Beard has reported net earnings from continuing operations of $3.3 million, or $0.32 per diluted share, compared with a net loss from continuing operations of $0.95million, or $0.16 per share, in the previous year.
“The improvement in our net earnings during 2008 was primarily attributable to (1) a $1,671,000 gain on the disposition of our controlling interest in two subsidiaries that conducted fertilizer manufacturing and sales operations in China and (2) a $3,329,000 gain on the disposition of assets, primarily related to the sale of 35% of our interest in the McElmo Dome CO2 Production Unit,’ noted Herb Mee, president of Beard. “In 2007 there were no comparable dispositions, and we reported a gain of only $216,000 from the sale of assets.”
“We believe that our Company is in the early stages of a major turnaround. As the result of the disposition of our China Segment, the conversion of more than $3,650,000 of convertible notes into common stock, and the sale of 35% of our CO2 production, we added $6,173,000 to shareholders’ equity and reduced our total debt by more than $5,200,000 in 2008. We are shifting our focus primarily to coal reclamation, oil and gas development, and minerals exploration and development. We expect to have a major long-term project underway in our Coal Segment within the next few months and also anticipate that we will be successful in raising the financing to undertake a major enhanced oil recovery project in northern Oklahoma within the next 90 days,” Mee president concluded.
