LEXINGTON, Ky., April 1 /PRNewswire-FirstCall/ --
Daugherty Resources (Nasdaq: NGAS) today reported 2002 earnings of
$634,950, or $0.12 per share compared to a 2001 loss of $327,258, or $0.08 per
share. For the year ended December 31, 2002, Daugherty reported earnings
before interest, income taxes, depreciation and amortization (EBITDA) of
$1,536,286.
Gross revenues increased approximately 12% to $8,404,643, compared to 2001
revenues of $7,488,715. This increase was primarily attributable to a
$700,761 increase in contract drilling revenue throughout 2002, when the
Company drilled 27 successful natural gas wells (7.5304 net wells) versus 22
wells (5.7000 net wells) during 2001. During 2002, Daugherty Resources' gross
revenues were derived from contract drilling revenues of $6,269,598 (74.6%),
oil and gas production revenues of $1,204,111 (14.3%) and gas transmission and
compression revenues of $930,934 (11.1%).
Additionally, the Company reported that in the first quarter of 2003 it
drilled a total of 29 natural gas wells (7.3747 net wells) exceeding its
drilling activities for the entire year of 2002.
"2002 was a pivotal year for Daugherty Resources," said William S.
Daugherty, President and CEO. "We saw much stronger gas prices in the last
half of 2002 and that trend has continued into 2003. With the current
shortage of North American natural gas supply working in our favor I expect
our drilling activity will continue to increase in 2003."
Daugherty Resources' complete annual report for 2002, Form 10-KSB, can be
accessed on the web at http://www.sec.gov or by visiting the Company's website at
http://www.ngas.com.
Based in Lexington, Kentucky, Daugherty Resources is a natural resources
development company with interests in oil and gas development and gold mining
prospects. Additional information can be accessed on the Company's website at
http://www.ngas.com.
The information in this release includes certain forward-looking
statements that are based on assumptions that in the future may prove not to
have been accurate. Those statements, and Daugherty Resources and its
subsidiaries are subject to a number of risks, including production variances
from expectations, volatility of product prices, the capital expenditures
required to fund its operations, environmental risks, competition, government
regulation, and the ability of the company to implement its business strategy.
These and other risks are described in the company's documents and reports
that are available from the company and the United States Securities and
Exchange Commission.
DAUGHERTY RESOURCES, INC.
(Incorporated under the Company Act of British Columbia)
CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. Funds)
Years Ended December 31
2002 2001 2000
REVENUE
Contract drilling
(Not less than 95%
attributable to
related party
transactions) $6,269,598 $5,568,837 $5,074,544
Oil and gas
production 1,204,111 1,122,886 833,983
Gas transmission
and compression 930,934 796,992 240,780
8,404,643 7,488,715 6,149,307
DIRECT EXPENSES
Contract drilling 2,916,348 3,012,505 2,967,388
Oil and gas
production 673,227 594,621 599,951
Gas transmission
and compression 494,525 664,371 152,606
4,084,100 4,271,497 3,719,945
GROSS PROFIT 4,320,543 3,217,218 2,429,362
OTHER INCOME
(EXPENSE)
Selling, general
and
administrative (2,898,632) (2,678,146) (1,925,344)
Depreciation,
depletion
and amortization (652,069) (675,559) (642,598)
Interest expense (249,267) (239,334) (248,028)
Interest income 45,261 43,466 46,622
Other, net 69,114 5,097 106,256
(3,685,593) (3,544,476) (2,663,092)
INCOME (LOSS) FROM
CONTINUING
OPERATIONS 634,950 (327,258) (233,730)
Loss from disposal
of a 50% owned
investee -- -- (17,842)
NET INCOME (LOSS) FOR
THE YEAR $634,950 $(327,258) $(251,572)
NET INCOME (LOSS)
PER SHARE
Basic $0.12 $(0.08) $(0.09)
Fully diluted $0.11 $(0.08) $(0.09)
DAUGHERTY RESOURCES, INC.
(Incorporated under the Company Act of British Columbia)
CONSOLIDATED BALANCE SHEET
(U.S. Funds)
DECEMBER 31, 2002
ASSETS
2002 2001
CURRENT
Cash and cash equivalents $7,031,307 $2,244,420
Accounts receivable 328,035 423,359
Prepaid expense and other asset 460,663 202,015
Loans to related parties 64,162 30,676
7,884,167 2,900,470
BONDS AND DEPOSITS 41,000 41,000
OIL AND GAS PROPERTIES 9,679,549 8,834,087
PROPERTY AND EQUIPMENT 918,855 820,769
LOANS TO RELATED PARTIES 711,658 533,051
INVESTMENT 119,081 109,254
DEFERRED FINANCING COSTS 43,546 71,066
GOODWILL 313,177 313,177
$19,711,033 $13,622,874
LIABILITIES
2002 2001
CURRENT
Bank loans $134,162 $146,067
Accounts payable 1,094,941 875,953
Accrued liabilities 1,212,094 793,135
Customers' drilling deposits 6,764,200 2,854,700
Long-term debt 192,341 233,780
9,397,738 4,903,635
LONG-TERM DEBT 4,027,198 3,455,642
13,424,936 8,359,277
SHAREHOLDERS' EQUITY
CAPITAL STOCK
AUTHORIZED
5,000,000 Preferred shares, non-cumulative, convertible
100,000,000 Common shares
ISSUED
558,476 Preferred shares
(2001 - 563,249) 1,784,493 1,802,542
5,505,670 Common shares
(2001 - 4,959,112) 24,589,797 24,184,198
21,100 Common shares held in
treasury, at cost (23,630) (23,630)
TO BE ISSUED
24,887 Common shares to be
issued 55,226 55,226
26,405,886 26,018,336
(20,119,789) (20,754,739)
DEFICIT 6,286,097 5,263,597
$19,711,033 $13,622,874
SOURCE Daugherty Resources, Inc.
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Related links:
http://www.ngas.com
CONTACT:
William S. Daugherty, President of Daugherty
Resources, Inc., +1-859-263-3948, or fax, +1-859-263-4228, or
e-mail, ngas@ngas.com
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