Click here to close now.

Welcome!

.NET Authors: Carmen Gonzalez, Elizabeth White, Liz McMillan, Greg O'Connor, Jason Bloomberg

News Feed Item

Pyramid Oil Company Reports Third Quarter and Nine-Month Financial Results

Company Delivers Continued Profitability and Improved Financial Strength; Value of Cash, Short-Term Investments and CDs Increases to $1.45 per Share

BAKERSFIELD, CA -- (Marketwire) -- 11/14/12 -- Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its third quarter and nine-month period ended September 30, 2012.

Third quarter revenue was $1.2 million versus $1.4 million in the same quarter a year ago. The decline was attributable to lower average crude sales prices and a decrease in crude production volumes. The Company realized third quarter crude prices per average barrel of oil equivalent (BOE) of $99.81 versus $105.06 per average BOE in the same quarter last year, while its net revenue share of crude oil sales decreased by approximately 1,400 barrels versus the 2011 third quarter.

Operating income was $286,000 versus a loss from operations of $162,000 in the third quarter last year. Last year's operating results included a $673,000 non-cash valuation allowance associated with the Pike 1-H horizontal joint venture well. Third quarter net income was $208,000, or $0.04 per share, versus net income of $4,000, or $0.00 per share in comparable prior-year quarter.

For the nine-month period, revenue was $3.9 million versus $4.3 million during the same period of 2011. Operating income was $1.1 million versus $726,000 in the comparable prior-year period, while net income was $869,000, or $0.19 per share, compared with net income of $751,000, or $0.16 per share, in the same period a year ago. Operating cash flow at the nine-month mark was to $1.7 million versus $2.0 million during the first nine months of last year.

Pyramid further strengthened its financial position during the quarter, as cash, cash equivalents and short-term investments increased to $5.7 million from $5.3 million at the end of the second quarter and $4.9 million at December 31, 2011. Working capital improved to $6.1 million, while total current assets have increased to $6.7 million. The Company also held $1.1 million in CDs at the end of the quarter, which, when combined with cash, cash equivalents and short-term investments, was $6.8 million, or $1.45 per share. Pyramid's balance sheet remained free of long-term debt at the close of the quarter.

"Another quarter of solid earnings and cash flow has added to the strength of our financial position, giving us increased flexibility as we seek opportunities to grow the Company," said John Alexander, president and CEO. "Enhancing shareholder value remains our primary focus as we evaluate these opportunities."

Pyramid is in the process of acquiring Victory Oil Company's 32% working interest in the Pike 1-H well and 50 acres of surface and mineral interests associated with Victory's Murphy Fee property. The transaction will give Pyramid 100% working interest in the Pike 1-H, which was drilled as a joint venture by Pyramid and Victory during the first quarter of 2011. Both Companies expect to conclude the transaction in the fourth quarter of 2012.

About Pyramid Oil Company
Pyramid Oil Company has been in the oil and gas business continuously since incorporating in 1909. Pyramid acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells in an effort to discover or produce oil and/or natural gas. More information about the Company can be found at: http://www.pyramidoil.com.

Safe Harbor Statement
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the completion and testing of wells. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause or contribute to such differences include, but are not limited to the value of crude oil or the performance of wells.

                             PYRAMID OIL COMPANY
                          STATEMENTS OF OPERATIONS
                                 (UNAUDITED)

                             Three months ended         Nine months ended
                                September 30,             September 30,
                          ------------------------  ------------------------

                              2012         2011         2012         2011
                          -----------  -----------  -----------  -----------

REVENUES:
  Oil and gas sales       $ 1,198,420  $ 1,412,842  $ 3,907,792  $ 4,289,181
                          -----------  -----------  -----------  -----------

COSTS AND EXPENSES:
  Operating expenses          476,122      421,405    1,365,861    1,282,950
  General and
   administrative             192,910      222,583      632,804      666,375
  Stock based
   compensation                     0            0            0       43,743
  Taxes, other than
   income and payroll
   taxes                       44,885       37,399      129,266      101,358
  Provision for
   depletion,
   depreciation and
   amortization               151,502      184,208      519,396      595,631
  Valuation allowances              0      673,000            0      727,384
  Accretion expense            13,153        5,229       31,970       26,793
  Other costs and
   expenses                    33,975       31,280      118,449      118,964
                          -----------   ----------   ----------   ----------

                              912,547    1,575,104    2,797,746    3,563,198
                          -----------   ----------   ----------   ----------

OPERATING INCOME (LOSS)       285,873     -162,262    1,110,046      725,983
                          -----------   ----------   ----------   ----------

OTHER INCOME (EXPENSE):
  Interest income              10,975       12,193       31,835       38,704
  Other income                      0            0          250          500
  Interest expense               -152         -568         -868       -2,459
                          -----------   ----------   ----------   ----------

                               10,823       11,625       31,217       36,745
                          -----------   ----------   ----------   ----------
INCOME (LOSS) BEFORE
 INCOME TAX PROVISION
 (BENEFIT)                    296,696     -150,637    1,141,263      762,728
  Income tax provision
   (benefit)
    Current                    16,800       52,700       99,800      163,300
    Deferred                   72,000     -207,600      172,900     -151,500
                          -----------   ----------   ----------   ----------
                               88,800     -154,900      272,700       11,800
                          -----------   ----------   ----------   ----------

NET INCOME                $   207,896  $     4,263  $   868,563  $   750,928
                          ===========  ===========  ===========  ===========

BASIC INCOME PER COMMON
 SHARE                    $      0.04  $      0.00  $      0.19  $      0.16
                          ===========  ===========  ===========  ===========

DILUTED INCOME PER
 COMMON SHARE             $      0.04  $      0.00  $      0.19  $      0.16
                          ===========  ===========  ===========  ===========

