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Beard Co Ok (BRCOQ) SEC Filing 10-Q Quarterly report for the period ending Wednesday, March 31, 2010

Beard Co Ok

CIK: 909992 Ticker: BRCOQ

 
 
THE BEARD COMPANY
          Harvey Parkway
   301 N.W. 63rd Street, Suite 400
    Oklahoma City, Oklahoma 73116
News Release
 
For Immediate Release
 


THE BEARD COMPANY
REPORTS 2009 OPERATING RESULTS

OKLAHOMA CITY, Oklahoma -- April 19, 2010 -- The Beard Company (OTCBB: BRCO) (“Beard” or the “Company”) today announced its 2009 operating results.

For the twelve months ended December 31, 2009, the Company reported net earnings from continuing operations of $2,872,000, or $0.14 per diluted share, compared with net earnings from continuing operations of $3,311,000, or $0.16 per diluted share, in the year ended December 31, 2008.  Net earnings attributable to common shareholders, after losses attributable to discontinued operations and adjustments attributable to non-controlling interests, totaled $2,863,000, or $0.14 per diluted share, in 2009, versus net earnings of $2,967,000, or $0.14 per diluted share, in 2008.  Revenues decreased to $501,000 in 2009, compared with $1,505,000 in the previous year.

“The modest decline in our net earnings during 2009 was entirely attributable to our investment in Geohedral LLC, which impacted our operating results by a negative $818,000 in 2009, versus a negative $442,000 in 2008, due to Securities and Exchange Commission (“SEC”) regulations governing mining operations that required the writedown of our investment in this subsidiary,” stated Herb Mee, Jr., President of The Beard Company.  “Without our Geohedral investment, we would have reported net earnings attributable to common shareholders of $3,681,000, or $0.17 per diluted share, in 2009 versus $3,409,000, or $0.16 per diluted share, in 2008.”

“Results for 2009 benefited from (1) a $4,894,000 gain from the sale of our remaining interest in the McElmo Dome CO2 Unit and (2) an $832,000 gain on the Visa litigation settlement.  Results in 2008 benefited from (1) a $3,329,000 gain from the sale of 35% of our interest in the McElmo Dome CO2 Unit and (2) a $1,671,000 gain on the disposition of our controlling interest in two Chinese subsidiaries.  Our 2009 results reflected an operating loss of $1,647,000, compared with an operating loss of $534,000 in 2008. This increased operating loss was partially offset by a $436,000 reduction in net interest expense.”

 
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The following information was filed by Beard Co Ok (BRCOQ) on Thursday, April 22, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: BRCOQ
CIK: 909992
Form Type: 10-Q Quarterly Report
Accession Number: 0000909334-10-000135
Submitted to the SEC: Mon May 24 2010 3:52:41 PM EST
Accepted by the SEC: Mon May 24 2010
Period: Wednesday, March 31, 2010
Industry: Industrial Inorganic Chemicals

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