UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

ý                                 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended    March 31, 2005

 

OR

 

o                                 TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                                           to                                          

 

Commission File Number 1-7796

 

 

TIPPERARY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

(303) 293-9379

(Issuer’s telephone number)

 

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 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.

 

 

 

TIPPERARY CORPORATION AND SUBSIDIARIES

 

 

Index to Form 10-Q

 

 

PART I.	FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Consolidated Balance Sheets
		March 31, 2005 and December 31, 2004
		Consolidated Statements of Operations
		Three months ended March 31, 2005 and 2004
		Consolidated Statements of Stockholders’ Equity
		Three months ended March 31, 2005 and 2004
		Consolidated Statements of Cash Flows
		Three months ended March 31, 2005 and 2004
		Notes to Consolidated Financial Statements
	Item 2.	Management’s Discussion and Analysis of
		Financial Condition and Results of Operations
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk
	Item 4.	Controls and Procedures
PART II.	OTHER INFORMATION
	Item 1.	Legal Proceedings
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	Item 6.	Exhibits
SIGNATURES
EXHIBIT INDEX

 

 

PART I - - FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

TIPPERARY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(dollars in thousands except per share data)

(unaudited)

 

		March 31,			December 31,
		2005			2004
ASSETS
Current assets:
Cash and cash equivalents		$	401		$	3,698
Receivables		2,129			2,156
Other current assets		314			436
Total current assets		2,844			6,290
Property, plant and equipment, at cost:
Oil and gas properties, full cost method		149,014			145,141
Other property and equipment		4,008			3,943
		153,022			149,084
Less accumulated depreciation, depletion and amortization		(10,454		)	(9,833		)
Property, plant and equipment, net		142,568			139,251
Debt issuance costs		5,030			4,661
Other noncurrent assets		451			482
		$	150,893		$	150,684
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,851		$	1,664
Accrued liabilities		3,206			1,881
Royalties payable		222			193
Total current liabilities		5,279			3,738
Long-term debt-related parties		18,000			17,000
Long-term debt		92,237			91,352
Future loan underwriting fees		670			—
Long-term asset retirement obligation		287			273
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock:
Cumulative; par value $1.00; 10,000,000 shares authorized; none issued		—			—
Non-cumulative, par value $1.00; 10,000,000 shares authorized; none issued		—			—
Common stock; par value $.02; 50,000,000 shares authorized;
41,365,594 shares issued and 41,355,994 shares outstanding as of March 31, 2005 and December 31, 2004, respectively		827			827
Capital in excess of par value