HOUSTON, TX — (Marketwired) — 11/12/14 — GeoMet, Inc. (OTCQB: GMET) (PINKSHEETS: GMETP) (“GeoMet” or the “Company”) today announced its financial and operating results for the quarter and nine months ended September 30, 2014.
On May 12, 2014, GeoMet closed the sale of substantially all of its remaining assets (the “Asset Sale”). As a result of the Asset Sale, all operating activities are presented as discontinued operations in the Condensed Consolidated Statements of Operations (Unaudited) for the quarter and nine months ended September 30, 2014 and 2013.
For the quarter ended September 30, 2014, GeoMet reported a net loss available to common stockholders of $2.0 million, or $0.05 per fully diluted share. Included in net loss available to common stockholders for the quarter ended September 30, 2014 were non-cash charges of $0.8 million for accretion of preferred stock and $0.6 million for paid-in-kind (“PIK”) dividends paid on preferred stock. For the quarter ended September 30, 2013, GeoMet reported a net loss available to common stockholders of $1.0 million, or $0.03 per fully diluted share. Included in net loss available to common stockholders for the quarter ended September 30, 2013 were non-cash charges of $0.6 million for accretion of preferred stock and $1.3 million for PIK dividends paid on preferred stock.
For the quarter ended September 30, 2014, GeoMet reported income from discontinued operations of $0.6 million, including a tax benefit of $0.03 million, or $0.02 per fully diluted share. For the quarter ended September 30, 2013, GeoMet reported income from discontinued operations of $1.9 million, net of tax of $0, or $0.04 per fully diluted share.
For the nine months ended September 30, 2014, GeoMet reported net income available to common stockholders of $55.3 million, or $1.36 per fully diluted share. Included in net income available to common stockholders for the nine months ended September 30, 2014 were non-cash charges of $2.1 million for accretion of preferred stock and $1.8 million for PIK dividends paid on preferred stock. For the nine months ended September 30, 2013, GeoMet reported a net income available to common stockholders of $32.1 million, or $0.79 per fully diluted share. Included in net income available to common stockholders for the nine months ended September 30, 2013 were non-cash charges of $1.6 million for accretion of preferred stock and $3.7 million for PIK dividends paid on preferred stock.
For the nine months ended September 30, 2014, GeoMet reported income from discontinued operations of $62.9 million, net of tax of $0.7 million, or $1.55 per fully diluted share. Included in income from discontinued operations was a $62.4 million gain resulting from the Asset Sale. For the nine months ended September 30, 2013, GeoMet reported income from discontinued operations of $41.2 million, net of tax of $0, or $1.01 per fully diluted share. Included in income from discontinued operations was a $36.9 million gain resulting from the June 2013 sale of GeoMet–s Alabama assets.
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical facts, all statements included in the document, including those preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “projects,” “target,” “goal,” “plans,” “objective,” “should” or similar expressions or variations on such words, are forward-looking statements. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are volatility of future natural gas prices, our estimate of the sufficiency of our existing capital sources and our ability to raise additional capital to fund cash requirements for future operations. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the Securities and Exchange Commission (“SEC”). Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company–s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company–s web site at or through the SEC–s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at . GeoMet undertakes no duty to update or revise these forward-looking statements.
Through the closing of the Asset Sale, GeoMet was engaged in the production of natural gas from coal seams. Prior to the Asset Sale, GeoMet–s core area of operations was the Central Appalachian Basin of Virginia and West Virginia.
For more information please contact
William A. Wiederkehr, Jr.
Treasurer and Secretary
(713) 600-4310