EARNINGS / Gulfstream Resources 1997 Results
CALGARY, Feb. 16 /CNW/ - Gulfstream Resources Canada Limited - GUR,
Toronto - has released its Annual Report for 1997. The Company recorded a
profit of $7,830,267 or 14 cents per share for the 1997 fiscal year ending
September 30, 1997. This represents a 45% increase from 1996 income. Results
reflect nine months of operations from the Al-Rayyan oil field offshore Qatar,
which is in the initial appraisal phase of development.
Gross revenues for the year were $36,398,899 compared to $19,537,988 in
1996. Expenses, including lease costs for production, offloading and storage
facilities at Al-Rayyan, totaled $21,385,805. Income taxes increased to
$7,182,827 in 1997, from $6,028,176 in the prior year.
Cashflow from operating activities for 1997 increased 100% over 1996
levels.
Expenditures on oil and gas assets totaled $32,166,773 for the year, up
from $24,504,418 in 1996. Cash at year-end was $51,828,631, in large part due
to proceeds of a private placement of common shares in early 1997 of
$43,958,685.
Total assets for the corporation now total $121,862,995 compared to
$46,905,406 at year-end 1996. The company's working capital position remains
strong due to large cash balances. Gulfstream's financial position was
recently augmented by the negotiation of a $73 million long-term credit
facility with a consortium of international banks.
On December 31, 1997, Gulfstream announced a dividend of two cents per
share to shareholders of record on December 19, 1997.
The Annual General Meeting of Shareholders will be held in Calgary on
March 24th at 3:00 p.m. in the Lakeview Room of the Westin Hotel.
Gulfstream Resources Canada Limited
Consolidated Balance Sheet
As at September 30, 1997 and 1996
Assets
1997 1996
---- ----
Current Assets:
Cash $ 51,828,631 $ 3,527,575
Accounts receivable 3,761,249 6,804,203
Inventory 844,384 923,241
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56,434,264 11,255,019
Property. plant and equipment 65,428,731 35,650,387
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$121,862,995 $ 46,905,406
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Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 10,336,307 $ 6,706,044
Income taxes payable 1,706,903 2,229,259
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12,043,210 8,935,303
Bank indebtedness 19,615,723 -
Site restoration and abandonment 39,422 -
Commitments and contingencies
Shareholders' Equity:
Share capital 67,575,269 23,616,584
Retained earnings 21,630,135 14,353,519
Cumulative translation account 959,236 -
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90,164,640 37,970,103
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$121,862,995 $ 46,905,406
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Gulfstream Resources Canada Limited
Consolidated Statement of Operations
For the Years Ended September 30, 1997 and 1996
1997 1996
---- ----
Revenues:
Petroleum and natural gas sales $ 34,920,846 $ 18,536,444
Interest and other income 1,478,053 1,001,544
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36,398,899 19,537,988
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Expenses:
Production 15,437,157 6,395,075
Administration 3,048,033 1,509,553
Depletion and depreciation 2,900,615 182,598
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21,385,805 8,087,226
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Income before provision for income taxes 15,013,094 11,450,762
Provision for income taxes 7,182,827 6,028,176
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Net income $ 7,830,267 $ 5,422,586
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Net Income Per Common Share:
Basic and fully diluted $ 0.14 $ 0.11
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Gulfstream Resources Canada Limited
Consolidated Statement of Retained Earnings
For the Years Ended September 30, 1997 and 1996
1997 1996
---- ----
Retained earnings, beginning of year $ 14,353,519 $ 8,930,933
Net income 7,830,267 5,422,586
Dividends (553,651) -
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Retained earnings, end of year $ 21,630,135 $ 14,353,519
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Gulfstream Resources Canada Limited
Consolidated Statement of Cash Flow
For the Years Ended September 30, 1997 and 1996
1997 1996
---- ----
Operating activities:
Net income $ 7,830,267 $ 5,422,586
Depletion and depreciation 2,900,615 182,598
Decrease in operating working capital 6,047,718 1,502,214
Less non-operating items (345,085) (406,964)
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16,433,515 6,700,434
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Financing activities:
Proceeds from issue of common shares 43,958,685 12,473,530
Increase in bank indebtedness 19,615,723 -
Dividends paid (553,651) -
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63,020,757 12,473,530
Cash available for investing activities 79,454,272 19,173,964
Investing activities:
Additions to oil and gas interests (32,166,773) (24,504,418)
Effect of foreign exchange rate changes 959,236 -
Additions to fixed assets (472,434) (535,465)
Acquisition of marketable securities - (546,000)
Proceeds on sale of marketable securities 526,755 849,714
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(31,153,216) (24,736,169)
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Increase (decrease) in cash 48,301,056 (5,562,205)
Cash, beginning of year 3,527,575 9,089,780
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Cash, end of year $ 51,828,631 $ 3,527,575
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