Isramco Reports Fourth Quarter Results

Isramco, Inc. (Nasdaq: ISRL) reported revenues for the fourth quarter ended December 31, 2005 of $612,000 compared to revenues of $2,402,000 the fourth quarter a year ago. The company reported a net loss of ($1,832,000) or ($0.67) per share for the fourth quarter of 2005 compared to net income $743,000 or $0.29 per share for the same quarter a year earlier.

Revenues for the year ended December 31, 2005 were $7,735,000 compared to revenues of $8,943,000 for 2004. The net loss for 2005 was ($1,132,000) or ($0.42) per share compared to net income of $993,000 or $0.38 per share for 2004.

The loss in 2005 compared to a net income in 2004 is primarily attributable to an increase in lease operation expenses of the wells in the United States, an increase in losses associated with the operation of the Magic 1 cruise line vessel, an increase in impairment of oil and gas assets in the United States, and a decrease in net income of investee affiliates.

In 2005, revenues from oil and gas sales were $3,319,000 compared to $3,174,000 in 2004. Lease operator fees associated with the wells in Israel in 2005 were $977,000 compared to $137,000 in 2004. Lease operation expenses and severance taxes were $1,458,000 in 2005 compared to $1,149,000 in 2004.

Equity in the net income of investee affiliates was $661,000 in 2005 compared to $1,365,000 in 2004, due to a dry hole drilled (Gad 1 well offshore Israel) by an affiliate of the Company.

The number of outstanding shares was 2,717,691 at December 31, 2005 and 2,659,853 at December 31, 2004.

    The Company's financial statement information is summarized below:

    (In thousands, except for per share income)

                                  Three months ended           Year Ended
                                      December 31              December 31

                                   2005        2004          2005        2004
    STATEMENT OF OPERATIONS

    Revenues                       $612      $2,402        $7,735      $8,943

    Total expenses               (2,754)     (2,249)       (8,827)     (7,374)

    Net income (loss)            (1,832)        743        (1,132)        993

    Earnings (loss) per
     common share -
     basic and diluted            (0.67)       0.29         (0.42)       0.38

    Weighted average shares
     issued and outstanding:
      Basic                   2,717,691   2,659,853     2,709,355   2,659,853
      Diluted                 2,717,691   2,640,230     2,709,355   2,640,751

    CASH FLOW DATA

    Net cash provided by
     Operating activities                                   1,545       1,576

    Net cash provided
     By financing activities                                 (741)     (8,195)

    Net cash provided by
     (used in)
      Investing activities                                 (1,642)      6,277

    BALANCE SHEET DATA

    Current assets                                          7,522       9,260

    Total Assets                                           38,615      41,358

    Total Liabilities                                      10,122      11,322

    Total Shareholders Equity                              28,493      30,036
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