-----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, S7Caq//kfCKf6133C5DnwtzBuoEz8Ltp4XxqkKe9cqJ4Y+eS79NqYy3q4/wAM21X f6r4C/d16g/ou7MaaAwmcQ== 0000899243-97-001558.txt : 19970813 0000899243-97-001558.hdr.sgml : 19970813 ACCESSION NUMBER: 0000899243-97-001558 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970812 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED MERIDIAN CORP CENTRAL INDEX KEY: 0000818885 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752160316 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12088 FILM NUMBER: 97657118 BUSINESS ADDRESS: STREET 1: 1201 LOUISIANA STREET 2: STE 1400 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7136549110 MAIL ADDRESS: STREET 1: 1201 LOUISIANA STREET 2: STE 1400 CITY: HOUSTON STATE: TX ZIP: 77002 10-Q/A 1 FORM 10-Q/A =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549-1004 FORM 10-Q/A NO.1 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 Commission file number 1-12088 UNITED MERIDIAN CORPORATION (Exact name of registrant as specified in its charter) Delaware 75-2160316 - --------------------------------- ------------------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1201 Louisiana, Suite 1400, Houston, TX 77002-5603 - ------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) (713) 654-9110 ------------------------------- (Registrant's telephone number) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X]. No [ ]. The number of shares outstanding of the registrant's common stock, all of which comprise a single class with a $0.01 par value, as of July 31, 1997, the latest practicable date, was 35,607,419. =============================================================================== FORM 10-Q/AMENDMENT NO. 1 This Amendment No. 1 relates to the financial statements included in Item 1 of Form 10-Q. These amended financial statements reflect certain reclassifications among the components of long-term debt as of June 30, 1997 to conform to the comparable presentation as of December 31, 1996. -1- UNITED MERIDIAN CORPORATION CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) For the three months For the six months ended June 30, ended June 30, -------------------- ------------------- 1997 1996 1997 1996 -------- -------- -------- -------- Revenues: Gas sales...................... $ 20,639 $ 29,513 $ 53,245 $ 59,515 Oil sales...................... 32,365 18,865 63,239 35,284 Gain on sale of assets......... 1,421 12,487 2,248 18,012 Other.......................... 1,120 458 1,818 680 -------- -------- -------- -------- 55,545 61,323 120,550 113,491 -------- -------- -------- -------- Costs and expenses: Production costs............... 12,555 11,491 25,705 24,295 General and administrative..... 3,499 3,120 6,048 6,519 Exploration, including dry holes and impairments........ 10,078 10,250 22,818 14,711 Depreciation, depletion and amortization................ 22,402 22,062 43,598 41,821 -------- -------- -------- -------- 48,534 46,923 98,169 87,346 -------- -------- -------- -------- Income from operations............ 7,011 14,400 22,381 26,145 Other income, expenses and deductions: Interest and debt expense...... (4,750) (5,841) (9,438) (11,380) Interest and other income...... 454 (36) 1,427 78 -------- -------- -------- -------- Income before income taxes........ 2,715 8,523 14,370 14,843 Income tax benefit (provision): Current........................ (1,392) (189) (2,674) (297) Deferred....................... 497 (3,099) (3,677) (5,595) -------- -------- -------- -------- Net income........................ 1,820 5,235 8,019 8,951 Preferred stock dividends......... - (765) - (1,531) -------- -------- -------- -------- Net income available to common stockholders.................... $ 1,820 $ 4,470 $ 8,019 $ 7,420 ======== ======== ======== ======== Net income per common share (Exhibit 11.1).................. $ 0.05 $ 0.15 $ 0.22 $ 0.24 ======== ======== ======== ======== Weighted average number of common shares outstanding, including common share equivalents (Exhibit 11.1).................. 36,765 30,461 36,685 30,299 ======== ======== ======== ======== The accompanying notes are an integral part of these consolidated financial statements. -2- UNITED MERIDIAN CORPORATION CONSOLIDATED BALANCE SHEET (IN THOUSANDS) December 31, June 30, 1997 1996 ------------- ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents...................... $ 16,384 $ 54,942 Accounts receivable Oil and gas sales............................ 29,750 36,238 Joint interest and other..................... 33,899 45,447 Deferred income taxes.......................... 7,081 2,839 Inventory...................................... 