Pardee Resources Company (OTCPink: PDER.PK) reported revenues from operations for its year ended December 31, 2011 increased 2.8% to $56.76 million, compared to revenues from operations of $55.22 million for 2010. Revenues from operations during 2012 benefited from continued strong results from the company’s coal operations as well as the additional revenues from the company’s relatively new renewable energy segment. These positive results were partially offset by a decline in revenues from the company’s oil and gas segment and the timber and surface segment.
Net income for 2011 slipped 2.2% to $20.88 million or $29.04 per share, versus net income of $21.36 million or $29.98 per share for 2010. Net income in 2012 was negatively impacted by higher operating expenses and general and administrative expenses. In addition, the results for 2010 included a one-time $7 million option payment that was absent in 2011.
As of December 31, 2011, the balance sheet reflected current assets of $38.72 million (including cash and cash equivalents of $28.24 million), total assets of $137.81 million, current liabilities of $2.55 million and total liabilities of $18.06 million. During 2011, the company significantly increased its cash position to $28.24 million from $6.84 million at the end of 2010. In addition, shareholders’ equity during 2011 increased 16.8% to $119.75 million.
Pardee Resources Company is engaged in the ownership, acquisition, management and development of land and natural resources primarily in West Virginia, Kentucky, and Virginia. The company also has operations in other parts of the United States including Colorado and the Gulf Coast. Currently the company has four operating segments which include coal, oil & gas, renewable energy and timber & surface.
Source: Pardee Resources Company