-----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, Sh/58rReKP796gj+kX2r6EWCrXd6/AA6+U6k7rwKSrn6lUmOeatYU0ywrjab6yTc 9esZ4Ub8CGWcGqVMjYk4fA== 0000909334-05-000159.txt : 20050517 0000909334-05-000159.hdr.sgml : 20050517 20050517125036 ACCESSION NUMBER: 0000909334-05-000159 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050516 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050517 DATE AS OF CHANGE: 20050517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEARD CO /OK CENTRAL INDEX KEY: 0000909992 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 730970298 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12396 FILM NUMBER: 05837867 BUSINESS ADDRESS: STREET 1: 5600 N MAY AVE STREET 2: STE 320 CITY: OKLAHOMA CITY STATE: OK ZIP: 73112 BUSINESS PHONE: 4058422333 MAIL ADDRESS: STREET 1: 5600 N MAY STREET 2: STE 320 CITY: OKLAHOMA CITY STATE: OK ZIP: 73112 FORMER COMPANY: FORMER CONFORMED NAME: BEARD INVESTMENT CO DATE OF NAME CHANGE: 19930730 8-K 1 bcform8k-051705.txt 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 of 1934 Date of Report: (Date of earliest event reported) May 16, 2005 THE BEARD COMPANY ----------------- (Exact name of registrant as specified in its charter) Oklahoma 001-12396 73-0970298 -------- --------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Enterprise Plaza 5600 N. May Avenue Suite 320 Oklahoma City, Oklahoma 73112 ----------------------- ----- (Address of principal executive offices) (Zip Code) (405) 842-2333 -------------- (Registrant's telephone number, including area code) 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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Information to be Included in the Report Item 7.01 Regulation FD Disclosure. On May 16, 2005, the Company issued a press release announcing its financial results for the first quarter of 2005. A copy of the press release is attached hereto as Exhibit 99. Item 9.01 Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description - ----------- ----------- 99 Press release dated May 16, 2005 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 hereunto duly authorized. THE BEARD COMPANY /s/ Herb Mee, Jr. ------------------------------- Herb Mee, Jr., President May 17, 2005 INDEX TO EXHIBITS Exhibit No. Description Method of Filing --- ----------- ---------------- 99 Press release dated May 16, 2005 Filed herewith electronically EX-99 2 bcex99form8k-051705.txt Exhibit 99 [THE BEARD COMPANY LOGO] THE BEARD COMPANY News Release Enterprise Plaza, Suite 320 5600 North May Avenue Herb Mee, Jr., President Oklahoma City, Oklahoma 73112 (405) 842-2333 OTCBB: BRCO THE BEARD COMPANY REPORTS 2005 FIRST QUARTER RESULTS FOR IMMEDIATE RELEASE: Monday, May 16, 2005 Oklahoma City, Oklahoma --- The Beard Company (OTCBB:BRCO) today announced that the 2005 first quarter resulted in a net loss $375,000, or $0.07 per share, on revenues of $243,000. The 2004 first quarter generated net earnings of $2,303,000, or $0.47 per share, on revenues of $188,000. Diluted earnings per share were $0.07 in the 2005 first quarter versus $0.40 in the comparable 2004 quarter. Herb Mee, Jr., President, stated: "Comparative results for the two quarters were distorted since results for the first quarter of 2004 benefited from the receipt of the second installment of the McElmo Dome Settlement, totaling $2,826,000. This amount was reflected in other income and more than accounted for the earnings for the 2004 quarter." "Our revenues from continuing operations are on an uptrend," Mee continued. The increase in revenues in the first quarter of 2005 was our fourth consecutive quarterly increase, and we expect the trend to continue for the remainder of the year. We anticipate higher revenues in our CO2 Segment due to better pricing resulting from implementation of the McElmo Dome Settlement Agreement. Our six new gas wells in Colorado are expected to come on stream next month, resulting in our first oil and gas production in many years. We expect the first production from our initial fertilizer manufacturing plant in China to occur during the last four months of 2005." "We are diligently pursuing both debt and equity financing for our coal projects, and believe we will be successful in arranging financing for at least one or two projects during the third quarter of 2005. If our efforts are successful, we will achieve the turnaround we have all been waiting for," Mee concluded. _______________ Statements regarding future profitability and operations, including the timing of those activities, are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act. The statements involve risks that could significantly impact The Beard Company. These risks include, but are not limited to, adverse general economic conditions, unexpected costs or delays or other unexpected events, as well as other risks discussed in detail in The Beard Company's filings with the Securities and Exchange Commission. Fax Number (405) 842-9901 Email: hmee@beardco.com THE BEARD COMPANY AND SUBSIDIARIES Results of Operations (Unaudited)
For the Three Months Ended March 31, ---------------------------------- 2005 2004 ---------------- --------------- Revenues.................................................... $ 243,000 $ 188,000 Expenses.................................................... 623,000 561,000 ---------------- -------------- Operating loss.............................................. (380,000) (373,000) Other income (expense)...................................... (64,000) 2,770,000 ---------------- -------------- Earnings (loss) from continuing operations before income taxes................................. (444,000) 2,397,000 Income taxes ............................................... (19,000) (97,000) ---------------- -------------- Earnings (loss) from continuing operations.................. (463,000) 2,300,000 Earnings from discontinued operations........................ 88,000 3,000 ---------------- -------------- Net earnings (loss)......................................... $ (375,000) $ 2,303,000 ================ ============== Net earnings (loss) per average common share outstanding: Basic: Earnings (loss) from continuing operations............ $ (0.08) $ 0.47 Earnings from discontinued operations................. 0.01 0.00 ---------------- -------------- Net earnings (loss)................................... $ (0.07) $ 0.47 ================ ============== Diluted: Earnings (loss) from continuing operations............ $ (0.08) $ 0.40 Earnings from discontinued operations................. 0.01 0.00 ---------------- -------------- Net earnings (loss)................................... $ (0.07) $ 0.40 ================ ============== Weighted average common shares outstanding: Basic ................................................... 5,685,000 4,924,000 ================ ============== Diluted.................................................. 5,685,000 5,687,000 ================ ============== ________________ Basic earnings (loss) per share are computed by dividing earnings (loss) attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share reflect the potential dilution that could occur if the Company's outstanding stock options and warrants were exercised (calculated using the treasury stock method) and if the Company's preferred stock were converted to common stock. Diluted loss per share from continuing operations exclude potential common shares issuable upon conversion of convertible preferred stock and on issuance upon exercise of stock options and warrants as the effect would be anti-dilutive. Weighted average shares of 5,687,000 for the diluted earnings per share calculation for the three months ended March 31, 2004 are composed of basic common shares of 4,924,000, 27,838 shares of preferred stock assumed converted to 267,000 common shares, and 496,000 warrants assumed exercised and converted into common stock.
# # # # # FOR FURTHER INFORMATION CONTACT: Herb Mee, Jr. -----END PRIVACY-ENHANCED MESSAGE-----