RAM Energy Resources, Inc. (Nasdaq: RAME) today announced second
quarter 2011 earnings and financial highlights as well as an update
on its testing of several wells in the Southern Surber area of the
company’s Osage Mississippian exploration play.
RAM Reports 2Q 2011 Net Income of $8.9 Million vs. $2.7
Million in 2Q2010
For the quarter ended June 30, 2011, RAM reported net income of
$8.9 million, or $0.11 per share, compared to $2.7 million, or
$0.03 per share, in the year-ago quarter.
Modified EBITDA (a non-GAAP measure) was $11.6 million for the
2Q11, compared with $12.5 million in last year’s quarter.
Similarly, free cash flow (a non-GAAP measure) was $7.7 million, or
$0.10 per share, for this year’s second quarter compared to $7.2
million, or $0.09 per share, in last year’s second quarter.
Update to Osage Concession Activity
Southern Suber Area
Modifications to the company’s production facilities and salt
water disposal well have been completed, and RAM has begun the
process of testing previously drilled wells that have been shut in
pending completion of these improvements. In addition, the company
is adding a natural gas powered electric generator to the central
tank battery which will provide electricity to run submersible
pumps in the Surber #1-26 and Rickets #3-26 wells and additional
pumps, if needed, to increase the capacity of the water disposal
facilities. Plans are to permit a second salt water disposal well
for fluid disposal from the recently drilled wells and to service
future wells in this area. The Surber #1-26 well, which was
fracture stimulated in late March, continues to produce at rates
well above the type curve, producing about 108 barrels of oil
equivalent per day, or BOEPD (composed of 55 barrels of oil and 317
MCF of high BTU natural gas). Initial production testing on the
Surber #1-35, Ricketts #2-35 and Surber #2-T, after having been
acidized but not fractured , currently aggregates to 17 BOEPD
(composed of 8 barrels of oil and 52 MCF of high BTU natural gas).
As a result of the excellent response observed to date after
fracturing the Surber #1-26 well, the company is evaluating plans
to also apply a slick water frac treatment to the Surber #1-35,
Ricketts #2-35 and Surber #2-T, with the expectation of achieving
increased production volumes. The Rickets #3-26, which was drilled
to the Mississippi Chat in late 2010 and fractured stimulated in
April of this year, is scheduled for testing in mid-August. The
well is currently shut in pending installation of the field
electric generator to enhance salt water disposal capacity.
Central Mashunkashey Area
The Farmland #2-16 well, drilled in mid-April and completed in
the Bartlesville formation, is producing 5 BOPD while recovering
load water from a small fracture stimulation treatment initiated in
late July. The Christenson #3-2, which initially tested at 750
MCFPD (125 BOEPD) of natural gas from the Arbuckle formation, is
awaiting additional testing uphole in the Mississippi Dense (Lime)
formation.
Additional Planned Activity
RAM plans to drill four wells targeting the Mississippi
formation in the third quarter of 2011, including the Jones #1-33
and Kendrick #1-27 in the Northern Jones portion of the concession,
the Cooper #3-35 (a recent replacement for the previously planned
Stuart #1-28 well) in the Southern Surber area, and the Farmland
#1-20 well in the Central Mashunkashey area. RAM is tentatively
planning to drill its first horizontal Mississippi well in the
Southern Surber area in early 2012.
The company’s Phase 2 seismic survey, which covers 31 square
miles of the concession to the south and east of the 25 square mile
Phase 1 seismic survey, has been completed. Processing and
interpretation are underway with initial results expected in
mid-September.
Second Quarter Results
Crude oil and natural gas liquids (NGL) production remained
consistently high in the second quarter of 2011, accounting for 71%
of total company production. Crude oil and NGL production in 2Q11
was 270 thousand barrels, up slightly compared to 269 thousand
barrels of oil and NGL produced in the first quarter of 2011. Total
production in 2Q11 was 380 thousand BOE, down 31% from 549 thousand
BOE in 2Q10. Excluding production in the year ago quarter of 101
thousand BOE attributable to properties sold in December 2010,
RAM’s production would have decreased by 15%, as shown in the
accompanying table, Components of Production Decline, due primarily
to normal production declines and the shutting in of one well in
Louisiana in conjunction with a major workover. Given the company’s
continuing outlook for lackluster natural gas prices in the
intermediate term, capital spending has focused predominantly on
the company’s substantial inventory of crude oil projects rather
than those expected to be primarily natural gas.
The company’s realized price for oil increased 33% to an average
of $100.81 per barrel in 2Q11 compared with last year’s second
quarter average realized price of $75.57 per barrel. In addition,
the price of NGLs grew 59% in 2Q11, averaging $57.34 per barrel,
compared to the average of $36.04 per barrel for last year’s second
quarter. Similarly, the company’s realized price for natural gas
rose 9% in 2Q11 to an average of $4.26 per Mcf compared to an
average of $3.92 per Mcf in the second quarter of 2010. The
positive impact from the 49% increase in total average price per
BOE in 2Q11 more than offset the impact from asset sales and normal
production declines, allowing oil and gas revenue for the second
quarter to grow to $28.1 million, compared to $27.2 million in the
year ago second quarter. Oil and NGL production accounted for 90%
of total oil and natural gas sales in 2Q11, up slightly from the
1Q11 level of 89%.
Derivative activity resulted in a $8.6 million net gain in the
2Q11, comprised of $10.7 million in unrealized mark-to-market
gains, partially offset by realized losses from contract
settlements and premium costs of $2.1 million (which included a
$1.4 million charge associated with unwinding and novation of
certain contracts in connection with the Company’s recent
refinancing). As a result, total revenues for the quarter rose to
$36.8 million. Derivative activity in last year’s second quarter
resulted in a $1.7 million net gain, raising total revenue to $29.0
million in 2Q10.
Production expenses were $8.2 million in 2Q11, down $0.5 million
from $8.7 million in 2Q10; however, excluding expenses attributable
to sold properties, production expenses for 2Q10 would have been
level with the year ago quarter. Production taxes were $1.5 million
in 2Q11, up slightly compared to production taxes of $1.3 million,
excluding asset sales, in the same quarter last year, primarily due
to higher hydrocarbon prices during 2Q11. Other expenses include an
$0.8 million charge for a legal settlement relating to a disputed
ownership interest in an Oklahoma well.
Six Month 2011 Results
Oil and natural gas sales decreased $3.2 million, or 6%, to
$53.8 million for the six months ended June 30, 2011, as compared
to $57.1 million for the same period in 2010. Excluding production
from the sale properties, oil and natural gas sales would have
increased $3.1 million for the six months ended June 30, 2011 as
compared to the same period in 2010. This increase was driven
primarily by higher commodity prices during the 2011 period.
Production volumes decreased 31% compared to the same period last
year; however production from sold properties and the shutting in
of one well in Louisiana for a major workover accounted for
approximately 65% of the decline. Net loss for the six months ended
June 30, 2011 was $1.0 million, or $0.01 per share, compared to net
income of $5.1 million, or $0.07 per share, in the year-ago period.
Results for the June 30, 2011 period were negatively impacted by
unrealized derivative losses and debt extinguishment costs. Results
of the June 30, 2010 period were positively impacted by unrealized
derivative gains.
Modified EBITDA (a non-GAAP measure) was $24.6 million for the
six months ended June 30, 2011 compared with $28.2 million in last
year’s first half. Similarly, free cash flow for the first half of
2011 totaled $15.4 million, or $0.20 a share, compared with $18.5
million, or $0.24 a share, for the six month period ending June 30,
2010.
Long-Term Debt and Liquidity
At June 30, 2011, RAM’s outstanding borrowings under its credit
facility totaled $205.0 million, including $75.0 million
outstanding under its second lien term loan and $130.0 million
drawn on its revolver, which is currently subject to a $150.0
million borrowing base. Total outstanding borrowings under the
credit facility at June 30 last year totaled $245.0 million.
