Welcome to our dedicated page for New Concep news (Ticker: GBR), a resource for investors and traders seeking the latest updates and insights on New Concep stock.
New Concept Energy Inc. reports recurring operating results for a Dallas-based company that owns real estate in West Virginia and provides management services for a third-party oil and gas company. Company updates center on rental income from the West Virginia property, management fees tied to oil and gas revenue, consolidated balance-sheet items, general and administrative expenses, and net income or loss from continuing operations.
The company has described its West Virginia real estate as land in Parkersburg with multiple structures. Its news releases generally present quarterly or annual financial results rather than product launches or broad operating expansion.
New Concept Energy, Inc. (NYSE American: GBR) reported a net income applicable to common shares of ($79,000) for the first quarter of 2021, compared to a net loss of ($34,000) in Q1 2020. The company achieved net income from continuing operations of $79,000, reversing the net loss from the prior year. Corporate general & administrative expenses decreased from $104,000 in 2020 to $74,000 in 2021, attributed primarily to the absence of consulting fees. Additionally, a tax refund of $91,000 was recorded, while rental revenue remained unchanged at $26,000.
New Concept Energy, Inc. (NYSE American: GBR) reported its fourth quarter and full-year results for 2020. The company recorded a gain of $2.1 million from the sale of its oil and gas operation, despite a net loss of $170,000 from discontinued operations compared to $2.4 million in 2019. Continuing operations saw a net loss of $32,000 in Q4 and $52,000 for the year, down from a profit of $60,000 in 2019. Revenues from real estate rentals slightly increased to $101,000, while general and administrative expenses decreased. The company holds total assets of $4.6 million as of December 31, 2020.