MDU Resources announces record results.
MDU Resources Group, Inc. (NYSE: MDU) announced financial results for the year ended December 31, 2003, presents the consolidated statements of earnings record of $ 174.6 million, compared to $ 147.7 million for 2002 . Diluted earnings per share amounted to $ 1.55 compared to $ 1.38 for 2002.
The results for 2003 reflect a $ 7.6 million after-tax non zahlungswirksam free transition on the outcome reflects the cumulative effect of change in accounting for asset retirement obligations as required by the adoption of Statement Financial Accounting Standards No. 143 furthermore, the result of 2002, the effects of a compromise agreement, and thereafter in a portion of $ 16.6 million after taxes. Cleans 2003 $ 7.6 million, and tax 2002 $ 16.6 million impact of the compromise agreement, 2003 net profit would have a total of $ 182.2 million or $ 1.62 per diluted share, compared to $ 131, 1 million, or $ 1.23 per share for 2002.
Given the persistent strength of oil and gas prices of raw materials, companies to increase its 2004 income per share conduct. Design earnings per share for the year 2004 should be within a range of $ 1.55 to $ 1.68.
“I am very satisfied with our 2003 results,” said Martin A. White, chairman of the board, Chairman and Chief Executive Officer of MDU Resources. “Our natural gas and oil business had an excellent year, not only because prices were higher, but also because our production and reserves base. Construction materials and mining segment exceeded $ 1 billion of revenue for the first time. We acquire excellent businesses and increase reserves aggregation. We also have the largest natural gas pipeline construction project in our history, so that we have access to other markets. ”
“We have moved forward, while the economy and fought with the positive prospects for improving the economic situation, we are excited about the future,” said White. “Our strategies are sound. The fact that the products and services of our company, are of vital importance for the nation of infrastructure has helped us to succeed. We will continue to make an important contribution to building a strong America. ”
Summary of the annual value of development
Natural Gas and oil production
The outcome of this segment was $ 63.0 million for 2003 compared to $ 53.2 million for the same period last year. The 2002 results included previously mentioned $ 16.6 million net profit after tax on a compromise, while the 2003 with a result of $ 7.7 million after-tax non zahlungswirksam transition fees, the cumulative effects of the exercise. The increases performance was the result of average realized price of natural gas, 43 percent higher oil prices and the means to achieve the 20 per cent higher than in 2002. In addition, the company has combined natural gas and oil by 10 per cent of production increases, especially by increasing the production of natural gas fields in the Rockies. The prices and gains in production was somewhat offset by higher depreciation, depletion and amortization and an increase in operating expenses of the lease in part to an increase of production. The company is a partner was natural gas and oil reserves rose to 525 Bcf equivalent, 10 percent more than in 2002 retains
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