Cleburne, TX - United Heritage Corporation announced financial results for the fiscal year ended March 31, 1998 which include shareholders' equity of $26.37 million or $.27 per share due primarily to the value of the company's south Texas oil and gas property.
"Generally, fiscal 1998 can be characterized as a year in which United Heritage established a solid foundation from which we expect great things to happen going forward. Our sales were up slightly due to our Heritage Lifestyle Lite Beef segment, and shareholders' equity is at an all time high as a result of our oil and gas property value. Additionally, our cash position and balance sheet have never been stronger, and while we posted a small net loss, this was expected," said Walter G. Mize, chairman and chief executive officer of United Heritage.
During the year, Mr. Mize continued to draw no salary from the company.
For the year ended March 31, 1998, the company reported revenues of $2.9 million, up from $2.7 million the prior year. Most of the revenues and increase came from the company's Heritage Lifestyle Lite Beef sales. As noted above, for fiscal 1998 the company also reported a net loss of ($387,230) or less than one cent per diluted share compared with a net loss of ($192,502) or less than one cent per diluted share for the prior year.
The net loss for the fiscal year included a one-time impairment loss of ($217,016) from the write-down of the uncollectible portion of the basis of a note after the application of the proceeds from the sale of foreclosed property related to the sale of radio station assets by the company's subsidiary.
"While the sale of the radio stations resulted in a non-recurring loss, it also brought the company $1 million cash and relieved United Heritage of the continual cash-flow drain of the radio stations," added Mize. "This was also consistent with our goal of focusing this company on its primary mission --- capturing on behalf of our shareholders, more than 100 million barrels of oil 300 feet below the surface using a proven recovery process."
Current assets, including $1.4 million in cash, increased to $1.6 million at March 31, 1998 compared to $268,411 the prior year. The company also reported a healthy working capital amount of $1.5 million, a current ratio of 24:1 and no long-term debt. The estimated fair value used to record the company's acquisition of oil and gas properties as of March 31, 1998, was $24,771,766. Those properties were originally reported in the 1997 10-K at $2,118,797. That amount was later amended to $24,293,613. Shareholders' equity for fiscal 1998 was $26,368,224 and the shareholders' equity for 1997, as amended, was $25,722,759 rather than the $3,547,943 as originally reported in the 1997 10-K.
Press for Information on Placing Your Ad Here
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
Return to Home Page