Exhibit 99
News Release
THE BEARD COMPANY
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 RESULTS FOR SECOND QUARTER
AND SIX MONTHS OF 2004
FOR IMMEDIATE RELEASE: Tuesday, August 17, 2004
Oklahoma City, Oklahoma --- The Beard Company (OTCBB:BRCO) today reported a
net loss of $303,000, or $0.06 per share, for the second quarter of 2004 on
revenues of $185,000, compared with a net loss of $637,000, or $0.14 per share,
on revenues of $117,000 in the 2003 second quarter.
For the six months ended June 30, 2004, the Company reported net earnings
of $2,000,000 on revenues of $373,000 versus a net loss of $1,135,000 on
revenues of $311,000 for the comparable period of 2003. Basic earnings per
common share for the 2004 six months were $0.38 versus a net loss of $0.26 per
share for the 2003 period. Diluted earnings per common share for the 2004 six
months were $0.33 versus a net loss of $0.26 per share for the 2003 period.
Herb Mee, Jr., President, stated: "The 2004 second quarter and six months
benefited from (i) a third installment, in the amount of $117,000, of the McElmo
Dome Settlement, and (ii) a gain on sale of assets in the amount of $73,000,
both of which were reflected in other income for the respective 2004 periods."
"We are also pleased to report that work has already started on the first
of the coal projects we have under development, the DTE Dickerson project,
where the Company is now generating profits and positive cash flow," Mee
concluded.<F1>
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.
FOR FURTHER INFORMATION CONTACT:
Herb Mee, Jr.
President
THE BEARD COMPANY
Telephone: (405) 842-2333
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
--------------------------- ----------------------------
2004 2003 2004 2003
------------- ----------- ----------- -----------
Revenues $185,000 $117,000 $373,000 $311,000
Expenses 604,000 658,000 1,165,000 1,294,000
------------- ----------- ----------- -----------
Operating loss (419,000) (541,000) (792,000) (983,000)
Other income (expense) 124,000 (81,000) 2,894,000 (157,000)
------------- ----------- ----------- -----------
Loss from continuing operations
before income taxes (295,000) (622,000) 2,102,000 (1,140,000)
Income taxes (12,000) - (109,000) -
------------- ----------- ----------- -----------
Earnings (loss) from continuing operations (307,000) (622,000) 1,993,000 (1,140,000)
Earnings (loss) from discontinued operations 4,000 (15,000) 7,000 5,000
------------- ----------- ----------- -----------
Net loss ($303,000) ($637,000) $2,000,000 ($1,135,000)
============= =========== =========== ===========
Net loss per average common share outstanding<F2>:
Basic:
Earnings (loss) from continuing operations ($0.06) ($0.14) $0.38 ($0.26)
Loss from discontinued operations $0.00 $0.00 $0.00 $0.00
------------- ----------- ----------- -----------
Net earnings (loss) ($0.06) ($0.14) $0.38 ($0.26)
============= =========== =========== ===========
Diluted:
Earnings (loss) from continuing operations ($0.06) ($0.14) $0.33 ($0.26)
Loss from discontinued operations $0.00 $0.00 $0.00 $0.00
------------- ----------- ----------- -----------
Net earnings (loss) ($0.06) ($0.14) $0.33 ($0.26)
============= =========== =========== ===========
Weighted average common shares outstanding<F3>:
Basic 5,239,000 4,545,000 5,239,000 4,429,000
============= =========== =========== ===========
Diluted 5,239,000 4,545,000 6,137,000 4,429,000
============= =========== =========== ===========
- ------------------
<FN>
<F1>
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. The Beard Company
assumes no duty to update or revise its forward-looking statements based on changes in internal estimates or
otherwise.
<F2>
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. Diluted loss per share from continuing operations exclude potential common shares issuable upon
conversion of convertible preferred stock as the effect would be anti-dilutive. Diluted earnings (loss) per share
exclude potential common shares issuable upon exercise of stock options and warrants, as the effect would be
anti-dilutive.
<F3>
Adjusted to reflect the 2-for-1 stock split effected August 6, 2004.
* * * * *
</FN>