Newspaper article THE JOURNAL RECORD

Tide West Profits Jump 62.8 Percent

Newspaper article THE JOURNAL RECORD

Tide West Profits Jump 62.8 Percent

Article excerpt

Special to The Journal Record

TULSA _ A 62.8 percent increase in net income to $764,947, or 10 cents per share, was reported Wednesday for the first quarter ended March 31 by Tide West Oil Co.

The Tulsa-based independent oil and gas company had reported a profit of $469,810, or 9 cents per share, for the same period of 1992. Revenues for 1993 surged 280 percent to $5.7 million from $1.5 million in the year-earlier quarter.

The '93 results came after a non-recurring charge from a change in accounting principle. Prior to the charge, Tide West had recorded a profit of $1.06 million, or 15 cents per share. Results for the latest quarter also included a $603,000 provision for income taxes; no income tax provision was made in the first quarter of 1992.

Philip B. Smith, president, attributed the improved results primarily to oil and gas property acquisitions, the resulting increased oil and gas sales, and substantially higher prices for natural gas. …

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