Fri, Jul 26, 9:07 PM (43 days ago)
Altex Industries Inc. reported a net earnings increase to $505,000 for Q3 2024, compared to a net loss of $18,000 in Q3 2023. This improvement is mainly due to a $525,000 gain from the sale of certain oil, gas, and mineral interests in Utah. Total revenue for the quarter decreased to $4,000 from $6,000 in the previous year, while operating expenses rose to $59,000 from $52,000. Interest income increased to $34,000 from $27,000 due to higher realized interest rates and average cash balances. Cash and cash equivalents grew to $2,689,000 from $2,232,000. The company’s financial health shows a stronger cash position, but it continues to face challenges in generating sufficient revenue from operations. Future investments in producing oil and gas wells or other ventures are critical to avoid ongoing net losses.