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New Concept Energy (NYSE American: GBR) reported its Q4 and full-year 2024 financial results. The company reduced its net loss to $19,000 in Q4 2024 from $39,000 in Q4 2023. For the full year 2024, net loss improved to $18,000 compared to $21,000 in 2023.
Key financial highlights for 2024:
- Rental revenue remained stable at $101,000
- Oil and gas management fees decreased to $45,000 from $51,000 due to lower oil and gas prices
- Operating expenses for real estate decreased to $48,000 from $57,000
- General and administrative expenses slightly decreased to $335,000 from $338,000
- Interest income declined to $213,000 from $222,000
The Dallas-based company owns 191 acres in Parkersburg, West Virginia, featuring four structures totaling approximately 53,000 square feet.
New Concept Energy (NYSE American: GBR) reported Q3 2024 financial results with a net loss of ($4,000), compared to net income of $7,000 in Q3 2023. Total revenue increased slightly to $37,000, including $26,000 from rental revenue and $11,000 from management fees. Corporate G&A expenses rose to $79,000 from $70,000 year-over-year, while interest income decreased to $52,000 from $57,000. The company's balance sheet shows total assets of $4.617 million, including $430,000 in cash and cash equivalents, and a note receivable from a related party of $3.542 million.
New Concept Energy (NYSE American: GBR) reported its Q2 2024 results, showing a net income of $3,000 compared to a net loss of $6,000 in Q2 2023. Revenue increased slightly to $37,000, including $25,000 from rental income and $12,000 in management fees. Corporate G&A expenses decreased to $78,000 from $81,000 year-over-year. Interest income rose to $56,000 from $54,000. The company's balance sheet as of June 30, 2024, showed total assets of $4.62 million, with $416,000 in cash and cash equivalents. NCE owns real estate in West Virginia and provides management services for a third-party oil and gas company.
New Concept Energy, Inc. reported its first-quarter 2024 results, showing net income applicable to common shares of $2,000, a decrease from $17,000 in the same period in 2023. Revenue for the quarter was $36,000, with $25,000 from rental income and $11,000 from management fees. The company's corporate general & administrative expenses increased to $78,000 compared to $68,000 in 2023. Interest income for the quarter was $57,000. New Concept Energy, Inc. is a Dallas-based company with real estate holdings in West Virginia and provides management services for an oil and gas company.
New Concept Energy, Inc. (NYSE American: GBR) reported a net income of $11,000 for Q4 2022, a turnaround from a net loss of $49,000 in Q4 2021. For the full year, net income rose to $181,000 from $70,000 in 2021. Total revenues remained stable at $101,000 for property rentals, while management fees generated $111,000. Operating expenses decreased to $374,000 in 2022 from $437,000 the previous year. Interest income slightly declined to $212,000, and other income fell to $131,000, impacted by prior year gains. As of December 31, 2022, total assets were $4,639,000, with an accumulated deficit of $59,055,000.
New Concept Energy, Inc. (NYSE American: GBR) reported a net income of $27,000 for Q3 2022, reversing a net loss of $8,000 in Q3 2021. Revenue for the quarter rose to $63,000, driven by $25,000 in rental income and $38,000 in management fees. Interest income remained stable at $53,000. The company's total assets increased to $4,622,000 from $4,455,000 year-over-year, while total current liabilities decreased slightly to $57,000.
