ISRAMCO, INC. Reports Fourth Quarter and 2004 Results Wednesday March 30, 5:48 pm ET
HOUSTON, March 30 /PRNewswire-FirstCall/ -- ISRAMCO, INC. (Nasdaq: ISRL - News) reported today revenues for the fourth quarter ended December 31, 2004 of $2,038,000 compared to revenues of $2,041,000 for the fourth quarter a year ago. The company reported a net loss of ($270,000) or ($0.09) per share for the fourth quarter of 2004 compared to a net loss of ($1,046,000) or ($0.40) per share for the same quarter a year earlier.
Revenues for the year ended December 31, 2004 were $8,943,000 compared to revenues of $8,885,000 for 2003. The net loss for 2004 was ($20,000), or ($0.00) per share compared to net income of $2,256,000 or $0.85 per share for 2003.
The loss in net income in 2004 compared to net income in 2003 is primarily attributable to a decrease in oil and gas sales due to a decline in gas production, a decrease in operators fee collected during 2004, a decrease in the gain on marketable securities and an increase in deferred tax liability.
In 2004 revenues from oil and gas sales were $3,173,000 compared to $3,439,000 in 2003. Operators' fees in 2004 were $137,000 compared to $753,000 in 2003. Gains on sales of marketable securities and equity in the net income of investee affiliates were $1,605,000 compared to $1,970,000 in 2003. Deferred tax liability in 2004 was $2,989,000 compared to $1,169,000 a year earlier. However, revenues were positively affected in 2004 by leasing revenues of $2,034,000 for the Mirage 1 Cruise Liner. In 2003 there were no such revenues.
There were 2,639,853 shares of common stock issued and outstanding in both the 2004 and 2003 periods.