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GeoMet Announces Financial and Operating Results for the Quarter and Six Months ended June 30, 2014

August 19, 2014



ENP Newswire - 19 August 2014

Release date- 15082014 - Houston, Texas - GeoMet, Inc. (OTCQ: GMET; NASDAQ: GMETP) today announced its financial and operating results for the quarter and six months ended June 30, 2014.

Financial and Operating Results

On May 12, 2014, we closed the sale of substantially all of our remaining assets (the 'Asset Sale'). As a result of the Asset Sale, we have classified all of the assets related to our gas properties as Assets related to discontinued operations and all related liabilities as Liabilities related to discontinued operations, both in the Condensed Consolidated Balance Sheet (Unaudited) as of June 30, 2014.

Additionally, the related operating activities are presented as discontinued operations in the Condensed Consolidated Statements of Operations (Unaudited) for the quarter and six months ended June 30, 2014 and 2013.

Quarter Ended June 30, 2014

For the quarter ended June 30, 2014, GeoMet reported net income available to common stockholders of $57.7 million, or $1.42 per fully diluted share. Included in net income available to common stockholders for the quarter ended June 30, 2014 were non-cash charges of $0.7 million for accretion of preferred stock and $0.6 million for paid-in-kind ('PIK') dividends paid on preferred stock.

For the quarter ended June 30, 2013, GeoMet reported a net income available to common stockholders of $40.5 million, or $1.00 per fully diluted share. Included in net income available to common stockholders for the quarter ended June 30, 2013 were charges of $0.5 million for accretion of preferred stock and $1.4 million for PIK dividends paid on preferred stock.

For the quarter ended June 30, 2014, GeoMet reported income from discontinued operations of $60.3 million, net of tax of $0.7 million, or $1.49 per fully diluted share. Included in income from discontinued operations was a $61.8 million gain resulting from the Asset Sale. For the quarter ended June 30, 2013, GeoMet reported income from discontinued operations of $43.8 million, net of tax of $0, or $1.08 per fully diluted share. Included in income from discontinued operations was a $37.1 million gain resulting from the June 2013 sale of our Alabama assets.

Six Months Ended June 30, 2014

For the six months ended June 30, 2014, GeoMet reported net income available to common stockholders of $57.3 million, or $1.41 per fully diluted share. Included in net income available to common stockholders for the six months ended June 30, 2014 were non-cash charges of $1.3 million for accretion of preferred stock and $1.2 million for PIK dividends paid on preferred stock.

For the six months ended June 30, 2013, GeoMet reported a net income available to common stockholders of $33.1 million, or $0.82 per fully diluted share. Included in net income available to common stockholders for the six months ended June 30, 2013 were charges of $1.0 million for accretion of preferred stock and $2.4 million for PIK dividends paid on preferred stock.

For the six months ended June 30, 2014, GeoMet reported income from discontinued operations of $62.3 million, net of tax of $0.7 million, or $1.54 per fully diluted share. Included in income from discontinued operations was a $61.8 million gain resulting from the Asset Sale. For the six months ended June 30, 2013, GeoMet reported income from discontinued operations of $39.2 million, net of tax of $0, or $0.97 per fully diluted share. Included in income from discontinued operations was a $37.1 million gain resulting from the June 2013 sale of our Alabama assets.

Forward-Looking Statements Notice

This press release may contain 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical facts, all statements included in the document, including those preceded by, followed by or that otherwise include the words 'believe,' 'expects,' 'anticipates,' 'intends,' 'estimates,' 'projects,' 'target,' 'goal,' 'plans,' 'objective,' 'should' or similar expressions or variations on such words, are forward-looking statements.

These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are volatility of future natural gas prices, our estimate of the sufficiency of our existing capital sources and our ability to raise additional capital to fund cash requirements for future operations. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the Securities and Exchange Commission ('SEC').

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company's web site at http://www.geometinc.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. GeoMet undertakes no duty to update or revise these forward-looking statements.

About GeoMet, Inc.

Through the closing of the Asset Sale, GeoMet was engaged in the production of natural gas from coal seams ('coalbed methane'). Prior to the Asset Sale, our core area of operations were the Central Appalachian Basin of Virginia and West Virginia.

Contact:

Tony Oviedo

Tel: (713) 287-2262

Email: toviedo@geometcbm.com


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Source: ENP Newswire


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