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Frontier Oil Reports Most Profitable First Quarter In Company History

(2) Adjusted EBITDA represents income before interest expense and other financing costs, interest and investment income, income tax, and depreciation, accretion and amortization. Adjusted EBITDA is not a calculation based upon generally accepted accounting principles; however, the amounts included in the Adjusted EBITDA calculation are derived from amounts included in the consolidated financial statements of the Company. Adjusted EBITDA should not be considered as an alternative to net income or operating income, as an indication of operating performance of the Company or as an alternative to operating cash flow as a measure of liquidity. Adjusted EBITDA is not necessarily comparable to similarly titled measures of other companies. Adjusted EBITDA is presented here because the Company believes it enhances an investor’s understanding of Frontier’s ability to satisfy principal and interest obligations with respect to Frontier’s indebtedness and to use cash for other purposes, including capital expenditures. Adjusted EBITDA is also used for internal analysis and as a basis for financial covenants. Frontier’s Adjusted EBITDA for the three months ended March 31, 2011 and 2010 is reconciled to net income as follows:

 
Three Months Ended
March 31,
  2011       2010  
 
Net income (loss) $ 139,866 $ (40,264 )
Add provision (benefit) for income taxes 80,593 (24,531 )
Add interest expense and other financing costs 8,634 7,235
Subtract interest and investment income (347 ) (527 )
Add depreciation, amortization and accretion (1)   26,968     26,609  
Adjusted EBITDA $ 255,714   $ (31,478 )
 

(3) Cash flow before changes in working capital represents cash flow excluding the effects of changes to cash flow related to changes in working capital. Cash flow before changes in working capital is not a calculation based upon generally accepted accounting principles; however, the amounts included in the cash flow before changes in working capital calculation are derived from amounts included in the consolidated financial statements of the Company. Cash flow before changes in working capital is presented here because the Company believes it enhances an investor’s understanding of Frontier’s cash flow irrespective of the cash used in or provided by the working capital accounts. Frontier’s cash flow before changes in working capital for the three months ended March 31, 2011 and 2010 is reconciled to net income as follows:
 
Three Months Ended
March 31,
  2011       2010  
 
Net income (loss) $ 139,866 $ (40,264 )
Depreciation, amortization and accretion (1) 26,968 26,609
Deferred income taxes provision (benefit) 19,642 (23,470 )
Stock-based compensation expense 3,224 3,720
Excess income tax benefits of stock-based compensation (1,101 ) (63 )
Amortization of debt issuance costs 359 372
Senior notes discount amortization 76 70
Decrease in allowance for investment loss and bad debts (251 ) (52 )
Gain on sales of assets (21 ) (1 )
Increase in other long-term liabilities 1,499 445
Turnaround and cataylst costs paid (4,942 ) (4,027 )
Other   (481 )   (517 )
Cash flow before changes in working capital 184,838 (37,178 )
Changes in working capital from operations   (4,006 )   89,422  
Net cash provided by operating activities $ 180,832   $ 52,244  

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