Interest expense for 2Q11 was $3.6 million compared to $5.7
million in the year-ago quarter. The decrease is due to lower
interest rates under the company’s new credit facility completed in
the first quarter of this year and lower average outstanding
borrowings during this year’s quarter. The blended interest rate on
borrowings was 6.2% in 2Q11 compared to 8.2% in last year’s
quarter.
Capital Expenditures and Revised Plans for 2011
Capital expenditures during 2Q11 totaled $7.9 million, including
$7.7 million attributable to development and exploration costs and
$0.2 million for proved property acquisitions. During 2Q11 RAM
participated in the drilling of 10 gross (9.2 net) development
wells and 5 gross (5.0 net) exploration wells. Nine gross (8.2 net)
development wells were capable of production. One gross (1.0 net)
development well was in the process of testing at the end of the
quarter. Five gross (5.0 net) exploration wells were either testing
or waiting on completion and/or equipment at the end of the second
quarter. RAM has revised its non-acquisition capital budget for the
2011 year to $29.0 million, a decrease of $6.0 million from the
previously announced level of $35.0 million. Substantially all of
the change is attributable to a reduction for development drilling
and recompletions, primarily on our South Texas natural gas
properties. The total allocated to exploration as well as
geological, geophysical and seismic remains the same at $17.0
million. Consistent with prior years, the company expects all
non-acquisition capital expenditures to be funded out of cash
flow.
Pending the outcome of the proposed asset sale of a 90% interest
in the Electra Burkburnett fields, RAM’s previously disclosed
guidance of 1.7 million to 1.8 million BOE of production for 2011
and modified EBITDA of $52.0 to $55.0 million for 2011 is no longer
valid.
RAM to Webcast Second Quarter 2011 Conference Call
The company’s teleconference call to review second quarter
results will be broadcast live on a listen-only basis over the
internet on Tuesday, August 9, 2011 at 11:00 a.m. Eastern Daylight
Time. Interested parties may access the webcast by visiting the RAM
Energy Resources, Inc. website at www.ramenergy.com. From the home
page, select the Investor Relations tab and then Events and
Presentations tab. The teleconference may be accessed by dialing
(877) 645-6210 (domestic) or (970) 315-0430
(international) and providing the ID number “87189296” to
the operator. The webcast will be available for replay on the
company’s website following the call’s completion. An audio replay
will be available until August 16, 2011 by dialing (855)
859-2056 and referencing the ID number “87189296”.
Forward-Looking Statements
This release includes certain statements that may be deemed to
be “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts, that address
planned drilling, or other expected activities, well tests,
anticipated production, the impact of oil and gas derivatives,
borrowing availability, and events or developments that the company
expects or believes are forward-looking statements. Although the
company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include oil and gas prices, exploitation and exploration successes,
actions taken and to be taken by the government as a result of
political and economic conditions, continued availability of
capital and financing, and general economic, market or business
conditions as well as other risk factors described from time to
time in the company’s filings with the SEC. The company assumes no
obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or
otherwise.
About RAM Energy
RAM Energy Resources, Inc. is an independent energy company
engaged in the acquisition, exploitation, exploration, and
development of oil and natural gas properties and the marketing of
crude oil and natural gas. Company headquarters are in Tulsa,
Oklahoma, and its common shares are traded on the Nasdaq under the
symbol RAM. For additional information, visit the company website
at www.ramenergy.com.
