GeoMet Announces Financial and Operating Results for the Quarter and Year Ended March 31, 2015
Houston, Texas— May 1, 2015—GeoMet, Inc. (OTC: GMET; OTC: GMETP) (“GeoMet” or the “Company”) today announced its financial and operating results for the quarter ended March 31, 2015.
Financial and Operating Results
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 quarters ended March 31, 2015 and 2014.
As of March 31, 2015, our primary asset as a public “shell company” is cash in the amount of $22.1 million. On a go forward basis, we will continue to incur general and administrative expenses necessary to sustain a public registrant and professional fees while assessing corporate
Quarter Ended March 31, 2015
For the quarter ended March 31, 2015, GeoMet reported a net loss available to common stockholders of $2.2 million, or $0.05 per fully diluted share. Included in net loss available to common stockholders for the quarter ended March 31, 2015 were non-cash charges of $0.9 million for accretion of preferred stock and $0.6 million for paid-in-kind (“PIK”) dividends paid on preferred stock. For the quarter ended March 31, 2014, GeoMet reported a net loss available to common stockholders of $0.4 million, or $0.01 per fully diluted share. Included in net loss available to common stockholders for the quarter ended December 31, 2014 were non-cash charges of $0.6 million for accretion of preferred stock and $0.6 million for PIK dividends paid on preferred stock
For the quarter ended March 31, 2015, GeoMet reported no income from discontinued operations. For the quarter ended March 31, 2014, GeoMet reported income from discontinued operations of $2.0 million, or $0.05 per fully diluted share.
First Quarter 2015 Financial and Operating Statements
Forward-Looking Statements Notice
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. 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 http://www.geometinc.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. GeoMet undertakes no duty to update or revise these forward-looking statements.
For more information please contact William A. Wiederkehr, Jr., Treasurer and Secretary, at (713) 600-4310 or firstname.lastname@example.org.