SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
May 14, 2003
DORCHESTER MINERALS, L.P.
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(Exact name of registrant as specified in its charter)
Delaware 000-50175 81-0551518
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(State of Incorporation) (Commission File No) (IRS Employer Identification No.)
3738 Oak Lawn, Suite 300, Dallas, Texas 75219
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(Address of principal executive offices) (Zip Code)
(214) 559-0300
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure (Information Furnished in this Item 9 is also
furnished pursuant to Item 12).
Registrant is furnishing its press release dated May 14, 2003, which
announces the Registrant's first quarter earnings. The text of the press release
is included below.
This information furnished under this Item 9 is also intended to be
furnished under "Item 12. Results of Operations and Financial Condition" in
accordance with SEC Release No. 33-8216.
NEWS RELEASE Dorchester Minerals, L.P.
Release Date: May 14, 2003 3738 Oak Lawn Ave., Suite 300
Dallas, Texas 75219-4379
Contact: Casey McManemin (214) 559-0300
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DORCHESTER MINERALS, L.P. ANNOUNCES FIRST QUARTER RESULTS
DALLAS, TEXAS -- Dorchester Minerals, L.P. (the "Partnership") announced
today the Partnership's net earnings for the first quarter ended March 31, 2003
("Q1 2003") of $3,943,000, or $0.18 per common unit. This is the initial
reporting period for the Partnership since the combination of the business and
properties of Dorchester Hugoton, Ltd., Republic Royalty Company and Spinnaker
Royalty Company was consummated on January 31, 2003. In accordance with
applicable accounting rules, Dorchester Hugoton, Ltd. was deemed to be the
acquirer of the Republic and Spinnaker assets. Consequently, Q1 2003 results
reflect Dorchester Hugoton's operations during January and the Partnership's
operations during February and March, and the acquisitions of Republic and
Spinnaker's assets are recorded at the values assigned in accordance with
purchase accounting rules. The value assigned to these assets results in
depletion expense for periods subsequent to the combination that reflect a
greater percentage of net operating revenues than experienced by Dorchester
Hugoton. Q1 2003 earnings also reflect severance payments and other payments
made by Dorchester Hugoton in connection with the combination transaction.
Accounting methods require the first quarter 2003 Partnership results to be
compared to the first quarter 2002 Dorchester Hugoton, Ltd. results.
A comparison of results for the periods ending March 31, 2002 and March 31,
2003 are set forth below:
Three Months Two Months
Ended Ended
March 31, March 31,
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2003 2002 2003
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Net Operating Revenues $13,956,000 $ 3,700,000 $11,543,000
Depreciation, Depletion, Amortization (4,971,000) (4,803,000) (541,000)
All Other Expenses (5,042,000) (1,342,000) (1,055,000)
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Net Earnings $ 3,943,000 $ 1,817,000 $ 5,685,000
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Earnings Per Common Unit $0.18 $0.17 $0.21
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The Partnership's cash distributions reflect cash receipts attributable to
its Net Profits Interests and Royalty Properties less cash disbursements
attributable to Management Expenses and Direct Expenses. The Partnership's cash
distributions are not comparable to its net earnings due to timing and other
differences.
Dorchester Minerals, L.P. is a Dallas area based owner of producing and
non-producing natural gas and crude oil royalty, overriding royalty, net
profits, and leasehold interests and its common units trade on the Nasdaq Stock
Market under the symbol DMLP.
FORWARD-LOOKING STATEMENTS
Portions of this document may constitute "forward-looking statements" as
defined by federal law. Such statements are subject to certain risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
projected. Examples of such uncertainties and risk factors include, but are not
limited to, changes in the price or demand for oil and natural gas, changes in
the operations on or development of the Partnership's properties, changes in
economic and industry conditions and changes in regulatory requirements
(including changes in environmental requirements) and the Partnership's
financial position, business strategy and other plans and objectives for future
operations. These and other factors are set forth in the Partnership's filings
with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
DORCHESTER MINERALS, L.P.
Registrant
by Dorchester Minerals Management LP
its General Partner,
by Dorchester Minerals Management GP LLC
its General Partner
Date: May 14, 2003 /s/ William Casey McManemin
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William Casey McManemin
Chief Executive Officer