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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 25 / 83

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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K

  • -

    21-

Basic income (loss) per share

$

(0.15)

$

0.08

$

(0.02)

$

(0.11)

Diluted income (loss) per share

$

(0.15)

$

0.08

$

(0.02)

$

(0.11)

$

0

--

0 ------ 0

1,538 4 -------- $ (1,534) ========

$ $

(0.03) (0.03)

SELECTED CONSOLIDATED QUARTERLY FINANCIAL INFORMATION The information below is from unaudited consolidated financial statements.

825

$ 551

802

209

------

--------

23

342

3,545

20,825

6

33

Net earnings (loss)

Basic (loss) per share Diluted (loss) per share

------

--------

628

$ 341

285

130

------

--------

343

211

6,947

3,825

(2,862)

8,096

--------

--------

--------

$ 11,198

$ (3,516)

$(20,450)

========

========

========

$

0.18

$

(0.02)

$ (0.34)

$

0.18

$

(0.02)

$ (0.34)

Gross Margin Operating Expenses Other Income (Expense), Net

Net earnings (loss)

Sept

Dec

30

31

Year Ended December 31, 2005 ----------------------------

Revenues Cost of Goods Sold

1,580 324 -------- $ (1,228) ========

1,817 90 -------- $ (1,451) ========

Gross Margin Operating Expenses Other Income (Expense), Net

$

--

Mar

June

31

30

--------

--------

$ (9,466)

$ 4,482

========

========

------ 248 220 ------ 28

------ 644 368 ------ 276

Year Ended December 31, 2004 ----------------------------

Revenues Cost of Goods Sold

10 4,209 15,397

-- $

--

-- $

--

$ 508

498 --------

-- $

--

ITEM

7.

MANAGEMENT'S

DISCUSSION

AND

ANALYSIS

OF

FINANCIAL

CONDITION

AND

RESULTS

--------------------------------------------------------------------------------

OF OPERATIONS. ----------------------

Business Overview

Our products and transportation,

services are processing,

primarily

focused on development and operation of

distribution

and

storage

projects

for

natural

gas

and

natural

gas

liquids

in the

Coahuila, Nuevo of America.

Leon

and

Tamaulipas)

northeastern

and

the

state

states of

of

Texas

Mexico (Chihuahua, in the United States

We derive our revenue from

transportation

Conagas,

the

local

distribution

company

in

fees from delivery of natural gas to Piedras Negras, Coahuila, through the

pipeline owned by customers through

Reef Ventures, L.P. the assets owned by

and the sale of Sonterra Energy

propane gas to residential Corporation. Sonterra also

designs and constructs developments in Central

residential propane delivery systems for new residential Texas. We derive revenue from this activity in two ways,

the first installed customers

being to a in the

from construction revenue for homeowner's lot, and the second residential subdivisions.

yard lines and meter sets being the sale of LPG gas to

With respect to our pipeline system owned by Reef Ventures, L.P., management has

evaluated the state

an

expansion

highway

No.

57

of the pipeline in Coahuila to serve new markets

corridor

to

Monclova,

Coahuila.

We

currently

along expect

that Reef

Ventures,

additional

pipelines

L.P.

will not be

in

Mexico

to

reach

participating in these new markets.

the The

construction of required pipeline

will

be

constructed

by

end

users

or

an

intermediate

purchaser

of

the

natural

25

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