EX-99.1 2 green8kex991111604.txt PRESS RELEASE DATED NOVEMBER 16, 2004 EXHIBIT 99.1 GREENBRIAR CORPORATION ANNOUNCES THIRD QUARTER 2004 RESULTS FOR IMMEDIATE RELEASE Contact: Gene Bertcher Oscar Smith Phone: (972) 407-8400 Dallas, Texas, (Business Wire) November 16, 2004...Greenbriar Corporation (AMEX: GBR) announced today operating results for the quarter ending September 30, 2004. Operating revenues were $1,947,000 compared to $1,011,000 for the same quarter in 2003. Operating income for the quarter was $270,000 compared to a loss of $129,000 for the same quarter in 2003. The Company's net earnings were $623,000 for the three month period ending September 30, 2004 compared to $855,000 for the same period ending September 30, 2003. Net earnings per share for the quarter were $0.64 compared to $1.21 per share in 2003. For the nine months ended September 30, 2004 the Company's operating revenue was $5,473,000 compared to $2,559,000 for the same period in 2003. Operating income was $288,000 compared to a loss of $358,000 for the same nine months in 2003. Net earnings for the nine months ending September 30, 2004 were $243,000 compared to $416,000 for the same nine months in 2003. Net earnings per share for the nine months were $0.25 per share in 2004 and $0.59 per share in 2003. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Any of the matters and subject areas discussed in this press release that are not historical or current facts deal with potential future circumstances, operations, and prospects. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and may also materially differ from Greenbriar Corporation's actual future experience involving any one or more of such matters and subject areas relating to interest rate fluctuations, ability to obtain adequate debit and equity financing, demand, pricing, competition, construction, licensing, permitting, construction delays on new developments, contractual and licensure matters and other delays on the disposition, transition, or restructuring of currently or previously owned, leased or managed investments in the Company's portfolio, and the ability of the Company to continue managing its costs and cash flow. Greenbriar Corporation has attempted to identify, in context, certain of the factors that they currently believe may cause actual future experience and results to differ from Greenbriar Corporation's current expectations regarding the relevant matter or subject area. These and other risks and uncertainties are detailed in the Company's reports filed with the Securities and Exchange Commission (SEC), including Greenbriar Corporation's Annual Reports on form 10-K and Quarterly Reports on Form 10-Q.
Greenbriar Corporation Consolidated Balance Sheets (Amounts in thousands) September 30, December 31, Assets 2004 2003 (Unaudited) ------------- ------------- Current assets Cash and cash equivalents $ 324 $ 688 Accounts receivable-trade 336 100 Note receivable 1,156 2,435 Property held for sale 1,876 Other current assets 241 198 ------------- ------------- Total current assets 3,933 3,421 Notes receivable, from sale of properties 4,107 4,107 Less deferred gains (3,720) (3,720) ------------- ------------- 387 387 Deferred income tax benefit 1,161 1,161 Property and equipment, at cost Land and improvements 2,240 2,758 Buildings and improvements 6,549 9,410 Equipment and furnishings 1,228 1,317 Proven oil and gas properties (full cost method) 1,466 1,361 ------------- ------------- 11,483 14,846 Less accumulated depreciation and depletion 1,288 2,233 ------------- ------------- 10,195 12,613 Deposits 307 232 Other assets 691 317 ------------- ------------- $ 16,674 $ 18,131 ============= =============
Greenbriar Corporation Consolidated Balance Sheets - Continued (Amounts in thousands, except share amounts) September 30, December 31, Liabilities and Stockholders' equity 2004 2003 (Unaudited) ------------- ------------- Current liabilities Current maturities of long-term debt $ 4,756 $ 4,690 Current notes payable 5,571 Accounts payable - trade 214 503 Accrued expenses 821 633 Other current liabilities 309 931 ------------- ------------- Total current liabilities 6,100 12,328 Long-term debt 7,589 2,053 Deferred Gain 740 Other long term liabilities 188 456 ------------- ------------- Total liabilities 13,877 15,577 Stockholders' equity Preferred stock 1 1 Common stock $.01 par value; authorized, 4,000,000 shares; 977,000 shares issued and outstanding 10 10 Additional paid-in capital 55,966 55,966 Accumulated deficit (53,180) (53,423) ------------- ------------- 2,797 2,554 ------------- ------------- $ 16,674 $ 18,131 ============= =============
Greenbriar Corporation Consolidated Statements of Operations (Amounts in thousands, except per share data) For The Three Month For The Nine Month Period Ended Period Ended September 30, September 30, 2004 2003 2004 2003 --------- -------- -------- -------- (Unaudited) (Unaudited) Revenue Real Estate operations $ 1,589 $ 837 $ 4,477 $ 2,385 Oil and gas operations 358 174 996 174 --------- -------- -------- -------- 1,947 1,011 5,473 2,559 --------- -------- -------- -------- Operating expenses Real estate operations 857 413 2,602 1,238 Oil and gas operations 267 141 758 141 Lease expense 231 212 686 757 Depletion, depreciation and 109 79 365 227 amortization Corporate general and administrative 213 295 774 554 --------- -------- -------- -------- 1,677 1,140 5,185 2,917 --------- -------- -------- -------- Operating earning (loss) 270 (129) 288 (358) Other income (expense) Interest income 51 110 179 224 Interest expense (392) (157) (994) (543) Net gain on sale of assets 1,409 1,008 1,409 1,008 Equity in net income of Affiliated partnership 0 16 31 49 Other (715) 27 (649) 109 --------- -------- -------- -------- 353 1,004 (24) 847 --------- -------- -------- -------- Earnings from continuing 623 875 264 489 Operations Discontinued operations Loss from operations (20) (21) (73) --------- -------- -------- -------- Net earnings 623 855 243 416 --------- -------- -------- -------- Net earnings per common share - basic and diluted $ .64 $ 1.21 $ .25 $ .59 Weighted average of common and equivalent shares outstanding - 977 703 977 703 basic and diluted