12,491 11,389 Prepaid expenses and other..................... 4,218 5,306 --------- --------- 103,823 156,161 --------- --------- Property and equipment, at cost: Oil and gas (successful efforts method) Proved properties............................ 959,605 851,818 Unproved properties.......................... 18,240 14,667 Other property and equipment................... 11,291 8,295 --------- --------- 989,136 874,780 Accumulated depreciation, depletion and amortization............................. (373,160) (350,591) --------- --------- 615,976 524,189 --------- --------- Other assets: Gas imbalances receivable...................... 6,008 5,702 Deferred income taxes.......................... 17,930 23,035 Debt issue costs............................... 9,904 8,370 Other.......................................... 967 836 --------- --------- 34,809 37,943 --------- --------- TOTAL ASSETS.............................. $ 754,608 $ 718,293 ========= ========= The accompanying notes are an integral part of these consolidated financial statements. -3- UNITED MERIDIAN CORPORATION CONSOLIDATED BALANCE SHEET (IN THOUSANDS) December 31, June 30, 1997 1996 ------------- ------------ (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable............................... $ 91,550 $ 80,593 Advances from joint owners..................... 15,838 5,575 Interest payable............................... 3,530 3,800 Accrued liabilities............................ 7,863 7,525 Current maturities of long-term debt........... 1,635 899 --------- --------- 120,416 98,392 --------- --------- Long-term debt: 10-3/8% senior subordinated notes.............. 150,000 150,000 Other.......................................... 6,466 6,832 --------- --------- 156,466 156,832 --------- --------- Deferred credits and other liabilities: Deferred income taxes.......................... 20,335 20,797 Gas imbalances payable......................... 4,385 3,994 Other.......................................... 6,473 6,042 --------- --------- 31,193 30,833 --------- --------- Commitments and contingencies Stockholders' equity: Common stock................................... 356 352 Additional paid-in capital..................... 547,274 540,661 Foreign currency translation adjustment........ (4,596) (4,257) Retained earnings (deficit).................... (96,501) (104,520) --------- --------- 446,533 432,236 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.................................. $ 754,608 $ 718,293 ========= ========= The accompanying notes are an integral part of these consolidated financial statements. -4- UNITED MERIDIAN CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (IN THOUSANDS, EXCEPT SHARE AMOUNTS) FOR THE YEAR ENDED DECEMBER 31, 1996 AND SIX MONTHS ENDED JUNE 30, 1997
SERIES F PREFERRED STOCK COMMON STOCK ADD'L FOREIGN RETAINED --------------------- ----------------- PAID-IN CURRENCY EARNINGS SHARES AMOUNT SHARES AMOUNT CAPITAL ADJUSTMENT (DEFICIT) TOTAL ---------- -------- -------- ------- ------- ---------- --------- --------- Balance, December 31, 1995........ 1,166,667 $ 12 28,150,224 $ 281 $ 336,469 $ (4,057) $(120,393) $ 212,312 Foreign currency translation adjustment.................... (200) (200) Common stock offering............ 4,088,942 41 182,629 182,670 Exercise of common stock options. 897,007 9 17,951 17,960 Exercise of warrants............. 235,749 2 3,619 3,621 Preferred stock dividends........ (1,531) (1,531) Automatic conversion of Series F preferred stock to common stock............... (1,166,667) (12) 1,845,284 19 (7) - Net income....................... 17,404 17,404 ---------- ------- ---------- ----- --------- ---------- --------- --------- Balance, December 31, 1996........ - - 35,217,206 352 540,661 (4,257) (104,520) 432,236 Foreign currency translation adjustment.................... (339) (339) Exercise of common stock options. 389,388 4 6,613 6,617 Net income....................... 8,019 8,019 ---------- ------- ---------- ----- --------- ---------- --------- --------- Balance, June 30, 1997 (Unaudited).................... - $ - 35,606,594 $ 356 $ 547,274 $ (4,596) $ (96,501) $ 446,533 ========== ======= ========== ===== ========= ========== ========= =========
