-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G14D21VMSUo3Hpsc8/PNpjs3s7iTOe7lHaMHMFXkhKbrvW948WKj7i7rV6Vi6rmH mDbfrjOW3lRdQ/mnyyhVXA== 0001010549-09-000783.txt : 20091113 0001010549-09-000783.hdr.sgml : 20091113 20091113165215 ACCESSION NUMBER: 0001010549-09-000783 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091113 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091113 DATE AS OF CHANGE: 20091113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: New Concept Energy, Inc. CENTRAL INDEX KEY: 0000105744 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752399477 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08187 FILM NUMBER: 091182319 BUSINESS ADDRESS: STREET 1: 1755 WITTINGTON PLACE STREET 2: SUITE 340 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 9724078400 MAIL ADDRESS: STREET 1: 1755 WITTINGTON PLACE STREET 2: SUITE 340 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: CabelTel International Corp DATE OF NAME CHANGE: 20050211 FORMER COMPANY: FORMER CONFORMED NAME: GREENBRIAR CORP DATE OF NAME CHANGE: 19960514 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL RESOURCE COMPANIES OF AMERICA DATE OF NAME CHANGE: 19920703 8-K 1 nce8k111309.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

Date of Report (Date of earliest event reported):      November 13, 2009 
 

NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)
 

Nevada

000-08187

75-2399477

(State or other jurisdiction of
Incorporation or organization)

(Commission

     File No.)

(IRS Employer Identification Number)

1755 Wittington Place, Suite 340
Dallas, Texas

 

75234

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code          972-407-8400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

        o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)    
 
        o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)    
 
        o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))    
 
        o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))    



Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition

On November 13, 2009, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the three months ended September 30, 2009. A copy of the announcement is attached as Exhibit “99.1.”

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly-update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.


Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d)     Exhibits.

The following exhibit is furnished with this Report:

Exhibit

Designation

Description of Exhibit

 
 

99.1*

  Press Release dated November 13, 2009.  
 

*Furnished herewith.



 


SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized.
 

 

 

 

Dated: November 13, 2009

 

 

 

 

 

NEW CONCEPT ENERGY, INC

 

 

   

 

     
 

 

 

By: /s/ Gene S. Bertcher

 

 

 

 

 

Gene S. Bertcher, President and Chief

 

 

 

 

 

Financial Officer

 

 


EX-99.1 2 nce8kex991111309.htm PRESS RELEASE

Exhibit 99.1

 

 

For Immediate Release

 

 

Contact:

 

 

Gene Bertcher

 

 

 

 

 

     

(972) 407-8400

   
 

 

 

     

 

   
 

NEW CONCEPT ENERGY

REPORTS THIRD QUARTER 2009 RESULTS



Dallas, Texas (Business Wire) November 13, 2009: New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”), a Dallas-based oil and gas company, today reported net income of $49,000 and a net loss of $12,000 ($.03 and ($.01) per share) for the three and nine months ended September 30, 2009, compared to net income of $482,000 and 15.5 million ($0.25 and $8.93 per share) for the comparable periods of 2008. The primary reason for the decrease in net income is the recognition of gain on the sale of mineral rights in the first quarter of 2008, of which there was no comparable sale in 2009.

Revenues and Operating Expenses: For the three and nine months ended September 30, 2009, the Company recorded oil and gas revenues of $285,000 and $966,000. The oil and gas operations were acquired in the third quarter of 2008. Therefore, period to period comparisons are irrelevant. During the same periods in 2009, the Company recorded revenues of $685,000 and $2.1 million from its retirement property compared to $704,000 and $2.1 million for the comparable periods in 2008.
 
For the three and nine months ended September 30, 2009, the Company recorded oil and gas operating expenses of $329,000 and $1.1 million. The oil and gas operations were acquired in the third quarter of 2008. Therefore, period to period comparisons are irrelevant. During the same periods in 2009, operating expenses and lease expense at the retirement property were $535,000 and $1.7 million as compared to $582,000 and $1.7 million for the comparable periods in 2008.  

For the three and nine months ended September 30, 2009, corporate general & administrative expenses were $169,000 and $666,000 as compared to $108,000 and $633,000 for the comparable periods in 2008. The increase is primarily due to increased legal and professional fees.

Interest Income: For the three and nine months ended September 30, 2009, interest income was $138,000 and $432,000 as compared to $479,000 and $729,000 for the comparable periods in 2008. The decrease is primarily due to decreases in the prime lending rate from 2008 to 2009 and the decreased receivable on which interest is computed over the comparable periods.

