Earnings blip hides Panhandle growth

Oklahoma City-based Panhandle Royalty Company saw net second-quarter earnings fall to $2 million, or 25 cents per diluted share, from $3.4 million, or 40 cents per share, in the second quarter of last year, which included a record lease bonus of $1.9 million, the company said.

7 August 2006 17:49 GMT Updated 7 August 2006 17:49 GMT

By Jonathan Davis

The company recorded the year-ago bonus when it leased about 9000 mineral acres in Arkansas, it said.

Revenue dropped to $7.4 million in the second quarter from $9.4 million last time, reflecting the same transaction.

Excluding the effect of the lease bonus, the company said revenue rose 17% and income rose 29% in the second quarter of 2006, teh company's third fiscla quarter.

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Earnings blip hides Panhandle growth