-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, CJ7BUZeyTgk4ZOPNcyucq64Gf2s+d1n9n18uSP0AWzvOEC1XZqNblaIFTtGC0lhe ucRiuorEIvHGLZxWb/mSNQ== 0000930661-95-000126.txt : 19950530 0000930661-95-000126.hdr.sgml : 19950530 ACCESSION NUMBER: 0000930661-95-000126 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WISER OIL CO CENTRAL INDEX KEY: 0000107874 STANDARD INDUSTRIAL CLASSIFICATION: 1311 IRS NUMBER: 550522128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12640 FILM NUMBER: 95538030 BUSINESS ADDRESS: STREET 1: 8115 PRESTON RD STE 400 CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: 2142650080 MAIL ADDRESS: STREET 1: 8115 PRESTON ROAD STREET 2: SUITE 400 CITY: DALLAS STATE: TX ZIP: 75225 10-Q 1 FORM 10-Q Washington, D. C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter ended March 31, 1995 Commission file number 0-5426 -------------- ------ The Wiser Oil Company --------------------- (Exact name of Registrant as Specified in its Charter) Delaware 55-0522128 -------- ---------- (State or other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 8115 Preston Road, Suite 400, Dallas, Texas 75225 ------------------------------------------------- (Address of Principal Executive Offices)(Zip Code) Registrant's telephone number, including area code 214/265-0080 ------------ NONE ---- Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. x ----- ----- Yes No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the close of the period covered by this report. Class Outstanding at March 31, 1995 -------------- ----------------------------- $3 par value 8,939,368 THE WISER OIL COMPANY --------------------- PART I FINANCIAL INFORMATION --------------------- Item 1. Financial Statements The consolidated condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly present such information. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies, normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. 2 THE WISER OIL COMPANY --------------------- CONSOLIDATED BALANCE SHEET -------------------------- (Unaudited)
March 31, December 31, 1995 1994 --------- ------------ Thousands of Dollars ASSETS - - - - ------ Current Assets: Cash and cash equivalents $ 2,152 $ 2,714 Accounts receivable 9,200 10,900 Inventories 1,293 1,144 Prepaid expenses 1,410 852 -------- -------- Total current assets 14,055 15,610 -------- -------- Marketable Securities, at market value 26,819 27,337 -------- -------- Property, Plant and Equipment, at cost: Oil and gas properties (successful efforts method) 251,627 250,156 Other properties 5,261 5,443 -------- -------- 256,888 255,559 Accumulated depreciation, depletion, and amortization (89,302) (88,228) -------- -------- Net property, plant and equipment 167,586 167,371 -------- -------- Other Assets 468 473 -------- -------- $208,928 $210,791 ======== ========
The accompanying notes are an integral part of these financial statements. 3 THE WISER OIL COMPANY --------------------- CONSOLIDATED BALANCE SHEET -------------------------- (Unaudited)
March 31, December 31, 1995 1994 --------- ------------ Thousands of Dollars LIABILITIES AND STOCKHOLDERS' EQUITY - - - - -------------------- Current Liabilities: Accounts payable $ 8,394 $ 9,562 Accrued income taxes 756 1,518 Accrued liabilities 2,440 2,139 Current portion of debt 78 78 -------- -------- Total current liabilities 11,668 13,297 Long Term Debt 76,996 78,013 Deferred Benefit Cost 1,148 1,052 Deferred Income Taxes 13,316 13,002 -------- -------- Total liabilities 103,128 105,364 -------- -------- Stockholders' Equity: Common Stock - $3 par value; 20,000,000 shares authorized; 9,115,572 shares issued 27,347 27,347 Paid-in capital 3,078 3,078 Retained earnings 62,758 62,414 Marketable securities valuation adjustment 15,889 16,013 Foreign currency translation (543) (696) Treasury stock of 176,204 shares, at cost (2,729) (2,729) -------- -------- Total Stockholders' Equity 105,800 105,427 -------- -------- $208,928 $210,791 ======== ========
The accompanying notes are an integral part of these financial statements. 4 THE WISER OIL COMPANY --------------------- CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS ------------------------------------------------------ (Unaudited)
