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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 2, 1995
CODA ENERGY, INC.
(Exact Name of Registrant as Specified in its Charter)
State of Delaware 0-10955 75-1842480
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Incorporation) Identification No.)
5735 Pineland Drive
Suite 300
Dallas, Texas 75231
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 692-1800
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Item 5. Other Events
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CODA RELEASES RESULTS OF FIRST QUARTER
MARCH 31, 1995 EARNINGS RELEASE
Coda Energy, Inc. reported today earnings of $1,305,000 or $.06 per share for
the first quarter of 1995 compared to net income of $553,000 ($.03 per share)
for the same period in 1994, a 136% increase. Revenues were $23,039,000 versus
$11,611,000 for the same period, while cash flow from operations was $6,992,000
in 1995 and $4,446,000 in 1994, a 57% increase in cash flow.
Production for the first quarter of 1995 was 772,000 barrels of oil and
1,186,000 Mcf of gas, as compared to 1994 first quarter production of 619,000
barrels of oil and 1,262,000 Mcf of gas. Average oil prices increased 21% from
$14.05 per barrel in 1994 to $17.03 per barrel in 1995 while average gas prices
declined 25% to $1.52 per mcf in 1995 from $2.02 per mcf in 1994.
Ted Eubank, Coda's President, stated that, "The growth in revenues, net
income, cash flow and production is in line with our expectations and is a
result of our recent acquisition and development activities."
Item 7. Financial Statements and Exhibits
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The following documents are attached hereto as exhibits:
99.1 Coda Energy, Inc. Press Release dated May 2, 1995.
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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.
Date: May 3, 1995 CODA ENERGY, INC.
By: \s\ Joe Callaway
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Joe Callaway, Vice President
and General Counsel
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EXHIBIT INDEX
Sequential
Exhibit No. Description of Exhibit Page No.
- ------------- -------------------------------------------- ----------
[S] [C] [C]
99.1 Coda Energy, Inc. Press Release dated May 2, 5
1995.
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EXHIBIT 99.1
CODA ENERGY, INC NEWS RELEASE
CODA RELEASES RESULTS OF FIRST QUARTER
MARCH 31, 1995 EARNINGS RELEASE
Dallas, Texas, May 2, 1995 . . . Coda Energy, Inc. (NASDAQ-NMS: CODA)
reported today earnings of $1,305,000 or $.06 per share for the first quarter of
1995 compared to net income of $553,000 ($.03 per share) for the same period in
1994, a 136% increase. Revenues were $23,039,000 versus $11,611,000 for the
same period, while cash flow from operations was $6,992,000 in 1995 and
$4,446,000 in 1994, a 57% increase in cash flow.
Production for the first quarter of 1995 was 772,000 barrels of oil and
1,186,000 Mcf of gas, as compared to 1994 first quarter production of 619,000
barrels of oil and 1,262,000 Mcf of gas. Average oil prices increased 21% from
$14.05 per barrel in 1994 to $17.03 per barrel in 1995 while average gas prices
declined 25% to $1.52 per mcf in 1995 from $2.02 per mcf in 1994.
Ted Eubank, Coda's President, stated that, "The growth in revenues, net
income, cash flow and production is in line with our expectations and is a
result of our recent acquisition and development activities."
Coda Energy, Inc. and its subsidiaries acquire, exploit and develop oil and
gas properties, gas processing plants and gathering systems. Coda is
headquartered in Dallas, Texas with principal operations in Texas, Oklahoma and
Kansas. The Company's stock is traded on the NASDAQ National Market System
under the symbol CODA.
Additional information about Coda Energy, Inc. may be obtained by
contacting the Company's President, Ted Eubank, at Coda's headquarters, 5735
Pineland Drive, Suite 300, Dallas, Texas 75231, telephone number (214) 692-1800
or (800) 486-2632.
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CODA ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND PRODUCT PRICES)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
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1994 1995
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<S> <C> <C> <C>
REVENUES:
Oil and gas sales $11,242 $14,948 33%
Gas gathering and processing 151 7,904 5134%
Other income 218 187 -14%
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11,611 23,039 98%
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COSTS AND EXPENSES
Oil and gas production 5,341 6,563 23%
Gas gathering and processing 154 6,730 4270%
Depletion, depreciation and
amortization 3,535 4,870 38%
General and administrative 588 707 20%
Interest 1,035 2,068 100%
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10,653 20,938 97%
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INCOME BEFORE INCOME TAXES 958 2,101 119%
Income tax expense 405 796 97%
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NET INCOME $ 553 $ 1,305 136%
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NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE: $ 0.03 $ 0.06 100%
Weighted average number of common
and common equivalent shares
outstanding: 20,394 22,788
PRODUCT PRICES
Crude oil $ 14.05 $ 17.03 21%
Natural gas $ 2.02 $ 1.52 -25%
PRODUCTION DATA
Oil production (Bbls) 619 772 25%
Gas production (Mcf) 1,262 1,186 -6%
CASH FLOW
Working capital provided by
operations $ 4,446 $ 6,992 57%
Per share $ 0.22 $ 0.31 41%
</TABLE>
