Geomet Inc fka GMET

[amadeus]

here is an 8K worth reading:

http://archive.fast-edgar.com//20150218/ANAED22C8C22DTZ2222M2ZZZBAKGZ2W2D272/

Houston, Texas—February 18, 2015—GeoMet, Inc. (OTC: GMET; OTC: GMETP) (“GeoMet” or the “Company”) today announced its financial and operating results for the quarter and year ended December 31, 2014.



Financial and Operating Results



On May 12, 2014, GeoMet closed the sale of substantially all of its remaining assets (the “Asset Sale”). As a result of the Asset Sale, all operating activities are presented as discontinued operations in the Condensed Consolidated Statements of Operations (Unaudited) for the quarter and year ended December 31, 2014 and 2013.



As of December 31, 2014, our primary asset as a public “shell company” is cash in the amount of $22.9 million. On a go forward basis, we believe we are incurring the minimum overhead expenses necessary to sustain a public registrant.



Quarter Ended December 31, 2014



For the quarter ended December 31, 2014, GeoMet reported a net loss available to common stockholders of $2.0 million, or $0.05 per fully diluted share. Included in net loss available to common stockholders for the quarter ended December 31, 2014 were non-cash charges of $0.8 million for accretion of preferred stock and $0.5 million for paid-in-kind (“PIK”) dividends paid on preferred stock. For the quarter ended December 31, 2013, GeoMet reported a net loss available to common stockholders of $4.3 million, or $0.11 per fully diluted share. Included in net loss available to common stockholders for the quarter ended December 31, 2013 were non-cash charges of $0.6 million for accretion of preferred stock and $1.6 million for PIK dividends paid on preferred stock.



For the quarter ended December 31, 2014, GeoMet reported income from discontinued operations of $84 thousand, including a tax benefit of $24 thousand, or $0.00 per fully diluted share. For the quarter ended December 31, 2013, GeoMet reported a loss from discontinued operations of $359 thousand, net of tax of $0, or $0.01 per fully diluted share.



Year Ended December 31, 2014



For the year ended December 31, 2014, GeoMet reported net income available to common stockholders of $53.3 million, or $1.32 per fully diluted share. Included in net income available to common stockholders for the year ended December 31, 2014 were non-cash charges of $3.0 million for accretion of preferred stock and $2.3 million for PIK dividends paid on preferred stock. For the year ended December 31, 2013, GeoMet reported a net income available to common stockholders of $27.8 million, or $0.69 per fully diluted share. Included in net income available to common stockholders for the year ended December 31, 2013 were non-cash charges of $2.3 million for accretion of preferred stock and $5.3 million for PIK dividends paid on preferred stock.



For the year ended December 31, 2014, GeoMet reported income from discontinued operations of $63.0 million, net of tax of $0.7 million, or $1.56 per fully diluted share. Included in income from discontinued operations was a $61.3 million gain resulting from the Asset Sale. For the year ended December 31, 2013,









GeoMet reported income from discontinued operations of $40.8 million, net of tax of $0, or $1.01 per fully diluted share. Included in income from discontinued operations was a $36.9 million gain resulting from the June 2013 sale of GeoMet’s Alabama assets.