For the Three Months Ended -------------------------- March 31, March 31, 1995 1994 ---------- ---------- Thousands of Dollars (except per share amounts) REVENUES: Oil and condensate $ 9,305 $ 6,412 Natural gas 4,190 5,391 Dividend and interest 334 389 Security sale gains 2,443 - Other (25) 391 -------- -------- 16,247 12,583 -------- -------- COSTS AND EXPENSES: Production and operating 4,809 5,394 Purchased natural gas 149 205 Depreciation, depletion and amortization 4,998 4,274 Abandonments - 89 Exploration 1,134 361 General and administrative 1,966 1,659 Interest expense 1,340 517 -------- -------- 14,396 12,499 -------- -------- INCOME BEFORE INCOME TAXES 1,851 84 PROVISION FOR INCOME TAXES 613 18 -------- -------- NET INCOME 1,238 66 Retained earnings - beginning of period 62,414 57,002 Dividends paid (894) (894) -------- -------- RETAINED EARNINGS, END OF PERIOD $ 62,758 $ 56,174 ======== ======== AVERAGE OUTSTANDING SHARES 8,939 8,939 ======== ======== EARNINGS PER SHARE $ .14 $ .01 ======== ======== CASH DIVIDENDS PER SHARE $ .10 $ .10 ======== ========
The accompanying notes are an integral part of these financial statements. 5 THE WISER OIL COMPANY --------------------- CONSOLIDATED STATEMENT OF CASH FLOW ----------------------------------- (Unaudited)
For the Three Months Ended -------------------------- March 31, March 31, 1995 1994 ---------- ---------- Thousands of Dollars Cash Flow From Operating Activities: Net Income $ 1,238 $ 66 Adjustments to reconcile net income to operating cash flow - Depreciation and depletion 4,998 4,274 Deferred income taxes 375 (260) Security & property sale gains (before current income tax expense effect of $238) (2,280) - Foreign currency translation (9) - Dry hole cost, abandonments and lease impairments 749 289 Other Changes: Accounts receivable 1,700 2,019 Inventories (149) (35) Prepaid expenses (558) (129) Other assets 5 3 Accounts payable (1,168) (2,008) Income taxes, net (762) 263 Accrued liabilities 301 242 Deferred benefit cost 96 103 -------- -------- Operating Cash Flow 4,536 4,827 -------- -------- Cash Flow From Investing Activities: Additions to property, plant and equipment (6,746) (4,464) Proceeds from sales of property, plant and equipment 1,183 - Proceeds from security sales 2,796 - Dry hole cost (420) 9 -------- -------- Investing Cash Flow (3,187) (4,455) -------- -------- Cash Flow From Financing Activities: Long term debt issued 1,000 - Payment on long term debt (2,017) (515) Dividends paid (894) (894) -------- -------- Financing Cash Flow (1,911) (1,409) -------- -------- Net Decrease in Cash (562) (1,037) Cash and cash equivalents at the beginning of the period 2,714 3,499 -------- -------- Cash and cash equivalents at the end of the period $ 2,152 $ 2,462 ======== ========
The accompanying notes are an integral part of these financial statements. 6 THE WISER OIL COMPANY --------------------- Notes to Financial Statements 1) On June 24, 1994, the Company acquired certain oil and gas properties from Eagle Resources Ltd. for approximately $53 million (U.S.). The purchase was funded with proceeds from the Company's revolving credit agreement, and with existing cash and cash equivalents. The purchase method of accounting has been followed with respect to the acquisition. Results of the Eagle properties' operations have been included in the Company's results of operations as of March 31, 1994. For additional information see the Form 8-K issued on July 11, 1994. Unaudited pro forma results of operations, as if the acquisition took place at the beginning of 1994 are as follows (000's):
Three Months Ended ------------------ March 31, 1994 ------------------ Revenues $19,219 Expenses 17,554 ------- Net Income $ 1,052 ======= Earnings per share $ .12 =======
