New Concept Energy, Inc. Reports Second Quarter 2022 Results

·3 min read

DALLAS, August 10, 2022--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2022.

During the three months ended June 30, 2022, the Company reported net income of $137,000 compared to net income of $49,000 for the three months ended June 30, 2021.

For the three months ended June 30, 2022 the Company had revenue of $47,000 including $26,000 for rental income and $21,000 for management fees as compared to rental income of $26,000 for the comparable period in 2021.

For the three months ended June 30, 2022, corporate general & administrative expenses were $80,000 as compared to $111,000 for the comparable periods in 2021. The decrease was due to an overall reduction of administrative expenses.

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

June 30,

2022

December 31,

2021

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

372

$

252

Note receivable - related party

3,542

3,560

Other current assets

43

-

Total current assets

$

3,957

$

3,812

Property and equipment, net of depreciation

Land, buildings and equipment

637

643

Total assets

$

4,594

$

4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

June 30,

2022

December 31,

2021

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

19

$

28

Accrued expenses

37

32

Total current liabilities

56

60

Stockholders' equity

Preferred stock, Series B

1

1

Common stock, $.01 par value; authorized, 100,000,000

shares; issued and outstanding, 5,131,934 shares

at June 30, 2022 and December 31, 2021

51

51

Additional paid-in capital

63,579

63,579

Accumulated deficit

(59,093

)

(59,236

)

Total shareholder equity

4,538

4,395

Total liabilities & equity

$

4,594

$

4,455

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

For the Three Months

ended June 30,

For the Six Months

ended June 30,

2022

2021

2022

2021

Revenue

Rent

$

26

$

26

$

51

$

52

Management Fee

21

-

41

$

-

Total Revenues

47

26

92

52

Operating expenses

Operating Expenses

13

20

25

38

Corporate general and administrative

80

111

160

185

Total Operating Expenses

93

131

185

223

Operating earnings (loss)

(46

)

(105

)

(93

)

(223

)

Other income (expense)

Interest income

53

56

106

112

Interest expense

-

(2

)

-

(4

)

Other income, net

130

100

130

191

183

154

236

299

Net income (loss) applicable to common shares

137

49

143

128

Net income per common share-basic and diluted

$

0.02

$

0.01

$

0.03

$

0.02

Weighted average common and equivalent shares outstanding - basic

5,132

5,132

5,132

5,132

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005620/en/

Contacts

New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com