This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Gulfport Energy Corporation Reports First Quarter 2013 Results

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

7 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs