Blue Dolphin Energy Company (BDCO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Blue Dolphin Energy Company has a market cap of $2.71 million; its shares were traded at around $1.5896 with and P/S ratio of 1.36. BDCO is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $86,244, or 16%, in the current quarter to $462,392 primarily due to decreases in volumes transported on the BDPS. Revenues in the current quarter from the BDPS decreased to approximately $368,000 compared to approximately $464,000 in the previous quarter. Daily gas volumes transported on the BDPS averaged 16 MMcf of gas per day in the current quarter compared to 18 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline increased to approximately $94,000 in the current quarter compared to approximately $85,000 in the previous quarter on similar daily gas volumes transported.
General and Administrative Expenses and Stock Based Compensation. These expenses decreased by $318,607, or 46%, to $372,467 in the current quarter primarily due decreases in officer salaries, consulting fees, office expenses and dues and subscriptions. These decreases were partially offset by increases in shareholder reporting expenses and stock maintenance fees.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $171,916, or 16%, in the current period to $891,479 primarily due to decreases in volumes transported. Revenues in the current period from the BDPS decreased to approximately $724,000 compared to approximately $888,000 in the previous period. Daily gas volumes transported on the BDPS averaged 15 MMcf of gas per day in the current period compared to 18 MMcf of gas per day in the previous period. Revenues on the GA 350 Pipeline declined to approximately $167,000 compared to approximately $176,000 in the previous period due to a decrease in average daily gas volumes transported of 20 MMcf of gas per day in the current period from 21 MMcf of gas per day in the previous period.
Sources and Uses of Cash. Our primary source of cash is cash flow from operations. During the six months ended June 30, 2010, we had negative cash flow of approximately $521,000, mainly due to low utilization of our pipeline systems and decreased production at our producing properties. Our available cash resources decreased from $1,016,483 at December 31, 2009, to $495,936 at June 30, 2010.
Going Concern. Our condensed consolidated financial statements, which have been prepared in accordance with GAAP, contemplate that we will continue as a going concern and do not contain any adjustments that might result if we were unable to continue as a going concern. We incurred a net loss of $369,937 for the quarter ended June 30, 2010, and a net loss of $895,691 for the six months ended June 30, 2010. At June 30, 2010, we had an accumulated deficit of $31,003,342, and at December 31, 2009, we had an accumulated deficit of $30,107,651. We anticipate that we will continue to incur substantial operating losses unless and until we are able to achieve or sustain profitability. Our cash flow deficiencies raise substantial doubt as to our ability to continue as a going concern. Existing and anticipated working capital needs, lower than anticipated revenues, increased expenses or the inability to collect on an outstanding loan receivable could all affect our ability to continue as a going concern.
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Blue Dolphin Energy Company has a market cap of $2.71 million; its shares were traded at around $1.5896 with and P/S ratio of 1.36. BDCO is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the three months ended June 30, 2010 (the current quarter), we reported a net loss of $369,937 compared to a net loss of $750,249 for the three months ended June 30, 2009 (the previous quarter). For the six months ended June 30, 2010 (the current period), we reported a net loss of $895,691 compared to a net loss of $1,750,258 for the three months ended June 30, 2009 (the previous period).Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $86,244, or 16%, in the current quarter to $462,392 primarily due to decreases in volumes transported on the BDPS. Revenues in the current quarter from the BDPS decreased to approximately $368,000 compared to approximately $464,000 in the previous quarter. Daily gas volumes transported on the BDPS averaged 16 MMcf of gas per day in the current quarter compared to 18 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline increased to approximately $94,000 in the current quarter compared to approximately $85,000 in the previous quarter on similar daily gas volumes transported.
General and Administrative Expenses and Stock Based Compensation. These expenses decreased by $318,607, or 46%, to $372,467 in the current quarter primarily due decreases in officer salaries, consulting fees, office expenses and dues and subscriptions. These decreases were partially offset by increases in shareholder reporting expenses and stock maintenance fees.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $171,916, or 16%, in the current period to $891,479 primarily due to decreases in volumes transported. Revenues in the current period from the BDPS decreased to approximately $724,000 compared to approximately $888,000 in the previous period. Daily gas volumes transported on the BDPS averaged 15 MMcf of gas per day in the current period compared to 18 MMcf of gas per day in the previous period. Revenues on the GA 350 Pipeline declined to approximately $167,000 compared to approximately $176,000 in the previous period due to a decrease in average daily gas volumes transported of 20 MMcf of gas per day in the current period from 21 MMcf of gas per day in the previous period.
Sources and Uses of Cash. Our primary source of cash is cash flow from operations. During the six months ended June 30, 2010, we had negative cash flow of approximately $521,000, mainly due to low utilization of our pipeline systems and decreased production at our producing properties. Our available cash resources decreased from $1,016,483 at December 31, 2009, to $495,936 at June 30, 2010.
Going Concern. Our condensed consolidated financial statements, which have been prepared in accordance with GAAP, contemplate that we will continue as a going concern and do not contain any adjustments that might result if we were unable to continue as a going concern. We incurred a net loss of $369,937 for the quarter ended June 30, 2010, and a net loss of $895,691 for the six months ended June 30, 2010. At June 30, 2010, we had an accumulated deficit of $31,003,342, and at December 31, 2009, we had an accumulated deficit of $30,107,651. We anticipate that we will continue to incur substantial operating losses unless and until we are able to achieve or sustain profitability. Our cash flow deficiencies raise substantial doubt as to our ability to continue as a going concern. Existing and anticipated working capital needs, lower than anticipated revenues, increased expenses or the inability to collect on an outstanding loan receivable could all affect our ability to continue as a going concern.
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