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Gulfport Energy Corporation Reports First Quarter 2013 Results

Stocks in this article: GPOR

Non-GAAP Financial Measures

EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense and depreciation, depletion and amortization. Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash provided by operating activities before changes in operating assets and liabilities. Adjusted net income available is a non-GAAP financial measure equal to net income plus income tax expense. The Company has presented EBITDA because it uses EBITDA as an integral part of its internal reporting to measure its performance and to evaluate the performance of its senior management. EBITDA is considered an important indicator of the operational strength of the Company's business. EBITDA eliminates the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization of certain intangible assets. A limitation of this measure, however, is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company's business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments through other financial measures, such as capital expenditures, investment spending and return on capital. Therefore, the Company believes that EBITDA provides useful information to its investors regarding its performance and overall results of operations. EBITDA, adjusted net income, and cash flow from operating activities before changes in operating assets and liabilities are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent funds available for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in the Company's various agreements.

GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
     
  Three Months Ended March 31, 
  2013 2012
  (In thousands, expect share data)
Revenues:    
Oil and condensate sales  $ 53,080  $ 64,004
Gas sales  1,466  613
Natural gas liquids sales  324  806
Other income  130  38
     
   55,000  65,461
     
Costs and expenses:    
Lease operating expenses   5,172  5,849
Production taxes  7,287  7,769
Depreciation, depletion, and amortization  22,583  21,395
General and administrative  4,412  3,009
Accretion expense  175  176
Loss on sale of assets  427  --
     
   40,056  38,198
     
INCOME FROM OPERATIONS:  14,944  27,263
     
OTHER (INCOME) EXPENSE:    
Interest expense  3,479  153
Interest income  (79)  (27)
(Income) loss from equity method investments  (61,210)  268
     
   (57,810)  394
INCOME BEFORE INCOME TAXES  72,754  26,869
     
INCOME TAX EXPENSE:  28,195  --
     
     
NET INCOME  $ 44,559  $ 26,869
     
NET INCOME PER COMMON SHARE:    
     
Basic  $ 0.61  $ 0.48
     
Diluted  $ 0.61  $ 0.48
     
     
Basic weighted average shares outstanding  72,830,215  55,626,208
     
Diluted weighted average shares outstanding  73,334,848  56,247,609
 
GULFPORT ENERGY CORPORATION
RECONCILIATION OF EBITDA AND CASH FLOW
(Unaudited)
     
  Three Months Ended 
  March 31, 2013 March 31, 2012
   (In thousands) 
     
Net Income  $ 44,559  $ 26,869
Interest expense  3,479  153
Income tax expense  28,195  --
Accretion expense  175  176
Depreciation, depletion, and amortization  22,583  21,395
EBITDA  $ 98,991  $ 48,593
     
  Three Months Ended 
  March 31, 2013 March 31, 2012
   (In thousands) 
     
Cash provided by operating activities  $ 35,007  $ 69,429
Adjustments:    
Changes in operating assets and liabilities  693  (19,662)
Operating Cash Flow  $ 35,700  $ 49,767
CONTACT: Investor & Media Contact:
         Paul K. Heerwagen
         Director, Investor Relations
         pheerwagen@gulfportenergy.com
         (405) 242-4888

Gulfport Energy

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