-----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, Gu5LrCI0blGD3ZoGC+UsarCmzse/LbQrqDst484fnTolNW8pXMmceO5qE38nQgoB t8NOdubsZCWBv9OrhtuFcQ== 0000930661-96-000474.txt : 19960517 0000930661-96-000474.hdr.sgml : 19960517 ACCESSION NUMBER: 0000930661-96-000474 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WISER OIL CO CENTRAL INDEX KEY: 0000107874 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [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: 96566930 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 10Q (QE 3-31-96) 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, 1996 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, 1996 ------------- ----------------------------- $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, 1996 1995 ---------- ------------- Thousands of Dollars ASSETS: - ------- Current Assets: Cash and cash equivalents $ 2,760 $ 1,397 Accounts receivable 11,168 10,426 Inventories 1,418 1,517 Prepaid expenses 936 833 --------- --------- Total current assets 16,282 14,173 --------- --------- Marketable Securities, at market value 17,671 19,592 --------- --------- Property, Plant and Equipment, at cost: Oil and gas properties (successful efforts method) 273,736 265,692 Other properties 4,522 4,422 --------- --------- 278,258 270,114 --------- --------- Accumulated depreciation, depletion, and amortization (105,941) (101,025) --------- --------- Net property, plant and equipment 172,317 169,089 --------- --------- Other Assets 519 553 --------- --------- $ 206,789 $ 203,407 ========= =========
The accompanying notes are an integral part of these financial statements. 3 THE WISER OIL COMPANY --------------------- CONSOLIDATED BALANCE SHEET -------------------------- (Unaudited)
March 31, December 31, 1996 1995 ---------- ------------- Thousands of Dollars LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------- Current Liabilities: Accounts payable $ 10,545 $ 10,143 Accrued income taxes 1,248 1,527 Accrued liabilities 1,625 1,449 Current portion of debt 1 20 -------- -------- Total current liabilities 13,419 13,139 -------- -------- Long Term Debt 78,294 74,171 -------- -------- Deferred Benefit Cost 1,244 1,120 -------- -------- Deferred Income taxes 12,412 12,699 -------- -------- Other Long Term liabilities - 1,146 -------- -------- Total liabilities 105,369 102,275 -------- -------- 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 62,273 61,030 Marketable securities valuation adjustment 10,676 11,684 Foreign currency translation 775 722 Treasury stock of 176,204 shares, at cost (2,729) (2,729) -------- -------- Total Stockholders' Equity 101,420 101,132 -------- -------- $206,789 $203,407 ======== ========
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, 1996 1995 ----------- ----------- Thousands of Dollars (except per share amounts) REVENUES: Oil and gas sales $16,233 $13,495 Dividends and interest 212 334 Security sale gains 2,005 2,443 Other 117 (25) ------- ------- 18,567 16,247 ------- ------- COSTS AND EXPENSES: Production and operating 5,623 4,809 Purchased natural gas 353 149 Depreciation, depletion and amortization 4,954 4,998 Exploration 1,266 1,134 General and administrative 2,795 1,966 Interest expense 1,360 1,340 ------- ------- 16,351 14,396 ------- ------- INCOME BEFORE INCOME TAXES 2,216 1,851 PROVISION FOR INCOME TAXES 705 613 ------- ------- NET INCOME 1,511 1,238 Retained earnings-beginning of period 61,030 62,414 Dividends paid (268) (894) ------- ------- RETAINED EARNINGS, END OF PERIOD $62,273 $62,758 ======= ======= AVERAGE OUTSTANDING SHARES 8,939 8,939 ======= ======= EARNINGS PER SHARE $.17 $.14 ======= ======= CASH DIVIDENDS PER SHARE $.03 $.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, 1996 1995 ---------- ---------- Thousands of Dollars Cash Flow From Operating Activities: Net Income $ 1,511 $ 1,238 Adjustments to reconcile net income to operating cash flow- Depreciation and depletion 4,954 4,998 Deferred income taxes 231 375 Security & property sale gains (before current income tax expense effect of $474 for 1996 and $238 for 1995) (2,044) (2,280) Foreign currency translation (13) (9) Dry hole cost, abandonments and lease impairments 1,022 749 Other Changes: Accounts receivable (742) 1,700 Inventories 100 (149) Prepaid expenses (104) (558) Other assets 34 5 Accounts payable 401 (1,168) Income taxes, net (279) (762) Accrued liabilities 176 301 Deferred benefits cost 124 96 ------- ------- Operating Cash Flow 5,371 4,536 ------- ------- Cash Flow From Investing Activities: Additions to property, plant and equipment (8,443) (6,746) Proceeds from sales of property, plant and equipment 51 1,183 Proceeds from security sales 2,178 2,796 Dry hole cost (482) (420) ------- ------- Investing Cash Flow (6,697) (3,187) ------- ------- Cash Flow From Financing Activities: Long term debt issued 10,123 1,000 Payment on long term debt (7,165) (2,017) Dividends paid (268) (894) ------- ------- Financing Cash Flow 2,690 (1,911) ------- ------- Net Increase (Decrease) in Cash 1,364 (562) Cash and cash equivalents at beginning of period 1,397 2,714 ------- ------- Cash and cash equivalents at end of period $ 2,760 $ 2,152 ======= =======
