New Concept Energy (GBR) Q3 2024 earnings summary

Executive summary

• Reported a net loss of $4,000 for Q3 2024, compared to net income of $7,000 in Q3 2023.

• Revenue for Q3 2024 was $37,000, a slight increase from $35,000 in Q3 2023.

• Net income for the nine months ended September 30, 2024 was $1,000, down from $18,000 in the same period of 2023.

• Provides real estate rental and management services for a third-party oil and gas company.

Financial highlights

• Q3 2024 revenue: $37,000 (rental: $26,000; management fees: $11,000).

• Nine-month 2024 revenue: $110,000 (rental: $76,000; management fees: $34,000).

• Q3 2024 operating loss: $56,000; nine-month operating loss: $164,000.

• Corporate general & administrative expenses increased to $79,000 from $70,000 year-over-year.

• Interest income declined to $52,000 from $57,000 year-over-year.

Outlook and guidance

• Evaluating business opportunities to provide additional income and cash flow.

• Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of future results.