New Concept Energy, Inc. Reports Third Quarter 2022 Results

Rhea-AI Summary

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.

Positive

• Net income increased to $27,000 from a loss of $8,000 year-over-year.
• Total revenue grew to $63,000, up from $25,000 in rental income in the previous year.
• Total assets increased from $4,455,000 to $4,622,000.

Negative

• Corporate general and administrative expenses rose to $71,000 from $53,000.
• Total operating expenses increased to $89,000 compared to $87,000 for the same period last year.

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 third quarter ended September 30, 2022.

The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021.

For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.

For the three months ended September 30, 2022 the Company had interest income of $53,000 as compared to $53,000 for the comparative period in 2021.

For the three months ended September 30, 2022, corporate general & administrative expenses were $71,000 as compared to $53,000 for the comparable periods in 2021.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
		September 30, 2022			December 31, 2021
		(Unaudited)			(Audited)
Assets
Current assets
Cash and cash equivalents		$	399		$	252
Note receivable -related parties			3,542			3,560
Other current assets			47			-
Total current assets			3,988			3,812
Property and equipment, net of depreciation
Land, buildings and equipment			634			643
Total assets		$	4,622		$	4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
	September 30, 2022				December 31, 2021
	(Unaudited)				(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	21			$	28
Accrued expenses		36				32
Total current liabilities		57				60
Stockholders' equity
Preferred stock, Series B		1				1
Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 5,131,934 shares
at September 30, 2022 and December 31, 2021		51				51
Additional paid-in capital		63,579				63,579
Accumulated deficit		(59,066	)			(59,236	)
Total shareholder equity		4,565				4,395
Total liabilities & equity	$	4,622			$	4,455

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
	For the Three Months ended September 30,								For the Nine Months ended September 30,
		2022				2021				2022				2021
Revenue
Rent	$	25			$	25			$	76			$	76
Management Fee		38				-				79				-
		63				25				155				76
Operating expenses
Operating Expenses		18				34				43				71
Corporate general and administrative		71				53				231				238
Total operating expenses		89				87				274				309
Operating earnings (loss)		(26	)			(62	)			(119	)			(233	)
Other income (expense)
Interest income from a related party		53				53				159				159
Interest income from a third party		-				2				-				8
Interest expense		-				(1	)			-				(5	)
Other income (expense), net		-				-				130				191
		53				54				289				353
Net income (loss) applicable to common shares	$	27			$	(8	)		$	170			$	120
Net income (loss) per common share-basic and diluted	$	0.01			$	(0.01	)		$	0.03			$	0.02
Weighted average common and equivalent shares outstanding - basic		5,132				5,132				5,132				5,132

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110006056/en/

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

Source: New Concept Energy, Inc.

FAQ

What were New Concept Energy's Q3 2022 financial results?

New Concept Energy reported a net income of $27,000 for Q3 2022, compared to a net loss of $8,000 in Q3 2021.

How much revenue did GBR generate in Q3 2022?

GBR generated a total revenue of $63,000 in Q3 2022, with $25,000 from rental and $38,000 from management fees.

What is the current asset status of New Concept Energy as of September 30, 2022?

As of September 30, 2022, New Concept Energy's total assets were $4,622,000.

Did New Concept Energy's expenses increase in Q3 2022?

Yes, corporate general and administrative expenses rose to $71,000 in Q3 2022 from $53,000 in Q3 2021.