<PAGE>
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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.
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<PAGE>
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-
<PAGE>
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-
<PAGE>
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-
<PAGE>
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.
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<PAGE>
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
<TABLE>
<CAPTION>
SERIES F
PREFERRED STOCK COMMON STOCK ADD'L FOREIGN RETAINED
--------------------- ----------------- PAID-IN CURRENCY EARNINGS
SHARES AMOUNT SHARES AMOUNT CAPITAL ADJUSTMENT (DEFICIT) TOTAL
---------- -------- -------- ------- ------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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
========== ======= ========== ===== ========= ========== ========= =========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
-5-
<PAGE>
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-
<PAGE>
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-
<PAGE>
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-
<PAGE>
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the six months ended June 30, 1997 and 1996
(In thousands)
<TABLE>
<CAPTION>
Unconsolidated
---------------------------------------
Guarantor Non-Guarantor Consolidated
UMC Subsidiary Subsidiaries UMC
--------- ---------- ------------- ------------
<S> <C> <C> <C> <C>
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
========= ========== ========== ==========
</TABLE>
-9-
<PAGE>
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the three months ended June 30, 1997 and 1996
(In thousands)
<TABLE>
<CAPTION>
Unconsolidated
---------------------------------------
Guarantor Non-Guarantor Consolidated
UMC Subsidiary Subsidiaries UMC
--------- ---------- ------------- ------------
<S> <C> <C> <C> <C>
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
========= ========== ========== ==========
</TABLE>
-10-
<PAGE>
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET
At June 30, 1997 and December 31, 1996
(In thousands)
<TABLE>
<CAPTION>
Unconsolidated
---------------------------------------
Guarantor Non-Guarantor Eliminating Consolidated
UMC Subsidiary Subsidiaries Entries UMC
--------- ---------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
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
========= ========== ========== ========== ==========
</TABLE>
-11-
<PAGE>
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 1997 and 1996
(In thousands)
<TABLE>
<CAPTION>
Unconsolidated
---------------------------------------
Guarantor Non-Guarantor Consolidated
UMC Subsidiary Subsidiaries UMC
--------- ---------- ------------- ------------
<S> <C> <C> <C> <C>
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
========= ========== ========== ==========
</TABLE>
-12-
<PAGE>
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-