Weighted average number
 of common shares
 outstanding
                            4,687,644    4,683,853    4,685,117    4,682,492
                          ===========  ===========  ===========  ===========

Diluted average number
 of common shares
 outstanding
                            4,687,644    4,685,177    4,685,117    4,688,465
                          ===========  ===========  ===========  ===========


                             PYRAMID OIL COMPANY
                               BALANCE SHEETS

                                   ASSETS

                                           September 30,      December 31,
                                               2012               2011
                                            (Unaudited)         (Audited)
                                         ----------------   ----------------

CURRENT ASSETS:
  Cash and cash equivalents              $      3,582,642   $      2,762,676
  Short-term investments                        2,134,391          2,128,380
  Trade accounts receivable                       431,151            555,495
  Income taxes receivable                          55,569             21,169
  Crude oil inventory                             106,025            118,156
  Prepaid expenses and other assets               116,140            255,846
  Deferred income taxes                           262,500            262,500
                                         ----------------   ----------------

    TOTAL CURRENT ASSETS                        6,688,418          6,104,222
                                         ----------------   ----------------

PROPERTY AND EQUIPMENT, at cost
  Oil and gas properties and
   equipment (successful efforts
   method)                                     19,919,006         19,124,558
  Capitalized asset retirement costs              409,338            401,242
  Drilling and operating equipment              1,966,750          1,956,371
  Land, buildings and improvements              1,073,918          1,073,918
  Automotive, office and other
   property and equipment                       1,228,147          1,192,118
                                         ----------------   ----------------

                                               24,597,159         23,748,207

  Less: accumulated depletion,
   depreciation, amortization and
   valuation allowances                       -20,611,051        -20,091,655
                                         ----------------   ----------------

  TOTAL PROPERTY AND EQUIPMENT                  3,986,108          3,656,552
                                         ----------------   ----------------

INVESTMENTS AND OTHER ASSETS
  Long-term investments                         1,093,919          1,071,984
  Deferred income taxes                           608,700            781,600
  Deposits                                        250,000            250,000
  Other Assets                                     17,380             17,380
                                         ----------------   ----------------

  TOTAL INVESTMENTS OTHER ASSETS                1,969,999          2,120,964
                                         ----------------   ----------------

    TOTAL ASSETS                         $     12,644,525   $     11,881,738
                                         ================   ================

                             PYRAMID OIL COMPANY
                               BALANCE SHEETS

                    LIABILITIES AND STOCKHOLDERS' EQUITY

                                           September 30,      December 31,
                                               2012,              2011
                                            (Unaudited)         (Audited)
                                         ----------------   ----------------

CURRENT LIABILITIES:
  Accounts payable                       $        147,763   $         88,494
  Accrued professional fees                       126,876            142,990
  Accrued taxes, other than income
   taxes                                           40,203             77,471
  Accrued payroll and related costs                62,987             51,252
  Accrued royalties payable                       206,513            224,810
  Accrued insurance                                     0             82,428
  Current maturities of long-term
   debt                                             5,981             32,285
                                         ----------------   ----------------

    TOTAL CURRENT LIABILITIES                     590,323            699,730
                                         ----------------   ----------------

LONG TERM DEBT, net of current
 maturites                                              0             22,330
                                         ----------------   ----------------

LIABILITY FOR ASSET RETIREMENT
 OBLIGATIONS                                    1,304,850          1,278,889
                                         ----------------   ----------------

    TOTAL LIABILITIES                           1,895,173          2,000,949
                                         ----------------   ----------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Preferred stock-no par value;
   10,000,000 authorized shares; no
   shares issued or outstanding                         0                  0
  Common stock-no par value;
   50,000,000 authorized shares;
   4,683,853 shares issued and
   outstanding                                  1,682,971          1,682,971
  Retained earnings                             9,066,381          8,197,818
                                         ----------------   ----------------

    TOTAL STOCKHOLDERS' EQUITY                 10,749,352          9,880,789
                                         ----------------   ----------------

  TOTAL LIABILITIES AND STOCKHOLDERS'
   EQUITY                                $     12,644,525   $     11,881,738
                                         ================   ================


CONTACTS:
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000

Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
BroadSoft on Tuesday announced that it is a recipient of the 2014 Frost & Sullivan Market Leadership Award in the Hosted/Cloud Internet Protocol (IP) Telephony market for Latin America. According to Frost & Sullivan market research, the Latin America (LATAM) hosted/cloud Internet Protocol (IP) telephony market, including integrated unified communications and collaboration (UC&C) applications, is currently experiencing a rapid growth trajectory and is expected to exhibit a tenfold rise in annual revenues in the 2013-2020 period. With more than 600 cloud deployments internationally, BroadSoft w...
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
Participants will reach the final if their IoT solution is liked. A community vote will determine the best solutions submitted in each country, after which an expert jury will select the national winners and the best international IoT solution. Each country's best solution can win a national marketing campaign worth up to €30,000 and become a partner in Deutsche Telekom's participating markets. The winning international solution can become partner of Deutsche Telekom Group across all eight countries and reach out to a potential of 10,8 million business customers. Deutsche Telekom Group has a...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communications (RTC) services for app developers. VoxImplant (built by Zingaya, the real-time communication servi...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
With IoT exploding, massive data will transform businesses with opportunities to monetize almost anything that can be measured. In this C-Level Roundtable Discussion at @ThingsExpo, Brendan O’Brien, Aria Systems Co-founder and Chief Evangelist, will lead an expert panel of consultants, thought leaders and practitioners who will look at these new monetization trends, discuss the implications, and detail lessons learned from their collective experience. Finally, the panel will point the way forward for enterprises who wish to leverage the resulting complex recurring revenue models, adding valu...
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT.
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...