Harken Reports 2003 Third Quarter Earnings Results
November 14 2003 - 9:40AM
PR Newswire (US)
Harken Reports 2003 Third Quarter Earnings Results HOUSTON, Nov. 14
/PRNewswire-FirstCall/ -- Harken Energy Corporation ("Harken")
today reported results for the third quarter of 2003. The results
of Harken's restructuring efforts are becoming clear as seen in
Harken's Form 10-Q for the period ended September 30, 2003, filed
today. -- Harken reduced current debt by $28 million during the
first nine months of 2003, improving the ratio of current assets to
current liabilities. -- Harken reduced long-term debt to $16.3
million at September 30, 2003, improving the ratio of total
liabilities to equity to 1:1 as compared to 15:1 at December 31,
2002. -- Harken's general and administrative costs decreased 42%
during the third quarter 2003 compared to the prior year period due
to employee reductions as well as reduced legal and professional
costs associated with Harken's capital restructuring plan. Other
financial highlights include: -- Oil and gas revenues for the third
quarter 2003 were $6.9 million compared to $6.0 million for the
third quarter 2002 primarily due to higher oil and natural gas
prices. -- Cash flow from operations for the current year period
was $2.8 million compared to negative $2.1 million for the same
period in 2002. Quarter Ended Nine Months Ended September 30,
September 30, 2002 2003 2002 2003 Total Revenues $ 6,464,000 $
7,014,000 $ 19,668,000 $21,109,000 Oil and Gas Operating Expenses
1,855,000 2,778,000 6,568,000 7,342,000 General and Administrative
Expenses 2,702,000 1,571,000 7,564,000 6,487,000 Depreciation and
Amortization 2,640,000 2,299,000 9,271,000 6,496,000 Litigation and
contingent liability settlements, net --- --- 1,168,000 ---
Interest Expense and Other, net 1,807,000 210,000 3,732,000
3,970,000 Gains from Repurchases / Exchanges of Convertible Notes
3,315,000 --- 3,655,000 5,282,000 Income Tax (Expense) / Benefit
(75,000) (75,000) (255,000) 276,000 Minority Interest of Subsidiary
39,000 (65,000) 68,000 (95,000) Cumulative Effect of Change in
Accounting Principle --- --- --- (813,000) Net Income (Loss) $
739,000 $ 16,000 $ (5,167,000) $ 1,464,000 Net Loss Attributed to
Common Stock (263,000) (806,000) (8,284,000) (1,354,000) Basic Net
Loss per Common Share (0.01) (0.01) (0.40) (0.02) Basic Weighted
Average Shares Outstanding 22,835,940 134,913,094 20,696,314
93,738,732 More information is available in Harken Energy
Corporation's Form 10-Q for the period ended September 30, 2003
filed with the Securities and Exchange Commission and which is
available through the Company's website at
http://www.harkenenergy.com/ . Harken believes that it is important
to communicate its future expectations to its stockholders.
Forward-looking statements reflect the current view of management
with regard to future events and are subject to numerous known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance, timing or achievements of Harken to be
materially different from any results, performance, timing or
achievements expressed or implied by such forward-looking
statements. These risks, uncertainties and other factors include,
among others, the risks described in Harken's Annual Report on Form
10-K for the fiscal year ended December 31, 2002 filed with the
Securities and Exchange Commission as well as other risks described
in the Form 10-Q filed for the period ending September 30, 2003.
Although Harken believes that the expectations reflected in the
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct or that unforeseen
developments will not occur. Harken undertakes no duty to update or
revise any forward-looking statements. DATASOURCE: Harken Energy
Corporation CONTACT: Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or Web site:
http://www.harkenenergy.com/
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