Results:
After all the we drilled blah blah we are looking for blah blah we are going to improve blah blah we borrowed a boatload of money blah blah GOLD! blah blah going to blah blah strategic partner blah blah ......
Bottom line:
2011 net loss $11.7 million
2010 net loss $8.7 million
Great job, losing money 34% faster than the year before.
EPS (negative ... still)
2011 loss per share $0.19
2010 loss per share $0.24
Wow, loss per share went down, so at least a badly negative EPS got a little better .... right?
Sounds good, until you realize the number of shares the 2011 losses were spread over was 63.1 million.
That's 72% more shares than the 36.7 million shares that existed in 2010.
If TIV hadn't printed 26 million shares in 2011 and had instead spread their losses over the 2010 number of shares, THEIR LOSS PER SHARE WOULD HAVE RISEN FROM $0.24 PER SHARE TO $0.32 PER SHARE.
Oil and gas production revenues:
$2.3 million in 2011
$1.8 million in 2010
Oil prices in 2011 were 10% higher than 2010.
Well, that's good, the higher oil prices account for 36% of TIV's increase in O&G production revenues.
Net oil production:
29,785 barrels 2011
24,559 barrels 2010
That's up 21%!
Net production costs increased 20% from 2010.
Well, so much for doing anything more efficiently year over year, to get 21% more product TIV has to spend 20% more. That might work out except TIV's failed business model and bloated overhead structure still results in losing money hand over fist, it's UNPROFITABLE.
$14 million goes out and $2 million comes in.
That's worth repeating.
$14 million goes out and $2 million comes in.
Uh, hello, how does THAT work out year after year?
Where does that money keep coming from?
Oh yeah, they print shares and sell them, diluting shareholders' value.
Total costs and expenses:
$14.3 million in 2011
$10.5 million in 2010.
I suppose someone could make a case for subtracting from those total costs the:
$2.4 million in asset write-offs and impairment charges related to expired leases on unproved oil and gas properties, equipment and goodwill .... and the $1.5 million Hansen litigation settlement.
But then those kinds of costs are ALWAYS around with TIV so they are just a part of TIV's business and business practices, lawsuits, impairment, writing off previously inflated values assigned to various items.
What's up with writing off goodwill? People don't like TIV as much in 2011 as they did in 2010?
Favorite quote: "reflecting the sale of common stock through the Company’s ATM facility with C.K. Cooper & Company"
ATM, I think "ATM" captures the essence of what TIV has been for years for management and a favored few.
Lastly, "Tri-Valley ended the year with $0.6 million in cash on the balance sheet."
"The Company also announced that its independent public accounting firm included a going concern qualification"
All jmho except for all the dismal facts
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