RAM Energy Resources,
Inc. Condensed Consolidated Balance Sheets (in
thousands, except share and per share amounts) June 30,
December 31, 2011 2010 (unaudited)
ASSETS CURRENT ASSETS:
Cash and cash equivalents $ 454 $ 37 Accounts receivable: Oil and
natural gas sales, net of allowance of $50 ($50 at December 31,
2010) 9,657 9,797 Joint interest operations, net of allowance of
$479 ($479 at December 31, 2010) 724 631 Other, net of allowance of
$34 ($48 at December 31, 2010) 152 155 Derivative assets - 1,340
Prepaid expenses 1,030 1,657 Deferred tax asset 7,422 3,526
Inventory 3,812 3,382 Other current assets 384
4 Total current assets 23,635 20,529 PROPERTIES AND
EQUIPMENT, AT COST: Proved oil and natural gas properties and
equipment, using full cost accounting 702,668 689,472 Other
property and equipment 10,438 10,072
713,106 699,544 Less accumulated depreciation, amortization and
impairment (499,994 ) (489,634 )
Total properties and equipment
213,112 209,910 OTHER ASSETS: Deferred tax asset 29,058 31,001
Deferred loan costs, net of accumulated amortization of $381
($5,012 at December 31, 2010) 6,622 2,609 Other 978
952 Total assets $ 273,405 $ 265,001
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT
LIABILITIES: Accounts payable: Trade $ 13,807 $ 17,149 Oil and
natural gas proceeds due others 9,455 9,414 Other 155 452 Accrued
liabilities: Compensation 1,794 1,948 Interest 502 2,448 Income
taxes 334 699 Other 640 10 Derivative liabilities 1,576 - Asset
retirement obligations 352 639 Long-term debt due within one year
146 127 Total current liabilities
28,761 32,886 DERIVATIVE LIABILITIES 3,079 203 LONG-TERM DEBT
205,289 196,965 ASSET RETIREMENT OBLIGATIONS 31,504 30,770 OTHER
LONG-TERM LIABILITIES 10 10 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT): Common stock, $0.0001 par value,
100,000,000 shares authorized, 83,386,299 and 82,597,829 shares
issued, 79,120,829 and 78,386,983 shares outstanding at June 30,
2011 and December 31, 2010, respectively 8 8 Additional paid-in
capital 227,720 226,042 Treasury stock - 4,265,470 shares
(4,210,846 shares at December 31,2010) at cost (7,084 ) (6,976 )
Accumulated deficit (215,882 ) (214,907 )
Stockholders' equity 4,762 4,167 Total
liabilities and stockholders' equity $ 273,405 $ 265,001
RAM Energy Resources, Inc. Condensed
Consolidated Statements of Operations (in thousands, except
share and per share amounts) (unaudited)
Three months ended June 30, Six months ended June 30,
2011 2010 2011 2010 REVENUES AND OTHER OPERATING INCOME: Oil and
natural gas sales Oil $ 22,783 $ 19,120 $ 43,195 $ 38,608 Natural
gas 2,812 4,818 5,704 11,247 NGLs 2,523 3,280
4,938 7,211 Total oil and
natural gas sales 28,118 27,218 53,837 57,066 Realized losses on
derivatives (2,098 ) (707 ) (1,262 ) (1,605 ) Unrealized gains
(losses) on derivatives 10,728 2,419 (4,225 ) 4,354 Other 34
38 85 74 Total
revenues and other operating income 36,782 28,968 48,435 59,889
OPERATING EXPENSES: Oil and natural gas production taxes
1,478 1,453 2,889 3,047 Oil and natural gas production expenses
8,174 8,662 16,549 16,582 Depreciation and amortization 5,196 6,891
10,469 13,605 Accretion expense 412 454 814 836 Share-based
compensation 686 785 1,355 1,471 General and administrative,
overhead and other expenses, net of operator's overhead fees
3,935 3,992 7,813 7,762
Total operating expenses 19,881 22,237
