New Concept Energy (GBR) Q2 2024 earnings summary

Executive summary

• Net income of $3,000 for Q2 2024, reversing a net loss of $6,000 in Q2 2023; net income for the first half of 2024 was $5,000, down from $11,000 in the same period last year.

• Revenue for Q2 2024 was $37,000, up from $35,000 in Q2 2023; six-month revenue was $73,000, down from $80,000 year-over-year.

• Operations include real estate ownership in West Virginia and management services for a third-party oil and gas company.

Financial highlights

• Operating loss for Q2 2024 was $53,000, an improvement from $60,000 in Q2 2023.

• Corporate general & administrative expenses were $78,000 in Q2 2024, down from $81,000 in Q2 2023.

• Interest income increased to $56,000 in Q2 2024 from $54,000 in Q2 2023; six-month interest income rose to $113,000 from $106,000.

• Net income per share for Q2 2024 was $0.01, compared to $(0.01) in Q2 2023.

Key financial ratios and metrics

• Total assets at June 30, 2024, were $4.62 million; total liabilities were $60,000.

• Total shareholders' equity was $4.56 million as of June 30, 2024.

• Current ratio at June 30, 2024, was 7.6x ($456,000 current assets / $60,000 current liabilities).

• Net income margin for Q2 2024 was 8.1% ($3,000 net income on $37,000 revenue).