New Concept Energy swings to Q3 net income of $27k vs year-ago loss; directors reelected

The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021. For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.

At the Annual Meeting, which involved the election of directors, the following named persons received the number of votes cast for, against or withheld, as well as the number of abstentions (broker non-votes were not reported): Name No. of Votes For Of Shares Voted, % For No. of Votes Withheld No. of Votes Abstained Broker Non- Votes Gene S. Bertcher 1,803,603 58.16% 5,033 -0- Richard W. Humphrey 1,803,816 58.17% 1,820 -0- Dan Locklear 1,795,311 57.89% 13,325 -0- Cecelia Maynard 1,791,308 57.77% 17,328 -0- Raymond D. Roberts, Sr. 1,766,515 56.97% 42,121 -0- 2 All of the nominees named above, each of whom is currently a director of the Company, were elected at such Annual Meeting.

A total of 3,078,404 votes were cast FOR, 18,857 votes were cast AGAINST, and 3,508 votes ABSTAINED from voting with respect to such proposal. There were no broker non-votes. On the basis of such votes, the second proposal was approved.