The accompanying notes are an integral part of these consolidated financial statements. -5- UNITED MERIDIAN CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) For the six months ended June 30, --------------------- 1997 1996 --------- --------- Cash flows from operating activities: Net income.......................................... $ 8,019 $ 8,951 Adjustments to reconcile net income to cash from operating activities: Exploration, including dry holes and impairments.. 22,818 14,711 Depreciation, depletion and amortization.......... 43,598 41,821 Amortization of debt issue cost................... 744 792 Deferred income tax provision..................... 3,677 5,595 Gain on sale of assets............................ (2,248) (18,012) --------- --------- 76,608 53,858 Changes in assets and liabilities: Decrease (increase) in receivables................ 15,813 (2,530) Increase (decrease) in payables and other current liabilities............................. 11,506 (19,185) Increase in net gas imbalances.................... 85 117 Other............................................. 373 2,700 --------- --------- Net cash provided by operating activities....... 104,385 34,960 --------- --------- Cash flows from investing activities: Exploration......................................... (61,526) (24,148) Development......................................... (94,134) (37,444) Additions to other property and equipment........... (2,372) (615) Net proceeds from sale of assets.................... 13,573 29,715 --------- --------- Net cash used in investing activities........... (144,459) (32,492) --------- --------- Cash flows from financing activities: Repayment of long-term debt......................... (366) (105,238) Additions to total debt............................. 736 88,947 Debt issue costs.................................... (2,326) (251) Proceeds from exercise of common stock options...... 3,472 6,157 Preferred stock dividends........................... - (1,531) --------- --------- Net cash provided by (used in) financing activities.................................... 1,516 (11,916) --------- --------- Net decrease in cash and cash equivalents............. (38,558) (9,448) Cash and cash equivalents at beginning of period...... 54,942 13,586 --------- --------- Cash and cash equivalents at end of period............ $ 16,384 $ 4,138 ========= ========= The accompanying notes are an integral part of these consolidated financial statements. -6- UNITED MERIDIAN CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 BASIS OF FINANCIAL STATEMENTS The accompanying consolidated financial statements of United Meridian Corporation (UMC or the Company) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Although certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted, UMC believes that the disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 1996. The financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. NOTE 2 ACQUISITIONS AND DISPOSITIONS As part of its on-going operations, the Company continually acquires and sells producing and undeveloped reserves and related assets. Certain transactions occurring in the periods presented are discussed below. Through July 1997, the Company has acquired additional interests in various properties from several of its institutional partners. In conjunction with one of these acquisitions, the Company sold a portion of the acquired interests. The net cost of the additional interests was approximately $25,936,000. During the six months ended June 30, 1997, the Company sold various non- strategic North American properties for total proceeds of $13,573,000, resulting in pre-tax gains of $2,248,000. In late 1995, the Company agreed to assign to Yukong Limited a portion of its interests in Blocks CI-01 and CI-02 in Cote d'Ivoire and Blocks B, C and D in Equatorial Guinea. Mobil Equatorial Guinea, Inc. (Mobil) subsequently exercised its preferential right to purchase the interest in Block B in lieu of the proposed assignment to Yukong Limited. Under the agreements, the Company received $13,016,000 in cash in the first six months of 1996, resulting in a pre-tax gain of $11,392,000. In June 1996, UMC Resources Canada, Inc. (Resources), the Company's wholly- owned Canadian subsidiary, sold all of its interests in the Rocanville area in the province of Saskatchewan, effective May 1, 1996. Net proceeds from the sale were $6,722,000 and a gain of $4,679,000 was recognized. During the first six months of 1996, the Company sold various other non- strategic North American properties for total proceeds of $9,977,000, resulting in pre-tax gains of $1,941,000. NOTE 3 FINANCIAL INSTRUMENTS The Company hedged a portion of its oil production with collar agreements in the first six months of 1997, having no material impact on oil revenues. The Company currently has no-cost natural gas collar contracts in place from June 1997 through October 1997 for 1 BCF per month with a floor price of $2.10 and a cap price of $2.39 and a separate no-cost collar for 250,000 MCF per month for September 1997 and October 1997 production at a floor price of $2.00 and a cap