SOURCE: The Beard Company

November 19, 2007 19:17 ET

The Beard Company Announces Results for Third Quarter and Nine Months of 2007; Reports on Status of Various Projects

OKLAHOMA CITY, OK--(Marketwire - November 19, 2007) - The Beard Company (OTCBB: BRCO) today reported a net loss of $446,000, or $0.08 per share, for the third quarter of 2007 compared with a net loss of $375,000, or $0.07 per share in the comparable 2006 quarter. Revenues decreased 19% to $465,000 in the current quarter versus $571,000 a year ago.

For the nine months ended September 30, 2007, we reported a net loss of $1,630,000, or $0.28 per share, versus a net loss of $1,673,000, or $0.30 per share, in the 2006 period. Revenues decreased 21% to $1,229,000 for the current nine months versus $1,562,000 in the comparable 2006 period.

Herb Mee, Jr., President, stated: "In August we forecast improved pricing for our CO2 production. This has already begun to take place. Higher prices became effective on approximately 30% of our production in August. Negotiations are currently underway for new contracts at higher prices covering the balance of our CO2 production. We anticipate starting our next coal project at a site near Pittsburgh, Pennsylvania within the next 60 days, and have already secured more than 60% of the financing required for this project. We expect to finalize the disposition of our fertilizer plant in China prior to year-end. Our near-term focus will be on arranging the financing for the coal projects we have under development and on increasing the profitability of our CO2 Segment."(A)

"We believe these efforts will be successful. If so, they will begin to impact results early next year, and we would expect much improved operating and financial results in 2008," Mee concluded.(A)

Our common stock is traded on the OTC Bulletin Board under the symbol: BRCO. Our operations consist principally of coal reclamation activities, CO2 gas production, operation of a fertilizer plant in China, oil and gas production, and our e-commerce activities aimed at developing business opportunities to leverage starpay™'s intellectual property portfolio of Internet payment methods and security technologies.

(A) Statements regarding future profitability and operations, including the timing of those activities, are "forward-looking statements" within the meaning of the Private 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 our filings with the Securities and Exchange Commission. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates or otherwise.

                                  THE BEARD COMPANY
                                Results of Operations
                                     (Unaudited)


                       For the Three Months         For the Nine Months
                        Ended September 30,         Ended September 30,
                    ------------  ------------  ------------  ------------
                        2007          2006          2007          2006
                    ------------  ------------  ------------  ------------

Revenues            $    465,000  $    571,000  $  1,229,000  $  1,562,000
Expenses                 757,000       707,000     2,278,000     2,543,000
                    ------------  ------------  ------------  ------------

Operating loss          (292,000)     (136,000)   (1,049,000)     (981,000)
Other income
 (expense)              (154,000)     (255,000)     (579,000)     (682,000)
                    ------------  ------------  ------------  ------------

Loss from
 continuing
 operations
 before income
 taxes                  (446,000)     (391,000)   (1,628,000)   (1,663,000)
Income tax benefit
 (expense)                 1,000        17,000         1,000        17,000
                    ------------  ------------  ------------  ------------

Loss from
 continuing
 operations             (445,000)     (374,000)   (1,627,000)   (1,646,000)

Loss from
 discontinued
 operations               (1,000)       (1,000)       (3,000)      (27,000)
                    ------------  ------------  ------------  ------------
Net loss            $   (446,000) $   (375,000) $ (1,630,000) $ (1,673,000)
                    ============  ============  ============  ============


Loss per average
 common share
 outstanding(A):
    Basic and
     diluted:
    Loss from
     continuing
     operations     $      (0.08) $      (0.07) $      (0.28) $      (0.30)
    Loss from
     discontinued
     operations     $      (0.00) $      (0.00) $      (0.00) $      (0.00)
                    ------------  ------------  ------------  ------------
    Net loss        $      (0.08) $      (0.07) $      (0.28) $      (0.30)
                    ============  ============  ============  ============

Weighted average
 common shares
 outstanding:
    Basic and
     diluted           5,925,000     5,672,000     5,868,000     5,637,000
                    ============  ============  ============  ============

(A) Basic earnings (loss) per share are computed by dividing
earnings (loss) attributable to common shareholders by the
weighted averagenumber of common shares outstanding for the period.
Diluted earnings (loss) per common share reflect the potential dilution
that could occur if our outstanding stock options and warrants were
exercised (calculated using the treasury stock method) and if our preferred
stock, convertible notes and deferred stock compensation units were
converted to common stock.  Diluted loss per share from continuing
operations exclude potential common shares issuable upon conversion of
preferred stock, convertible notes, termination of our deferred stock
compensation plans, or exercise of stock options and warrants as a result
of losses in 2006 and 2007 as the effect would be anti-dilutive.

Contact Information

  • FOR FURTHER INFORMATION CONTACT:
    Herb Mee, Jr.
    President
    The Beard Company
    e-mail: Email Contact
    Telephone: (405) 842-2333
    Fax: (405) 842-9901

    The Beard Company
    Enterprise Plaza, Suite 320
    5600 North May Avenue
    Oklahoma City, Oklahoma 73112
    (405) 842-2333