in the same period last year.
"Although our oil and gas production reported was down from last quarter due to adjustments required for end of calendar year accruals for properties operated by other oil and gas companies, Aspen still produced significant growth on a quarter and nine month comparison," stated Mr. Jack Wheeler, Chairman and CEO. "We have addressed the production accrual issues and we are positioned to increase production in the next quarter."
For the three-month period ended March 31, 2001, Aspen reported revenue of $2,468,596 as compared to $1,011,276 from the same period last year. Cash flow increased from $511,318 in 2000 to $1,128,886 in 2001. Net income was $702,201 in the third quarter of 2001, compared to $444,140 in 2000.
Summary results for the March third fiscal quarter and nine-month period are shown in United States Dollars in the following tables. Details are available in the Company's form 10-QSB Quarterly Report to the United States Securities and Exchange Commission, which was filed today.
Condensed Consolidated Unaudited Summary Balance Sheet as of
March 31, 2000
(In United States Dollars)
Assets
Current assets $ 4,124,453
Oil and gas properties (net of depletion) 45,681,226
Furniture, fixtures and other assets (net
of depreciation) 439,237
Total Assets $ 50,244,916
Liabilities and Stockholders' Equity
Accounts payable and accrued interest and expenses $ 1,981,086
Notes payable and current maturities of long term debt 5,120,000
Long term debt, net of current maturities 9,764,060
Stockholders' Equity 33,379,770
Total Liabilities and Stockholders' Equity $ 50,244,916
Condensed Consolidated Unaudited Summary Statements of Operations
(In United States Dollars)
Three Months Ended March 31 Nine Months Ended March 31
2001 2000 2001 2000
Revenue $ 2,468,596 $ 1,011,276 $ 7,691,651 $ 2,341,190
Expenses
Production,
operating 620,638 168,146 1,964,653 312,912
General, administrative 457,213 206,809 1,369,085 669,520
Depreciation,
depletion 426,685 67,178 1,401,989 170,103
Interest, financing
costs 261,859 125,003 818,529 374,086
Total expenses $ 1,766,395 $ 567,136 $ 5,554,256 $ 1,526,621
Net income before
minority interest $ 702,201 $ 444,140 $ 2,137,395 $ 814,569
Minority interest 0 0 0 249,259
Net income after
tax* $ 702,201 $ 444,140 $ 2,137,395 $ 565,310
Net income per
share $ 0.04 $ 0.04 $ 0.11 $ 0.07
Weighted avg. shares 19,053,844 11,985,341 18,748,230 8,718,972
* No income tax due to application of prior losses
Quarterly Production and Revenue
Oil Gas Oil Gas Oil & Gas Production
Prod'n Prod'n Price Price Revenue $ Costs $
Quarter Ended Bbls Mcf $/Bbl $/Mcf
Sep 30, 1999 6,092 216,634 21.23 2.44 657,584 43,201
Dec 31, 1999 4,918 217,478 22.19 2.50 652,417 91,619
Mar 31, 2000 7,465 221,711 27.02 2.34 720,017 168,146
Jun 30, 2000 15,447 351,703 27.98 2.84 1,431,798 651,034
Sep 30, 2000 25,027 362,353 27.93 4.15 2,201,247 604,148
Dec 31, 2000 24,554 401,039 34.98 5.62 3,091,874 809,854
Mar 31, 2000 22,952 323,626 28.63 5.43 2,468,596 620,638
(note: production numbers based on accrual estimates)
Aspen Group Resources Corporation is an independent Oil and Natural Gas Producer engaged in the Acquisition, Exploitation, Production and Development of oil and natural gas properties. Aspen has production and land holdings in eleven states in the US, with core operations focused primarily in Oklahoma, Kansas and Texas. Aspen's shares trade on The Toronto Stock Exchange under the symbol ASR and on the Nasdaq OTC under the symbol ASPG.
Additional information on Aspen Group Resources Corporation is available from:
Kevin O'Connor
Director Corporate Communications
877-775-8734 Ext. 26
koconnor@asgrc.com
-or-
Terri Smith
Director Investor Relations
866-572-3479
tsmith@asgrc.com
Or visit the Company website @ www.asgrc.com
Portions of this News Release may include certain "forward-looking statements" made pursuant in the "Safe Harbour" Provision of the Private Securities Litigation Reform Act of 1995. These statements are based on Management's current expectations are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this document. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's Annual Report on Form 10-KSB and other Reports filed with the Securities and Exchange Commission.
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