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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2004
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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 or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
3738 Oak Lawn Avenue, Suite 300 75219
Dallas, Texas ---------
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(Address of principal executive offices)
Registrant's telephone number, including area code: (214) 559-0300
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N/A
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(Former name, former address and former fiscal year,
if changed since last report)
Item 7. Financial Statements and Exhibits.
(c) Exhibits
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99.1 Press Release dated May 5, 2004 Announcing First
Quarter Results
Item 9. Regulation FD Disclosure.
See Item 12. Results of Operations and Financial Condition.
Item 12. Results of Operations and Financial Condition.
The Registrant is furnishing its press release dated May 5, 2004
which announces the Registrant's first quarter results. The press release is
attached hereto as Exhibit 99.1 and incorporated herein by reference.
Limitation on Incorporation by Reference
In accordance with general instructions B.2 and B.6 of Form 8-K, the
information in this report, including exhibits, is furnished pursuant to Items 9
and 12 and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, or otherwise subject to the liability of that
section.
SIGNATURE
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, thereunto 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 5, 2004 By: /s/ William Casey McManemin
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William Casey McManemin
Chief Executive Officer
Exhibit 99.1
NEWS RELEASE Dorchester Minerals, L.P.
Release Date: May 5, 2004 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, 2004
of $6,651,000, or $0.24 per common unit.
A comparison of results for the periods ending March 31, 2003 and March 31,
2004 are set forth below:
Three Months Ended
March 31,
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2004 2003
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Net Operating Revenues $ 13,441,000 $ 13,956,000
Depreciation, Depletion, Amortization (5,301,000) (4,971,000)
All Other Expenses (1,489,000) (5,042,000)
Net Earnings $ 6,651,000 $ 3,943,000
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Earnings Per Common Unit $0.24 $0.18
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In accordance with applicable accounting rules regarding the combination
ofthe business and properties of Dorchester Hugoton, Ltd., (Hugoton),
Republic Royalty Company (Republic) and Spinnaker Royalty Company (Spinnaker) on
January 31, 2003, Hugoton was deemed to be the acquiror of the Republic and
Spinnaker assets. Therefore, the first quarter 2003 results reflect Hugoton's
operations during January and the Partnership's operations during February and
March, and include severance (employee retention) payments and other payments
made by Hugoton immediately prior to the combination transaction. The
Partnership's cash distributions are not comparable to its net earnings due to
timing and other differences including depletion.
Dorchester Minerals, L.P. is a Dallas area based owner of producing and
non-producing crude oil and natural gas mineral, 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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