New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2022 Results

Rhea-AI Summary

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.

Positive

• Net income increased to $181,000 in 2022 from $70,000 in 2021.
• Operating expenses decreased from $437,000 in 2021 to $374,000 in 2022.
• Q4 2022 reported net income of $11,000, an improvement compared to a loss of $49,000 in Q4 2021.

Negative

• Total revenues remained flat at $101,000 for property rentals despite the increase in net income.
• Other income decreased from $191,000 in 2021 to $131,000 in 2022.

DALLAS--(BUSINESS WIRE)-- New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2022.

During the three months ended December 31, 2022 the Company reported a net income of $11,000 compared to a net loss of $49,000 for the same period ended December 31, 2021.

For the full year ended December 31, 2022 the Company reported net income of $181,000 compared to net income of $70,000 for the same period ended December 31, 2021.

Fiscal 2022 as compared to 2021

Revenues: Revenues from rent for the leased property was $101,000 in 2022 and 2021. Revenues from managing the oil and gas operations for a third party was $111,000 in 2022.

Operating Expenses: Operating expenses for the real estate property was $57,000 in 2022 and $77,000 in 2021. General and administrative expenses were $317,000 in 2022 and $360,000 in 2021.

Interest Income: Interest Income was $212,000 in 2022 and $220,000 in 2021.

Other Income: Other income was $131,000 in 2022 compared to $191,000 in 2021. Included in other income for 2022 is $63,000 which represents the collection of an investment that had previously been fully reserved and a gain of $68,000 from the sale of equipment.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns 190 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
		December 31,
		2022			2021
Assets
Current assets
Cash and cash equivalents		$	436		$	252
Note receivable and accrued interest from related party			3,542			3,560
Other current assets			30			-
Total current assets			4,008			3,812
Property and equipment, net of depreciation
Land, buildings and equipment			631			643
Note Receivable			-			-
Total assets		$	4,639		$	4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
	December 31,
	2022				2021
Liabilities and stockholders' equity
Current liabilities
Accounts payable - trade (including $8 and $3 in 2022 and 2021 due to related parties)	$	23			$	28
Accrued expenses		40				32
Total current liabilities		63				60
Stockholders' equity
Series B convertible preferred stock, $10 par value, liquidation value
of $100 authorized 100 shares, issued and outstanding one share		1				1
Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 5,131,934 shares
at December 31, 2022 and 2021		51				51
Additional paid-in capital		63,579				63,579
Accumulated deficit		(59,055	)			(59,236	)
		4,576				4,395
Total liabilities & stockholders' equity	$	4,639			$	4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
	Year Ended December 31,
	2022				2021				2020
Revenue
Rent	$	101			$	101			$	101
Management Fee	$	111
		212				101				101
Operating expenses
Operating Expenses		57				77				72
Corporate general and administrative		317				360				396
		374				437				468
Operating loss		(162	)			(336	)			(367	)
Other income (expense)
Interest income from a related party		212				220				242
Interest income from a third party		-				8				16
Interest expense		-				(5	)			(12	)
Other income (expense), net		131				191				85
		343				414				331
Net income (loss) from continuing operations		181				78				(52	)
Net income (loss) from discontinued operations
Gain (loss) from discontinued operations		-				-				(170	)
Gain from Disposal of oil and gas operations		-				-				2,138
		-				-				1,968
Net income (loss) applicable to common shares	$	181			$	78			$	1,916
Net income (loss) per common share-basic and diluted	$	0.04			$	0.01			$	0.37
Weighted average common and equivalent shares outstanding - basic		5,132				5,132				5,132

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005984/en/

New Concept Energy Inc.

Gene Bertcher

(800) 400-6407

info@newconceptenergy.com

Source: New Concept Energy, Inc.

FAQ

What was New Concept Energy's net income for 2022?

New Concept Energy reported a net income of $181,000 for the year 2022.

How did New Concept Energy's operating expenses change in 2022?

Operating expenses decreased to $374,000 in 2022 from $437,000 in 2021.

What was the revenue from property rentals for New Concept Energy in 2022?

Revenue from property rentals was $101,000 in both 2022 and 2021.

What is the stock symbol for New Concept Energy?

The stock symbol for New Concept Energy is GBR.

Did New Concept Energy experience a loss in Q4 2022?

No, New Concept Energy reported a net income of $11,000 for Q4 2022.