Exhibit 99
[THE BEARD COMPANY LOGO]
THE BEARD COMPANY News Release
Enterprise Plaza, Suite 320
5600 North May Avenue Herb Mee, Jr., President
Oklahoma City, Oklahoma 73112
(405) 842-2333 OTCBB: BRCO
THE BEARD COMPANY
REPORTS RESULTS FOR FIRST QUARTER OF 2003;
UPDATES STATUS OF McELMO DOME LITIGATION
FOR IMMEDIATE RELEASE: Wednesday, May 14, 2003
Oklahoma City, Oklahoma --- The Beard Company (OTCBB:BRCO) today announced
that the first quarter of 2003 produced a net loss of $498,000, or $0.27 per
share, on revenues of $194,000, compared with a net loss of $461,000, or $0.25
per share, on revenues of $90,000 in the 2002 first quarter.
Continuing operations for the 2003 first quarter produced a loss of
$518,000, or $0.28 per share, while discontinued operations produced earnings of
$20,000, or $0.01 per share. The comparable 2002 quarter resulted in a loss of
$413,000, or $0.22 per share, from continuing operations and a net loss of
$48,000, or $0.03 per share, from discontinued operations.
Herb Mee, Jr., President, stated: "On March 26 we advised that the 11
objectors to the McElmo Dome Settlement had filed a Petition for Certiorari with
the U.S. Supreme Court. Between April 4 and April 16 various parties to the
litigation filed waivers of their right to respond. Following such filings the
Petition began circulating among the Justices of the Court for disposition. We
are advised that the Court has taken a brief recess until May 22nd. We expect
that the Court will rule on the Petition within the next 30 days, and strongly
believe that the ruling will be in our favor. In such event we should shortly
begin to receive distribution of the Settlement funds. We will continue to keep
you advised."
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 aimed at developing business
opportunities to leverage starpay(TM)'s intellectual property portfolio of
Internet payment methods and security technologies.
Fax Number (405) 842-9901 Email: hmeebeardco.com
THE BEARD COMPANY AND SUBSIDIARIES
Results of Operations
(Unaudited)
For the Three Months
Ended March 31,
---------------
2003 2002
------------ ------------
Revenues $ 194,000 $ 90,000
Expenses 627,000 441,000
------------ ------------
Operating loss (433,000) (351,000)
Other expense (85,000) (62,000)
------------ ------------
Loss from continuing operations before income taxes (518,000) (413,000)
Income taxes - -
------------ ------------
Loss from continuing operations (518,000) (413,000)
Earnings (loss) from discontinued operations 20,000 (48,000)
------------ ------------
Net loss $ (498,000) $ (461,000)
============ ============
Net earnings (loss) per average common share outstanding:
Basic and diluted:
Loss from continuing operations $ (0.28) $ (0.22)
Earnings (loss) from discontinued operations 0.01 (0.03)
------------ ------------
Net loss $ (0.27) $ (0.25)
============ ============
Weighted average common shares outstanding - basic and diluted 1,829,000 1,829,000
============ ============
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<FN>
(1) Net earnings (loss) per common share for 2003 and 2002 were determined by dividing the net
earnings (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 Report 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>
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FOR FURTHER INFORMATION CONTACT:
Herb Mee, Jr.
President
THE BEARD COMPANY
e-mail: hmee@beardco.com