2) On January 1, 1995 The Wiser Oil Company adopted Statement of Financial Accounting (SFAS) No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of". Management anticipates that the adoption of SFAS No. 121 will not have a material effect on the results of operations. 7 THE WISER OIL COMPANY --------------------- Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations CURRENT QUARTER COMPARED WITH THE SAME QUARTER OF THE PREVIOUS YEAR First quarter revenues for 1995 were $16.2 million as compared to $12.6 million for 1994. Oil and condensate sales of $9.3 million were up $2.9 million, as U.S. operations recorded an increase of $131 thousand over the prior period and Canadian operations added $2.7 million as a new subsidiary. Oil and condensate prices improved substantially this quarter increasing from $12.79 in 1994 to $16.10 in 1995, or 25%. Canadian operations added volumes of 181,000 BBLS; however, those additional volumes were offset by lower U.S. volumes of 119,000 BBLS. The disposition of marginal domestic properties during 1994 was the major factor contributing to the volume decline in U.S. operations. Natural gas sales declined $1.2 million, as prices continued downward from $1.94 per MCF in the first quarter of 1994 to $1.41 per MCF in the first quarter of 1995. Total volumes rose 192,000 MCF with U.S. operations declining 558,000 MCF, while Canadian operations added volumes of 751,000 MCF. The lower volumes for U.S. operations reflected the Company's decision to divest itself of marginal properties in non-strategic locations during 1994. Dividend and interest income decreased $55 thousand as dividends from the stock portfolio decreased due to the sale of securities. The Company currently plans to liquidate the portfolio over 3 to 5 years using its Section 29 Tax Credits to substantially reduce the taxes payable on the gains. Security sale gains were $2.4 million in the first quarter of 1995. The Company did not elect to sell any securities during the first quarter of 1994. Production and operating expenses for the first quarter of 1994 declined $600 thousand. U.S. operations reported a decline of production and operating expenses of $1.4 million while Canadian operations added $800 thousand. The disposition of marginal properties was a significant contributing factor to the lower U.S. production and operating expenses in the first quarter of 1995. U.S. operations lease operating expense (LOE) declined from $4.91 per BBL in 1994 to $4.27 per BBL for the first quarter of 1995. Purchased gas of 149,000 MCF in 1995 decreased from 205,000 MCF in 1994 as pricing influenced market conditions. Depletion, depreciation and amortization (D D & A) increased $700,000 with the domestic operations showing a $1.4 million decline and Canadian operations adding $2.1 million. Consistent with production and operating expenses, the sale of marginal properties led to the decline in D D & A for the U.S as the rate went from $4.35 per BBL in the first quarter of 1994 to $3.71 for the first quarter of 1995. For the first quarter of 1995 exploration expenses increased $700 thousand to $1.1 million from $400 thousand in 1994 as U.S. 8 operations increased $300 thousand and Canadian operations added $400 thousand. General and Administrative expense was $2.0 million in 1995 as compared to $1.7 million in 1994. U.S. operations reported general and administrative expense which was relatively flat at $1.6 million for both years with Canada adding $300 thousand of the increase. Interest expense of $1.3 million has risen $800 thousand due to the increase in long term debt resulting from the Canadian acquisition. The Company realized net income of $1.8 million and earnings per share of $.14 for the first quarter of 1995 as compared to $84 thousand and earnings per share of $.01 in 1994. U.S. operations recorded $2.5 million in net income versus $66 thousand in 1994, while Canadian operations accounted for a net loss of $700 thousand in the first quarter of 1995. 9 THE WISER OIL COMPANY --------------------- PART II - OTHER INFORMATION --------------------------- Items 1 through 6 under Part II are not applicable to the quarter ended March 31, 1995. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE WISER OIL COMPANY ----------------------------------------- (Registrant) Date May 12, 1995 ANDREW J. SHOUP, JR. (SIGNED) ---------------- ----------------------------------------- Andrew J. Shoup, Jr. President and Chief Executive Officer Date May 12, 1995 LAWRENCE J. FINN (SIGNED) ---------------- ----------------------------------------- Lawrence J. Finn Vice President Finance and Chief Financial Officer 10 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1995 MAR-31-1995 2,152 26,819 9,200 0 1,293 14,055 256,888 89,302 208,928 11,668 76,996 27,347 0 0 3,078 208,928 8,537 16,247 8,999 11,090 3,306 0 0 1,851 613 1,238 0 0 0 1,238 .14 .14
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