Exhibit 99
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
ANNOUNCES 2003 SECOND QUARTER
AND SIX MONTHS RESULTS; RECEIVES
FIRST INSTALLMENT OF McELMO DOME SETTLEMENT
FOR IMMEDIATE RELEASE: Tuesday, August 12, 2003
Oklahoma City, Oklahoma --- The Beard Company (OTCBB:BRCO) today
announced that the 2003 second quarter produced a net loss of $637,000, or $0.29
per share. The second quarter of 2002 generated a loss of $560,000, or $0.31 per
share, on fewer outstanding shares. Revenues for the current quarter totaled
$117,000 compared with $127,000 of revenues in the 2002 second quarter.
The first six months of 2003 produced a net loss of $1,135,000, or $0.54
per share, versus a loss of $1,021,000, or $0.56 per share, in the 2002 first
half. Revenues for the first half of 2003 totaled $311,000 versus $217,000 in
the first six months of 2002.
Herb Mee, Jr., President, stated: "We received the first installment of
the McElmo Dome Settlement, totaling $1,162,000 on July 31, and expect to
receive the second installment, totaling approximately $2,814,000 on or about
October 1 of this year. Receipt of the Settlement ensures that 2003 will be a
profitable year while at the same time materially enhancing the Company's
liquidity and bolstering our balance sheet ratios.1"
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 fertilizer
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.
(Continued on next page)
Fax Number (405) 842-9901 Email: hmee@beardco.com
THE BEARD COMPANY
Results of Operations
(Unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
------------------------------ -------------------------------
2003 2002 2003 2002
------------- -------------- -------------- ---------------
Revenues......................................... $117,000 $127,000 $311,000 $217,000
Expenses......................................... 628,000 480,000 1,255,000 921,000
------------- -------------- -------------- ---------------
Operating loss................................... (511,000) (353,000) (944,000) (704,000)
Other income (expense)........................... (111,000) (152,000) (196,000) (214,000)
------------- -------------- -------------- ---------------
Loss from continuing operations
before income taxes....................... (622,000) (505,000) (1,140,000) (918,000)
Income taxes..................................... - - - -
------------- -------------- -------------- ---------------
Loss from continuing operations.................. (622,000) (505,000) (1,140,000) (918,000)
Earnings (loss) from discontinued operations..... (15,000) (55,000) 5,000 (103,000)
------------- -------------- -------------- ---------------
Net loss......................................... ($637,000) ($560,000) ($1,135,000) ($1,021,000)
============= ============== ============== ===============
Net loss per average common share outstanding (2):
Basic and diluted:
Loss from continuing operations.............. ($0.29) ($0.28) ($0.54) ($0.50)
Loss from discontinued operations............ $0.00 ($0.03) $0.00 ($0.06)
------------- -------------- -------------- ---------------
Net loss..................................... ($0.29) ($0.31) ($0.54) ($0.56)
============= ============== ============== ===============
Weighted average common shares outstanding -
basic and diluted........................... 2,179,000 1,829,000 2,121,000 1,829,000
============= ============== ============== ===============
<FN>
(1) 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 other risks discussed in detail in The Beard Company's filings with the Securities and Exchange
Commission.
(2) Net loss per common share for 2003 and 2002 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.
</FN>
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FOR FURTHER INFORMATION CONTACT:
Herb Mee, Jr.
President
THE BEARD COMPANY
e-mail: hmee@beardco.com
Telephone: (405) 842-2333
Fax: (405) 842-9901