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 REPORTS 2003
THIRD QUARTER AND NINE MONTHS RESULTS;
EXPECTS DELAY IN RECEIVING
SECOND INSTALLMENT OF McELMO DOME SETTLEMENT
FOR IMMEDIATE RELEASE: Friday, November 14, 2003
Oklahoma City, Oklahoma --- The Beard Company (OTCBB:BRCO) today reported
that the 2003 third quarter generated net earnings of $256,000, or $0.12 per
share. The 2002 third quarter produced a loss of $528,000, or $0.29 per share,
on fewer outstanding shares. Revenues for the current quarter totaled $137,000
versus $131,000 of revenues in the third quarter of 2002.
The first nine months of 2003 generated a net loss of $879,000, or $0.41
per share, compared with a loss of $1,549,000, or $0.85 per share, in the
comparable period of 2002. Revenues for the first nine months of 2003 totaled
$448,000 versus $348,000 in the first nine months of 2002.
Herb Mee, Jr., President, stated: "Third quarter 2003 results included a
gain on settlement of $1,151,000, or $0.53 per share, as a result of receiving
the first installment of the McElmo Dome Settlement. Because of delays
encountered by the Settlement Administrator, it now appears that we will receive
the second installment of approximately $2,814,000 in the December 17 to
December 24 time frame this year(A)."
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 Nine Months
Ended September 30, Ended September 30,
----------------------------- -----------------------------
2003 2002 2003 2002
------------- ------------- ------------- -------------
Revenues....................................... $137,000 $131,000 $448,000 $348,000
Expenses....................................... 670,000 458,000 1,925,000 1,379,000
Operating loss................................. (533,000) (327,000) (1,477,000) (1,031,000)
Other income (expense)......................... 807,000 (123,000) 611,000 (337,000)
------------- ------------- ------------- -------------
Earnings (loss) from continuing operations
before income taxes..................... 274,000 (450,000) (866,000) (1,368,000)
Income taxes................................... - - - -
------------- ------------- ------------- -------------
Earnings (loss) from continuing operations..... 274,000 (450,000) (866,000) (1,368,000)
Loss from discontinued operations.............. (18,000) (78,000) (13,000) (181,000)
------------- ------------- ------------- -------------
Net earnings (loss)............................ $256,000 ($528,000) ($879,000) ($1,549,000)
============= ============= ============= =============
Net earnings (loss) per average common share outstanding:
Basic(B):
Earnings (loss) from continuing operations. $0.13 ($0.25) ($0.40) ($0.75)
Loss from discontinued operations.......... ($0.01) ($0.04) ($0.01) ($0.10)
------------- ------------- ------------- -------------
Net earnings (loss)........................ $0.12 ($0.29) ($0.41) ($0.85)
============= ============= ============= =============
Diluted(B):
Earnings (loss) from continuing operations. $0.12 ($0.25) ($0.40) ($0.75)
Loss from discontinued operations.......... ($0.01) ($0.04) ($0.01) ($0.10)
------------- ------------- ------------- -------------
Net earnings (loss)........................ $0.11 ($0.29) ($0.41) ($0.85)
============= ============= ============= =============
Weighted average common shares outstanding -
Basic..................................... 2,181,000 1,829,000 2,142,000 1,829,000
============= ============= ============= =============
Diluted................................... 2,309,000 1,829,000 2,142,000 1,829,000
============= ============= ============= =============
- ---------------
<FN>
(A) 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.
(B) Basic earnings (loss) per share are computed by dividing earnings (loss) attributable to common
shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings
(loss) per common share reflect the potential dilution that could occur if the Company's outstanding stock
options and warrants were exercised (calculated using the treasury stock method) and if the Company's
preferred stock were converted to common stock.
</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