The main reason for the raise is the acquisition of the oil and gas operations in West Virginia and Ohio in September 2008, which provided about $0.4 million of net revenue. Revenue for the retirement facility totaled about $0.7 million for the first quarter of 2009, compared with $0.7 million in the year-ago quarter.
For the first quarter of 2009, oil and gas operating costs totaled $386,000, real estate operations and lease expense totaled $579,000 and corporate general and administrative expenses totaled about $262,000. In the comparable period of 2008, real estate operations and lease expense totaled $551,000 and corporate general and administrative expenses totaled about 261,000.
There were no oil and gas operating costs in the period, previous to the acquisition of the oil and gas operations. In total, operating expenses were $1.2 million for the first quarter of 2009, compared to $0.8 million in the year-ago quarter.
Interest Income: Interest income raised about $129,000 for the first quarter of 2009, compared the year-ago quarter, mainly because of the raise in the interest-bearing loans to affiliates during 2008.
Interest Expense: Interest expense for the first quarter of 2009, compared to the year-ago quarter declined about $132,000 due mainly to the repayment of debt in 2008.
Other Income: Other income reduced from $274,000 in the year-ago quarter to $31,000 for the first quarter of 2009. Other income in the 2008 period mainly reflected income from receivables which had been earlier reserved.
New Concept Energy was formerly CabelTel International Corporation.