39,889 43,303 Operating income
16,901 6,731 8,546 16,586 OTHER INCOME (EXPENSE): Interest
expense (3,563 ) (5,714 ) (10,113 ) (11,349 ) Interest income 3 2 3
4 Loss on interest rate derivatives (362 ) - (495 ) - Other income
(expense) (801 ) 570 (753 ) 561
INCOME (LOSS) BEFORE INCOME TAXES 12,178 1,589 (2,812 )
5,802 INCOME TAX PROVISION (BENEFIT) 3,242
(1,140 ) (1,837 ) 655 Net income (loss) $
8,936 $ 2,729 $ (975 ) $ 5,147 BASIC
INCOME (LOSS) PER SHARE $ 0.11 $ 0.03 $ (0.01 ) $
0.07 BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
78,834,159 78,446,305 78,598,387
78,222,925 DILUTED INCOME (LOSS) PER SHARE $
0.11 $ 0.03 $ (0.01 ) $ 0.07 DILUTED WEIGHTED
AVERAGE SHARES OUTSTANDING 78,834,159
78,446,305 78,598,387 78,222,925
RAM Energy Resources, Inc. Condensed
Consolidated Statements of Cash Flows (in thousands)
(unaudited) Six months ended June 30,
2011 2010
OPERATING ACTIVITIES:
Net income (loss) $ (975 ) $ 5,147 Adjustments to reconcile net
income (loss) to net cash provided by operating activities-
Depreciation and amortization 10,469 13,605 Amortization of
deferred loan costs 2,990 1,044 Non-cash interest 362 1,543
Accretion expense 814 836 Unrealized (gain) loss on commodity
derivatives, net of premium amortization 5,474 (2,997 ) Unrealized
loss on interest rate derivatives 418 - Deferred income tax
provision (benefit) (1,953 ) 268 Share-based compensation 1,355
1,471 Gain on disposal of other property and equipment (22 ) (41 )
Other income - (550 ) Changes in operating assets and liabilities-
Accounts receivable 49 3,237 Prepaid expenses, inventory and other
assets (208 ) 657 Derivative premiums (111 ) (2,866 ) Accounts
payable and proceeds due others (3,553 ) 1,028 Accrued liabilities
and other (1,459 ) (1,004 ) Income taxes payable (365 ) (177 )
Asset retirement obligations (242 ) - Total
adjustments 14,018 16,054 Net cash
provided by operating activities 13,043 21,201
INVESTING ACTIVITIES: Payments for oil and natural
gas properties and equipment (13,500 ) (18,666 ) Proceeds from
sales of oil and natural gas properties 462 478 Payments for other
property and equipment (469 ) (358 ) Proceeds from sales of other
property and equipment 11 4 Net cash
used in investing activities (13,496 ) (18,542 )
FINANCING ACTIVITIES: Payments on long-term debt (223,185 )
(24,576 ) Proceeds from borrowings on long-term debt 231,166 22,132
Payments for deferred loan costs (7,003 ) - Stock repurchased
(108 ) (326 ) Net cash provided by (used in)
financing activities 870 (2,770 ) INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS 417 (111 ) CASH AND CASH
EQUIVALENTS, beginning of period 37 129
CASH AND CASH EQUIVALENTS, end of period $ 454 $ 18
SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes $
481 $ 565 Cash paid for interest $ 8,706 $
9,107 DISCLOSURE OF NON CASH INVESTING AND FINANCING
ACTIVITIES: Asset retirement obligations $ (129 ) $ 118
RAM ENERGY RESOURCES, INC. PRODUCTION BY
AREA (unaudited)
Texas Oklahoma Louisiana
Other Total Three Months Ended June 30, 2011
Aggregate Net Production Oil (MBbls) 128 74 16 8 226 NGLs (MBbls)
38 2 - 4 44 Natural Gas (MMcf) 412 107 105 36 660 MBoe 234
94 33 19 380 Three Months Ended June 30, 2010 Aggregate Net
Production Oil (MBbls) 142 82 22 7 253 NGLs (MBbls) 85 2 - 4 91
Natural Gas (MMcf) 774 224 192 40 1,230 MBoe 356 121 54 18
549 Change in MBoe (122) (27) (21) 1 (169) Percentage Change
