EXHIBIT 99.1
Contact: Haim Tsuff
Chief Executive Officer
713-621-3882
ISRAMCO@WORDONLINE.NL
/FOR IMMEDIATE RELEASE/
John Swanson
Swanson Communications, Inc.
217-285-4967
ISRAMCO, INC. REPORTS THIRD QUARTER RESULTS
HOUSTON, Nov. 15 -- ISRAMCO, INC. (NASDAQ: ISRL -) reported today that revenues
for the third quarter ended September 30, 2004 were $3,122,000, compared to
$1,928,000 in the third quarter of 2003, representing an increase of
approximately 62%. Major components of revenues in the third quarter of 2004
were attributable to the cruise line vessel ($1,809,000), oil and gas sales
($836,000) and other non-operating income ($351,000). Revenues for the nine
months ended September 30, 2004 were $6,541,000 compared to $6,844,000 during
the comparable period in 2003.
The company reported a loss of $595,000 ($0.23 per share) for the third quarter
2004 compared to net income of $808,000 ($0.31 per share) for the same period in
2003 and net income of $250,000 ($0.09 per share) for the nine months ended
September 30, 2004 compared to net income of $3,302,000 ($1.25 per share) for
the comparable nine month period in 2003 following adjustment for accounting
changes.
The increase in revenues for the third quarter 2004 as compared to the same
period in 2003 is primarily attributable to the first-time recording by Isramco
of revenues received in respect of the lease of its cruise line vessel to an
unaffiliated cruise line operator ($1,809,000). The lease period began in July
2004 and ended on October 17, 2004.
The decrease in revenues and net income for the nine month period ended
September 30, 2004 is primarily attributable to a decrease in gains on
securities of certain investee-affiliates of the company whose securities are
traded on the Tel Aviv Stock Exchange, losses on other publicly traded
securities held by the Company, a decline in the volume of gas sales and
increase of deferred tax liabilities.
There were 2,639,853 shares of common stock issued and outstanding in both the
2003 and 2004 periods.
The Company's quarterly results are summarized below:
Isramco, Inc.
(Unaudited)
(in thousands, except for per share income)
For the Three months For the Nine Months
Ended September 30, Ended September 30
2004 2003 2004 2003
STATEMENT OF OPERATIONS
Revenues $3,122 $1,928 $6,541 $6,844
Total expenses 2,534 1,102 4,765 3,260
Net income (loss) (595) 808 250 3,302
Weighted average shares
Issued and outstanding 2,639,853 2,639,853 2,639,853 2,639,853
Earnings per Common Share (0.23) 0.31 0.09 1.25
CASH FLOW DATA
Net cash provided by
operating activities -- -- 1,079 1,438
Net cash provided by (used in)
Investing activities -- -- (8,086) 2,911
Net cash provided
By financing activities -- -- 7,035 --
BALANCE SHEET DATA
Current assets -- -- 10,963 8,209
Total Assets -- -- 41,870 32,614
Total Liabilities -- -- 11,482 2,733
Total Shareholders Equity -- -- 30,388 29,881
FORWARD-LOOKING STATEMENTS
ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY
THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE
COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE
"FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE-HARBOR PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT
COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM
THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2003, ITS QUARTERLY REPORTS ON
FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR
UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR
CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE.
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