The accompanying notes are an integral part of these financial statements. 6 THE WISER OIL COMPANY --------------------- Notes to Financial Statements 1) See notes to financial statements included in the Company's 1995 Annual Report on Form 10-k. 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 1996 were $18.6 million as compared to $16.2 million for 1995. Oil and condensate sales of $9.6 million were up $.8 million, as U.S. operations recorded an increase of $.8 million over the prior period. Oil and condensate prices improved this quarter increasing from $16.67 in 1995 to $17.63 in 1996, or 6%. Consolidated oil volumes rose 3% to 545,000 BBL. Natural gas sales increased 33% in the first quarter of 1996 to $5.6 million, as prices rose from $1.41 per MCF in the first quarter of 1995 to $1.67 per MCF in the first quarter of 1996. Total volumes rose 359,000 MCF with U.S. operations increasing 362,000 MCF. Natural gas liquids sales increased $598,000 in the first quarter of 1996 from $462,000 in the first quarter of 1995. The increase was primarily due to the Wellman Plant coming on stream during the third quarter of 1995. Commodity hedging, which was done in order to mitigate some of the rapid downward price swings, during the first quarter of 1996 reduced oil and gas sales by $1.0 million. This compares to a $0.2 million increase in oil and gas sales due to commodity hedging for the same period in 1995. Dividend and interest income decreased $122 thousand as dividends from the stock portfolio decreased due to the continued sale of securities. The Company currently plans to liquidate the portfolio over 2 to 3 years using its Section 29 Tax Credits to substantially reduce the taxes payable on the gains. Security sale gains were $2.0 million in the first quarter of 1996 as compared to $2.4 in the first quarter of 1995. Production and operating expenses increased 17% for the first quarter of 1996 to $5.6 million. The increase was the result of the Wellman Plant coming on stream and the acquisition of the Skelly Field during the third quarter of 1995. Depletion, depreciation and amortization (DD & A) for the first quarter of 1996 decreased $54,000 or 1% from the first quarter of 1995. The DD & A rate went from $4.65 per EOB in the first quarter of 1995 to $4.18 for the first quarter of 1996 due to upward revisions in several major producing locations. For the first quarter of 1996, exploration expenses increased to $1.3 million from $1.1 million in 1995. First quarter General and Administrative expense was $2.8 million in 1996 as compared to $2.0 million in 1995. The G&A expense increase is mainly due to legal fees for defense of a law suit won by the Company in the first quarter of 1996. Interest expense of $1.4 million has risen $20 thousand due to the increase in long term debt resulting from the increased spending on the Maljamar development project. The Company realized net income of $1.5 million and earnings per share of $.17 for the first quarter of 1996 as compared to $1.2 million and earnings per share of $.14 in 1995. U.S. operations recorded $2.5 million in net income versus $66 thousand in 1995, 8 while Canadian operations accounted for a net loss of $700 thousand in the first quarter of 1995. During the first quarter of 1996 the Company incurred $9.1 million in capital expenditures, which was a 22% increase from the $7.4 million incurred for the same period in 1995. The increase in capital expenditures is due to the Maljamar Area development project which began during the fourth quarter of 1995. These expenditures accounted for 60% or $5.5 million of the $9.1 million incurred. The total Maljamar Area development project is expected to cost $55.0 million of which $37.0 million is projected to be spent during 1996. THE WISER OIL COMPANY 9 PART II - OTHER INFORMATION Items 1 through 6 under Part II are not applicable to the quarter ended March 31, 1996. 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, 1996 /s/ ANDREW J. SHOUP, JR. (SIGNED) - ------------------ -------------------------------------- Andrew J. SHOUP, Jr. President and Chief Executive Officer Date May 12, 1996 /s/ LAWRENCE J. FINN (SIGNED) - ------------------ -------------------------------------- Lawrence J. Finn Vice President, Finance and Chief Financial Officer THE WISER OIL COMPANY --------------------- Part II - OTHER INFORMATION --------------------------- 10 EX-27 2 FDS, ARTICLE 5
5 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 2,760 17,671 11,168 0 1,418 16,282 278,258 105,941 206,789 13,419 78,294 0 0 27,347 74,073 206,789 18,355 18,567 5,976 9,015 0 0 1,360 2,216 705 1,511 0 0 0 1,511 .17 .17
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