Interest Expense: The Company recorded interest expense for the three and nine months ended September 30, 2009, of $31,000 and $92,000 as compared to $-0- and $230,000 for the comparable periods in 2008. The decrease is primarily due to the payoff of interest bearing debt during the second quarter of 2008, as well as reduced interest rates on notes payable from 2008 to 2009. 

Other Income: Other income was $5,000 and $48,000 for the three and nine months ended September 30, 2009, as compared to $45,000 and $457,000 for the comparable periods in 2008. In 2008, the income was due to the collection of back interest from a mortgage bond receivable due to the sale of a property in August 2001. Because the mortgage bond was payable based on cash flow and profit of the property, the uncollected interest was not recorded until collected.


 

New Concept Energy, Inc. and Subsidiaries

Consolidated Statements of Operations

(amounts in thousands, except per share data)

(Unaudited)

 

     

For The Three Month

   

For The Nine Month

 
     

Period  Ended

   

Period  Ended

 
     

September 30,

   

September 30,

 
     

2009

   

2008

   

2009

   

2008

 
Revenue    
         Oil and gas operations, net of royalties     $ 285   $ 154   $ 966   $ 154  
         Real estate operations       685     704     2,121     2,107  
        970     858     3,087     2,261  
Operating expenses    
         Oil and gas operations       329     70     1,086     70  
         Real estate operations       293     338     1,016     966  
         Lease expense       242     244     719     717  
         Corporate general and administrative       169     108     666     633  
        1,033     760     3,487     2,386  
 
         Operating income (loss)       (63 )   98     (400 )   (125 )
 
Other income (expense)    
         Interest income       138     479     432     729  
         Interest expense       (31 )   --     (92 )   (230 )
         Gain on sale of leasehold interest       --     --     --     16,440  
         Other income       5     45     48     457  
        112     524     388     17,396  
 
         Net income (loss) from continuing operations       49     622     (12 )   17,271  
         Provision for income taxes       --     140     --     1,766  
 
Net income (loss) applicable to common shares     $ 49   $ 482   $ (12 ) $ 15,505  
 
Net earnings (loss) per common share –    
         basic and diluted     $ 0.03   $ 0.25   $ (0.01 ) $ 8.93  
Weighted average of common and equivalent shares    
     outstanding – basic and diluted       1,947     1,937     1,947     1,736  


 

 


 

New Concept Energy, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS
(
amounts in thousands)

 

     

September 30,

   

December 31,

 
Assets      

2009

   

2008

 

(Unaudited)

Current assets    
 
    Cash and cash equivalents     $ 111   $ 190  
    Accounts receivable – trade       180     353  
    Note and interest receivable – related party       11,170     10,632  
    Other current assets (including $189 from related parties in (2008)       743     527  
       
                Total current assets       12,204     11,702  
 
Oil and natural gas properties (full cost accounting method):    
 
    Proved developed and undeveloped oil and gas properties       10,795     10,688  
 
Property and equipment, net of depreciation    
 
    Land, buildings and equipment - oil and gas operations       1,363     1,291  
    Other       137     149  
 
                Total property and equipment       1,500     1,440  
 
Other assets       229     228  
 
Total Assets     $ 24,728   $ 24,058  


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


     

New Concept Energy, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS - CONTINUED

(amounts in thousands, except share amounts)

     

September 30,

   

December 31,

 
Liabilities And Stockholders’ Equity      

2009

   

2008

 
 

             (Unaudited)

Current liabilities  
 
    Accounts payable – trade     $ 220   $ 202  
    Accrued expenses       2,524     1,944  
 
                      Total current liabilities       2,744     2,146  
 
Long-term debt       1,171     1,026  
 
Other long-term liabilities       333     394  
 
                          Total liabilities       4,248     3,566  
 
Stockholders’ equity  
    Preferred stock, Series B       1     1  
    Common stock, $.01 par value; authorized, 100,000,000  
       shares; issued and outstanding, 1,946,935 shares at  
          September 30, 2009 and December 31, 2008       20     20  
    Additional paid-in capital       58,838     58,838  
    Accumulated deficit       (38,379 )   (38,367 )
 
        20,480     20,492  
 
Total Liabilities & Equity     $ 24,728   $ 24,058  
 

Certain statements in this media release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. The words “estimate”, “plan”, “intend”, “expect”, “anticipate”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are found at various places throughout this release. New Concept Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Important factors that could cause our actual results to differ from estimates or projects contained in any forward-looking statements are described under ITEM 1A. RISK FACTORS in the Company’s Form 10-K for the fiscal year ended December 31, 2008.

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