OKLAHOMA CITY, May 24 /PRNewswire/ -- The Beard Company (Amex: BOC) today announced that the 1999 first quarter produced a net loss of $551,000, or $0.22 per share. The 1998 first quarter generated a loss of $424,000, or $0.17 per share. Revenues for the current quarter totaled $812,000, up sharply from the $168,000 of revenues in the 1998 first quarter. Herb Mee, Jr., President, stated: "As previously announced, first quarter results were severely impacted by the termination of our contracts to operate six coal fines projects for a major Michigan utility effective January 31. We are continuing to negotiate with the utility concerning the formation of a jointly-owned limited liability company to pursue the operation of one of the six projects. Discussions are underway with another company which is negotiating to take over two of the projects about operating such projects for them. We are also working on several other projects at least one of which is expected to commence operations in the third quarter. The delays resulting from these ongoing negotiations will result in a loss for the second quarter. "The good news is that we had a significant improvement in our debt ratios in the first quarter," Mee continued. "The termination of the debt agreements related to the six coal fines projects resulted in the removal of $23,053,000 of debt and a corresponding amount of property, plant and equipment from our balance sheet effective January 31. Removal of the debt lowered our debt-to-equity ratio to 0.35 to 1 from 3.09 to 1 at year-end 1998." Mee also advised that the Company's new well testing segment, conducted by a 50%-owned company involved in natural gas well testing in northeastern Mexico, generated its initial revenues in the first quarter of 1999 and is expected to be profitable in the second quarter. Results of this subsidiary are not consolidated. The Company recorded a loss of $114,000 on its investment in the Mexican operations for the first quarter of 1999. The Beard Company's common stock is traded on the American Stock Exchange under the symbol: BOC. Its operations consist principally of coal reclamation activities, carbon dioxide (CO2) gas production, well testing, environmental remediation and iodine manufacturing. Statements regarding future profitability and operations, including the timing of those activities, are "forward looking statements" within the meaning of the Securities Litigation Reform Act. The statements involve risks that could significantly impact The Beard Company. These risks include, but are not limited to, adverse general economic conditions, unexpected costs or delays or other unexpected events, as well as other risks discussed in detail in The Beard Company's filings with the Securities and Exchange Commission. THE BEARD COMPANY Results of Operations (Unaudited) For the Three Months Ended March 31, March 31, 1999 1998 Revenues $ 812,000 $ 168,000 Expenses 1,215,000 511,000 Operating loss (403,000) (343,000) Other income (expense) (148,000) 243,000 Loss from continuing operations (551,000) (100,000) Loss from discontinued operations --- (324,000) Net loss $ (551,000) $ (424,000) Other comprehensive loss Foreign currency translation adjustment (7) --- Comprehensive loss $ (558,000) $ (424,000) Net loss per average common share outstanding: Basic and diluted: Loss from continuing operations $ (0.22) $ (0.04) Loss from discontinued operations --- (0.13) Net loss $ (0.22) $ (0.17) Weighted average common shares outstanding - basic and diluted 2,468,000 2,528,000 The following unaudited summary balance sheet is intended for informational purposes only. THE BEARD COMPANY AND SUBSIDIARIES Summary Balance Sheet March 31, 1999 (In thousands) (Unaudited) Assets Current assets: Cash and cash equivalents $ 4,170 Accounts receivable, net 546 Current portion of notes receivable 261 Other current assets 673 Total current assets 5,650 Notes receivable 326 Investments and other assets 2,072 Property, plant and equipment, net 4,508 Intangible assets, net 35 $ 12,591 Liabilities and Shareholders' Equity Current liabilities: Trade accounts payable and other liabilities $ 1,430 Current maturities of long-term debt 124 Total current liabilities 1,554 Long-term debt less current maturities 2,555 Redeemable preferred stock 889 Total common shareholders' equity 7,593 $ 12,591  