price of $2.26. UMC's current hedging agreements are settled on a monthly basis. All of UMC's current hedge contracts specify the third-party index to be the New York Mercantile Exchange (NYMEX) futures contract prices for the applicable commodity, matching the -7- appropriate basis risk. There was no deferred hedge gain or loss at June 30, 1997. NOTE 4 IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARD The Financial Accounting Standards Board (FASB) recently issued Statement of Financial Accounting Standard (SFAS) No. 128, "Earnings per Share" superseding Accounting Principles Board (APB) No. 15. Although SFAS No. 128 cannot be adopted until December 15, 1997, pro forma disclosures are allowed to minimize the impact of year-end adoption. Therefore, the following pro forma information is presented: For the three months For the six months ended June 30, ended June 30, -------------------- ------------------ 1997 1996 1997 1996 --------- --------- -------- -------- Primary EPS as reported under APB No. 15 $ 0.05 $ 0.15 $ 0.22 $ 0.24 Effect of SFAS No. 128 - 0.01 0.01 0.02 --------- --------- -------- -------- Basic EPS, as restated $ 0.05 $ 0.16 $ 0.23 $ 0.26 ========= ========= ======== ======== Fully diluted EPS as reported under APB No. 15 $ 0.05 $ 0.15 $ 0.22 $ 0.24 Effect of SFAS No. 128 - - - - --------- --------- -------- -------- Diluted EPS, as restated $ 0.05 $ 0.15 $ 0.22 $ 0.24 ========= ========= ======== ======== As mandated by SFAS No. 128, basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share is determined on the assumption that outstanding stock options have been converted using the average price for the quarter. NOTE 5 SUPPLEMENTAL GUARANTOR INFORMATION In connection with the sale by UMC of the 10-3/8% Senior Subordinated Notes (Notes) in October 1995, UMC Petroleum Corporation (Petroleum), wholly-owned and the Company's only direct subsidiary, has unconditionally guaranteed the full and prompt performance of the Company's obligations under the Notes and related indenture, including the payment of principal, premium (if any) and interest. Other than intercompany arrangements and transactions, the consolidated financial statements of Petroleum are equivalent in all material respects to those of the Company and therefore the separate consolidated financial statements of Petroleum are not material to investors and have not been included herein. However, in an effort to provide meaningful financial data relating to the guarantor (i.e., Petroleum on an unconsolidated basis) of the Notes, the following condensed consolidating financial information has been provided following the policies set forth below: (1) Investments in subsidiaries are accounted for by the Company on the cost basis. Earnings of subsidiaries are therefore not reflected in the related investment accounts. (2) Certain reclassifications were made to conform all of the financial information to the financial presentation on a consolidated basis. The principal eliminating entries eliminate investments in subsidiaries and intercompany balances. -8- SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the six months ended June 30, 1997 and 1996 (In thousands)
Unconsolidated --------------------------------------- Guarantor Non-Guarantor Consolidated UMC Subsidiary Subsidiaries UMC --------- ---------- ------------- ------------ 1997 - ---- Revenues...................................................... $ - $ 65,589 $ 54,961 $ 120,550 --------- ---------- ---------- ---------- Costs and expenses: Production costs............................................ - 17,476 8,229 25,705 General and administrative.................................. 90 5,086 872 6,048 Exploration, including dry holes and impairments............ - 5,625 17,193 22,818 Depreciation, depletion and amortization.................... - 25,909 17,689 43,598 --------- ---------- ---------- ---------- Income (loss) from operations................................. (90) 11,493 10,978 22,381 Interest income (expense), net.............................. 9,640 (12,003) (7,075) (9,438) Other credits, net.......................................... - 1,321 106 1,427 --------- ---------- ---------- ---------- Income before income taxes.................................... 9,550 811 4,009 14,370 Income tax provision.......................................... (3,904) (762) (1,685) (6,351) --------- ---------- ---------- ---------- Net income.................................................... $ 5,646 $ 49 $ 2,324 $ 8,019 ========= ========== ========== ========== 1996 - ---- Revenues...................................................... $ - $ 77,006 $ 36,485 $ 113,491 --------- ---------- ---------- ---------- Costs and expenses: Production costs............................................ - 18,458 5,837 24,295 General and administrative.................................. 107 5,187 1,225 6,519 Exploration, including dry holes and impairments............ - 8,811 5,900 14,711 Depreciation, depletion and amortization.................... - 35,537 6,284 41,821 --------- ---------- ---------- ---------- Income (loss) from operations................................. (107) 9,013 17,239 26,145 Interest income (expense), net.............................. 8,849 (15,814) (4,415) (11,380) Other credits, net.......................................... - (22) 100 78 --------- ---------- ---------- ---------- Income (loss) before income taxes............................. 8,742 (6,823) 12,924 14,843 Income tax benefit (provision)................................ (2,371) 1,272 (4,793) (5,892) --------- ---------- ---------- ---------- Net income (loss)............................................. $ 6,371 $ (5,551) $ 8,131 $ 8,951 ========= ========== ========== ==========
-9- SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the three months ended June 30, 1997 and 1996 (In thousands)
Unconsolidated --------------------------------------- Guarantor Non-Guarantor Consolidated UMC Subsidiary Subsidiaries UMC --------- ---------- ------------- ------------ 1997 - ---- Revenues...................................................... $ - $ 26,785 $ 28,760 $ 55,545 --------- ---------- ---------- ---------- Costs and expenses: Production costs............................................ - 7,978 4,577 12,555 General and administrative.................................. 60 3,037 402 3,499 Exploration, including dry holes and impairments............ - 2,647 7,431 10,078 Depreciation, depletion and amortization.................... - 12,241 10,161 22,402 --------- ---------- ---------- ---------- Income (loss) from operations................................. (60) 882 6,189 7,011 Interest income (expense), net.............................. 4,879 (6,848) (2,781) (4,750) Other credits, net.......................................... - 324 130 454 --------- ---------- ---------- ---------- Income (loss) before income taxes............................. 4,819 (5,642) 3,538 2,715 Income tax benefit (provision)................................ (2,181) 1,903 (617) (895) --------- ---------- ---------- ---------- Net income benefit (loss)..................................... $ 2,638 $ (3,739) $ 2,921 $ 1,820 ========= ========== ========== ========== 1996 - ---- Revenues...................................................... $ - $ 38,836 $ 22,487 $ 61,323 --------- ---------- ---------- ---------- Costs and expenses: Production costs............................................ - 8,751 2,740 11,491 General and administrative.................................. 70 2,544 506 3,120 Exploration, including dry holes and impairments............ - 6,792 3,458 10,250 Depreciation, depletion and amortization.................... - 18,839 3,223 22,062 --------- ---------- ---------- ---------- Income (loss) from operations................................. (70) 1,910 12,560 14,400 Interest income (expense), net.............................. 4,444 (7,861) (2,424) (5,841) Other credits, net.......................................... - (103) 67 (36) --------- ---------- ---------- ---------- Income (loss) before income taxes............................. 4,374 (6,054) 10,203 8,523 Income tax benefit (provision)................................ (862) 1,289 (3,715) (3,288) --------- ---------- ---------- ---------- Net income (loss)............................................. $ 3,512 $ (4,765) $ 6,488 $ 5,235 ========= ========== ========== ==========
-10- SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET At June 30, 1997 and December 31, 1996 (In thousands)
Unconsolidated --------------------------------------- Guarantor Non-Guarantor Eliminating Consolidated UMC Subsidiary Subsidiaries Entries UMC --------- ---------- ------------- ----------- ------------ JUNE 30, 1997 - ------------- ASSETS Current assets................................................ $ 2 $ 46,217 $ 57,604 $ - $ 103,823 Intercompany investments...................................... 687,658 (298,782) (250,539) (138,337) - Property and equipment, net................................... - 299,204 316,772 - 615,976 Other assets.................................................. (1,420) 39,567 (3,338) - 34,809 --------- ---------- ---------- ---------- ---------- Total assets............................................ $ 686,240 $ 86,206 $ 120,499 $ (138,337) $ 754,608 ========= ========== ========== ========== ========== LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities........................................... $ 3,329 $ 62,987 $ 54,100 $ - $ 120,416 Long-term debt................................................ 150,000 (5,700) 12,166 - 156,466 Deferred credits and other liabilities........................ - 10,056 21,137 - 31,193 Stockholders' equity.......................................... 532,911 18,863 33,096 (138,337) 446,533 --------- ---------- ---------- ---------- ---------- Total liabilities & stockholders' equity................ $ 686,240 $ 86,206 $ 120,499 $ (138,337) $ 754,608 ========= ========== ========== ========== ========== DECEMBER 31, 1996 - ----------------- ASSETS Current assets................................................ $ 3 $ 93,023 $ 63,135 $ - $ 156,161 Intercompany investments...................................... 668,025 (346,861) (182,827) (138,337) - Property and equipment, net................................... - 282,236 241,953 - 524,189 Other assets.................................................. 5,947 36,714 (4,718) - 37,943 --------- ---------- ---------- ---------- ---------- Total assets............................................ $ 673,975 $ 65,112 $ 117,543 $ (138,337) $ 718,293 ========= ========== ========== ========== ========== LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities........................................... $ 3,327 $ 42,577 $ 52,488 $ - $ 98,392 Long-term debt................................................ 150,000 (5,700) 12,532 - 156,832 Deferred credits and other liabilities........................ - 9,421 21,412 - 30,833 Stockholders' equity.......................................... 520,648 18,814 31,111 (138,337) 432,236 --------- ---------- ---------- ---------- ---------- Total liabilities & stockholders' equity................ $ 673,975 $ 65,112 $ 117,543 $ (138,337) $ 718,293 ========= ========== ========== ========== ==========
-11- SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 1997 and 1996 (In thousands)
Unconsolidated --------------------------------------- Guarantor Non-Guarantor Consolidated UMC Subsidiary Subsidiaries UMC --------- ---------- ------------- ------------ 1997 - ---- Cash flows from operating activities: Net income.............................................. $ 5,646 $ 49 $ 2,324 $ 8,019 Adjustments to reconcile net income to cash from operating activities..................... 4,180 30,214 34,195 68,589 Changes in assets and liabilities....................... 2 29,809 (2,034) 27,777 --------- ---------- ---------- ---------- Net cash provided by operating activities........... 9,828 60,072 34,485 104,385 Cash flows used in investing activities................... - (45,017) (99,442) (144,459) Cash flows provided by (used in) financing activities..... (9,829) (53,094) 64,439 1,516 --------- ---------- ---------- ---------- Net decrease in cash and cash equivalents................. (1) (38,039) (518) (38,558) Cash and cash equivalents at beginning of period.......... 3 41,759 13,180 54,942 --------- ---------- ---------- ---------- Cash and cash equivalents at end of period................ $ 2 $ 3,720 $ 12,662 $ 16,384 ========= ========== ========== ========== 1996 - ---- Cash flows from operating activities: Net income (loss)....................................... $ 6,371 $ (5,551) $ 8,131 $ 8,951 Adjustments to reconcile net income (loss) to cash from operating activities.............. 2,633 42,526 (252) 44,907 Changes in assets and liabilities....................... 648 (14,598) (4,948) (18,898) --------- ---------- ---------- ---------- Net cash provided by operating activities........... 9,652 22,377 2,931 34,960 Cash flows used in investing activities................... - (31,425) (1,067) (32,492) Cash flows provided by (used in) financing activities..... (9,676) (2,945) 705 (11,916) --------- ---------- ---------- ---------- Net increase (decrease) in cash and cash equivalents...... (24) (11,993) 2,569 (9,448) Cash and cash equivalents at beginning of period.......... 31 6,631 6,924 13,586 --------- ---------- ---------- ---------- Cash and cash equivalents at end of period................ $ 7 $ (5,362) $ 9,493 $ 4,138 ========= ========== ========== ==========
-12- 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. UNITED MERIDIAN CORPORATION August 12, 1997 /s/ Jonathan M. Clarkson -------------------------------- Jonathan M. Clarkson Executive Vice President and Chief Financial Officer /s/ Christopher E. Cragg --------------------------------- Christopher E. Cragg Vice President, Controller and Chief Accounting Officer -13- -----END PRIVACY-ENHANCED MESSAGE-----