Exhibit 99
[THE BEARD COMPANY LOGO]
THE BEARD COMPANY News Release
Enterprise Plaza, Suite 320
5600 North May Avenue
Oklahoma City, Oklahoma 73112 Herb Mee, Jr., President
(405) 842-2333 OTCBB: BRCO
THE BEARD COMPANY
REPORTS 2002 RESULTS
FOR IMMEDIATE RELEASE: Friday, April 11, 2003
Oklahoma City, Oklahoma --- The Beard Company today announced its financial
results for 2002. The Company reported a net loss of $4,614,000, or $2.52 per
share, on revenues of $469,000, compared with a net loss of $2,321,000, or $1.27
per share, on revenues of $602,000 for 2001.
2002 continuing operations resulted in a loss of $4,391,000, or $2.40 per
share, while discontinued operations produced a net loss of $223,000, or $0.12
per share. 2001 resulted in a loss of $1,453,000, or $0.79 per share, from
continuing operations and a net loss of $868,000, or $0.48 per share, from
discontinued operations.
Herb Mee, Jr., President, stated: "Losses from continuing operations in
2002 were severely impacted by an impairment of $872,000 primarily related to
the Company's investment in China and by an impairment in the amount of
$1,561,000 as a result of the requirement to adopt FASB Statement No. 144,
Accounting for the Impairment or Disposal of Long-Lived Assets for the 2002
fiscal year."
"The Company's recurring losses and negative cash flows from operations
have raised substantial doubt with our independent auditors about the Company's
ability to continue as a going concern," Mee continued. "Although our auditors
have raised a valid concern, the Company remains in compliance on all of its
debt obligations, and believes that the funds available on its existing line of
credit, coupled with expected proceeds from the sale of assets, will be adequate
to carry it until the anticipated McElmo Dome settlement of more than $3,900,000
is received. The distribution of settlement proceeds will be delayed until all
appeal periods have run. Although there is still the possibility the U.S.
Supreme Court could overturn the settlement, we think this is unlikely and
continue to believe that the settlement will become final in the May-June time
frame at the earliest and the July-August time frame at the latest."
The Beard Company's common stock is traded on the OTC Bulletin Board under
the symbol: BRCO. Its operations consist principally of coal reclamation
activities, carbon dioxide (CO2) gas production, the construction of composting
plants in China, and its e-commerce activities related to the development of
starpay(TM)'s patent-pending payment system for use on the Internet.
THE BEARD COMPANY
Statements of Operations
For the Three Months For the Year
Ended December 31, Ended December 31,
(Unaudited) (Audited)
--------------------------------- ------------------------------------
2002 2001 2002 2001
--------------- -------------- ---------------- ----------------
Revenues................................... $121,000 $122,000 $469,000 $602,000
Expenses................................... 2,147,000 514,000 3,526,000 1,974,000
--------------- -------------- ---------------- ----------------
Operating loss............................ (2,026,000) (392,000) (3,057,000) (1,372,000)
Other income (expense).................... (1,028,000) (68,000) (1,365,000) (154,000)
--------------- -------------- ---------------- ----------------
Loss before income taxes.................. (3,054,000) (460,000) (4,422,000) (1,526,000)
Income tax benefit........................ 31,000 13,000 31,000 73,000
--------------- -------------- ---------------- ----------------
Loss from continuing operations........... (3,023,000) (447,000) (4,391,000) (1,453,000)
Loss from discontinued operations......... (42,000) (352,000) (223,000) (868,000)
--------------- -------------- ---------------- ----------------
Net loss.................................. ($3,065,000) ($799,000) ($4,614,000) ($2,321,000)
=============== ============== ================ ================
Net loss per average common share outstanding:
Basic and diluted:
Loss from continuing operations...... ($1.66) ($0.24) ($2.40) ($0.79)
Loss from discontinued operations.... ($0.02) ($0.19) ($0.12) ($0.48)
--------------- -------------- ---------------- ----------------
Net loss............................. ($1.68) ($0.44) ($2.52) ($1.27)
=============== ============== ================ ================
Weighted average common shares outstanding -
basic and diluted.................... 1,829,000 1,829,000 1,829,000 1,829,000
=============== ============== ================ ================
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<FN>
(1) Loss per common share for 2002 and 2001 were determined by dividing the net loss attributable to common
shareholders by the weighted average number of shares of common stock outstanding during the periods.
(2) Statements regarding future profitability and operations, including the timing of those activities, are "forward
looking statements" within the meaning of the Private Securities Litigation Reform Act. The statements involve
risks that could significantly impact The Beard Company. These risks include, but are not limited to, adverse
general economic conditions, unexpected costs or delays or other unexpected events, as well as risks related to
the McElmo Dome settlement and other risks discussed in detail in The Beard Company's filings with the Securities
and Exchange Commission.
</FN>
Fax Number (405) 842-9901 Email: hmeebeardco.com
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