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Article: HS Resources, Inc. Revises Fourth Quarter and Year End Financial Results.
- Article from:
- PR Newswire
- Article date:
- March 1, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN FRANCISCO, March 1 /PRNewswire/ -- HS Resources, Inc. (NYSE: HSE) today announced that it has revised and re-issued its fourth quarter and full-year financial results. There was no change to the reported earnings of the Company. However, the Company's operating cash flow, as defined, was previously understated. The previously available financial information was released on Thursday, February 25, 1999. The change results from the Company's conversion, effective December 31, 1998, from the full-cost method of accounting for its oil and gas properties to the successful efforts method. In that conversion, certain costs were inadvertently miscategorized as interest ...
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... ... consideration of $9.4 million. HS Resources has used the sale proceeds ... said Theodore Gazulis, HS Resources' Vice President of Planning ... sale and internally generated cash flow, HS Resources has paid down $12 million of ...
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