UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2003 |
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Or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 1-15639 |
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(Exact name of registrant as specified in its charter)
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Colorado |
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84-1515097 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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1700 Broadway, Suite 1150, Denver, CO |
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80290 |
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(Address of principal executive offices) |
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(Zip Code) |
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(303) 863-1555 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at May 5, 2003 |
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Common stock, no par value |
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6,150,323 shares |
CARBON ENERGY CORPORATION
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CARBON ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
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March 31, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash |
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$ |
7,736 |
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$ |
— |
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Accounts receivable, trade |
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4,513 |
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3,240 |
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Prepaid expenses and other |
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958 |
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918 |
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Total current assets |
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13,207 |
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4,158 |
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Property and equipment, at cost: |
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Oil and gas properties, using the full cost method of accounting: |
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Unproved properties |
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8,690 |
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7,080 |
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Proved properties |
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67,323 |
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71,223 |
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Furniture and equipment |
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931 |
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894 |
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76,944 |
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79,197 |
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Less accumulated depreciation, depletion and amortization |
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(32,260 |
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(31,503 |
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Property and equipment, net |
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44,684 |
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47,694 |
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Deposits and other long-term assets |
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451 |
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452 |
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Total assets |
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$ |
58,342 |
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$ |
52,304 |
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The accompanying notes are an integral part of these consolidated financial statements.
2
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
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March 31, |
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December 31, |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
5,760 |
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$ |
4,914 |
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Accrued production taxes payable |
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293 |
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337 |
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Income taxes payable |
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276 |
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— |
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Undistributed revenue and other |
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1,662 |
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1,462 |
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Current derivative liability |
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1,727 |
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1,116 |
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Total current liabilities |
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9,718 |
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7,829 |
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Long-term debt |
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21,242 |
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22,709 |
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Other long-term liabilities |
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2,987 |
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37 |
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Deferred income taxes |
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3,707 |
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3,093 |
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Minority interest |
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— |
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28 |
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Stockholders' equity: |
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Preferred stock, no par value: 10,000,000 shares authorized, none outstanding |
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Common stock, no par value: 20,000,000 shares authorized, 6,122,447 and 6,116,295 shares issued and outstanding at March 31, 2003 and December 31, 2002, respectively |
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32,029 |
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31,987 |
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Accumulated deficit |
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(10,523 |
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(12,017 |
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Accumulated other comprehensive loss |
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(818 |
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(1,362 |
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Total stockholders' equity |
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20,688 |
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18,608 |
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Total liabilities and stockholders' equity |
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$ |
58,342 |
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$ |
52,304 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
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Three Months |
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2003 |
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2002 |
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Revenues: |
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Oil and gas sales |
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$ |
6,466 |
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$ |
3,548 |
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Other, net |
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(192 |
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78 |
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6,274 |
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3,626 |
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Expenses: |
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Oil and gas production costs |
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1,259 |
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1,185 |
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Depreciation, depletion and amortization |
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1,452 |
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1,740 |
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General and administrative, net |
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1,514 |
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1,329 |
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Interest and other, net |
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339 |
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193 |
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Total operating expenses |
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4,564 |
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4,447 |
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Income (loss) before income taxes | |||||||