FRUSTRATING~~~~~~
i was bidding for some SPND all day yesterday based upon the late Q filing that said:
Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by
the earnings statements to be included in the subject report or portion
thereof? [X] YES [ ] NO
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Net income for the three and nine months ended September 30, 2003, is
anticipated to be greater than that reported for the three and nine months
ended September 20, 2002. At the date of the filing of this report, the
magnitude of the increase is not known as all of the data from the
subsidiaries and acquisitions has not been posted. The increase in net
income from 2002 to 2003 will be due to higher product prices for both oil
and gas, as well as additional production from newly acquired and operated
oil and gas prices.
i figured there was no hurry -- but the friggin filing came out this am and by the time i got to it the mms had already take it up.
the Q is a thing of beauty -- with 6 cents per share in earnings in just the last 3 months. hey - if they can do that quarter over quarter.... this stock will really move up.
http://www.sec.gov/Archives/edgar/data/867038/000086703803000020/sog10q2003q3.txt
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
--------------------------
September 30 December 31
2003 2002
(Unaudited)
----------- -----------
ASSETS
Current Assets
Cash $ 2,837,000 $ 2,046,000
Accounts receivable, trade 629,000 274,000
Accounts receivable, other 638,000 -
Prepaid income tax - 109,000
----------- -----------
Total Current Assets 4,104,000 2,429,000
----------- -----------
Property and Equipment, at cost
Oil and gas properties (full cost method) 3,818,000 3,936,000
Rental equipment 399,000 399,000
Gas gathering systems 145,000 145,000
Other property and equipment 85,000 85,000
----------- -----------
4,447,000 4,565,000
Accumulated depreciation and amortization (3,396,000) (3,230,000)
----------- -----------
Total Property and Equipment, net 1,051,000 1,335,000
----------- -----------
Other Assets 2,000 -
----------- -----------
Total Assets $ 5,157,000 $ 3,764,000
=========== ===========
The accompanying notes are an integral part of these statements.
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - (Continued)
As of
--------------------------
September 30 December 31
2003 2002
(Unaudited)
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 801,000 $ 414,000
Notes payable, related party - 42,000
Income Tax Payable 177,000 -
Tax savings benefit payable 97,000 97,000
----------- -----------
Total current liabilities 1,075,000 553,000
----------- -----------
Deferred income tax payable 179,000 179,000
----------- -----------
Shareholders' Equity
Common stock, $.01 par value; 100,000,000
Shares authorized; 7,677,471 shares
issued and outstanding at September 30, 2003
and 7,582,471 shares issued and outstanding
at December 31, 2002. 103,334 shares of
Treasury Stock at September 30, 2003 and
December 31, 2002 77,000 76,000
Additional paid-in capital 796,000 776,000
Treasury Stock (18,000) (18,000)
Retained earnings 3,048,000 2,198,000
----------- -----------
Total Shareholders' Equity 3,903,000 3,032,000
----------- -----------
Total Liabilities and Shareholders' Equity $ 5,157,000 $ 3,764,000
=========== ===========
The accompanying notes are an integral part of these statements.
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
---------------------- ----------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Revenues
Oil and gas revenue $2,368,000 $1,278,000 $1,066,000 $ 475,000
Revenue from lease
Operations 61,000 30,000 24,000 13,000
Gas gathering, compression
and Equipment rental 97,000 132,000 26,000 46,000
Interest income 84,000 61,000 30,000 26,000
Other 3,000 15,000 - 12,000
---------- ---------- ---------- ----------
Total Revenue 2,613,000 1,516,000 1,146,000 572,000
---------- ---------- ---------- ----------
Expenses
Lease operations 920,000 563,000 393,000 163,000
Pipeline and rental
Operations 21,000 21,000 5,000 10,000
Depreciation and
Amortization 166,000 115,000 34,000 44,000
General and administrative 367,000 347,000 115,000 107,000
Interest expense 2,000 10,000 - 6,000
---------- ---------- ---------- ----------
Total Expenses 1,476,000 1,056,000 547,000 330,000
---------- ---------- ---------- ----------
Income Before Income Tax 1,137,000 460,000 599,000 242,000
---------- ---------- ---------- ----------
Current tax provision 287,000 122,000 133,000 66,000
Deferred tax provision - - - -
---------- ---------- ---------- ----------
287,000 122,000 133,000 66,000
---------- ---------- ---------- ----------
Net Income $ 850,000 $ 338,000 $ 446,000 $ 176,000
========== ========== ========== ==========
Earnings per Share
of Common Stock
Basic $ 0.11 $ 0.04 $ 0.06 $ 0.02
========== ========== ========== ==========
Diluted $ 0.11 $ 0.04 $ 0.06 $ 0.02
========== ========== ========== ==========
Weighted Average Shares
Outstanding 7,627,471 7,557,819 7,670,623 7,620,804
========== ========== ========== ==========
Diluted Shares
Outstanding 7,751,097 7,557,819 7,752,471 7,620,804
========== ========== ========== ==========
Lazarus
oh - and yes i went in at the ask for 5k at .55 and am bidding 2500 at .50