in MBoe -34.3% -22.3% -38.9% 5.6% -30.8%
Texas Oklahoma Louisiana Other
Total Six Months Ended June 30, 2011 Aggregate Net
Production Oil (MBbls) 253 148 32 15 448 NGLs (MBbls) 79 5 - 7 91
Natural Gas (MMcf) 856 187 258 69 1,370 MBoe 474 184 75 34
767 Six Months Ended June 30, 2010 Aggregate Net Production
Oil (MBbls) 291 163 39 17 510 NGLs (MBbls) 177 5 - 7 189 Natural
Gas (MMcf) 1,638 436 347 78 2,499 MBoe 741 240 97 37 1,115
Change in MBoe (267) (56) (22) (3) (348) Percentage Change
in MBoe -36.0% -23.3% -22.7% -8.1% -31.2%
RAM
Energy Resources, Inc. Components of Production Decline
(unaudited)
Three months ended
Six months ended June 30 June 30 (MBOE) (MBOE) Total
production, 2010 549 1,115 Declines due to: RAM Texas
and Oklahoma gas properties sold in 2010 (101) (205) Natural
production declines in South Texas gas production (24) (71)
Louisiana well shut-in
(12) (17) Other (32) (55) Total declines (169) (348)
Total production, 2011 380 767
2010 Pro Forma Selected Results
Excluding Sold Properties (a)
(unaudited)
Three months ended
June 30,
2010
Sold Pro
Actual
Assets
Forma
Oil and natural gas sales (in thousands): Oil $ 19,120 $ 346 $
18,774 Natural gas 4,818 1,244 3,574 NGLs 3,280 1,291 1,989
Total oil and natural gas sales
$ 27,218 $ 2,881 $ 24,337 Production expenses (in
thousands): Oil and natural gas production taxes $ 1,453 $ 125 $
1,328 Oil and natural gas production expenses $ 8,662 $ 454 $ 8,208
Production volumes: Texas (Mboe) 356 86 270 Oklahoma (Mboe)
121 15 106 Other (Mboe) 72 — 72 Total production (Mboe) 549
101 448 Six months ended
June 30,
2010
Sold Pro Actual Assets Forma Oil and natural gas sales (in
thousands): Oil $ 38,608 $ 677 $ 37,931 Natural gas 11,247 2,874
8,373 NGLs 7,211 2,773 4,438 Total oil and natural gas sales
$ 57,066 $ 6,324 $ 50,742 Production expenses (in
thousands): Oil and natural gas production taxes $ 3,047 $ 253 $
2,794 Oil and natural gas production expenses $ 16,582 $ 945 $
15,637 Production volumes: Texas (Mboe) 741 171 570 Oklahoma
(Mboe) 240 34 206 Other (Mboe) 134 — 134 Total production
(Mboe) 1,115 205 910 (a) In December 2010 RAM sold assets in
Texas and Oklahoma for net proceeds of $48 million. The table above
provides actual and pro forma results for the three and six months
ending June 30, 2010 to assist our description of results of
operations.
RAM Energy Resources, Inc. Production
and Prices Summary
Three Months Ended Six Months Ended June
30, 2011 June 30, 2011 Production volumes: Oil
(MBbls) 226 448 NGL (MBbls) 44 91 Natural gas (MMcf) 660 1,370
Total (Mboe) 380 767 Average sale prices received: Oil (per
Bbl) $ 100.81 $ 96.42 NGL (per Bbl) $ 57.34 $ 54.26 Natural gas
(per Mcf) $ 4.26 $ 4.16
Total per Boe
$ 73.99 $ 70.19 Cash effect of derivative contracts: Oil
(per Bbl) $ (8.65 ) $ (6.63 ) NGL (per Bbl) $ - $ - Natural gas
(per Mcf) $ (0.22 ) $ 1.25
Total per Boe
$ (5.52 ) $ (1.65 ) Average prices computed after cash
effect of settlement of derivative contracts: Oil (per Bbl) $ 92.16
$ 89.79 NGL (per Bbl) $ 57.34 $ 54.26 Natural gas (per Mcf) $ 4.04
$ 5.41
Total per Boe
$ 68.47 $ 68.54 Expenses (per Boe): Oil and natural gas
production taxes $ 3.89 $ 3.77 Oil and natural gas production
expenses $ 21.51 $ 21.58 General and administrative $ 10.36 $ 10.19
Cash interest $ 8.82 $ 11.35 Cash taxes $ 1.33 $ 0.63
Total Cash Expenses per Boe
$ 45.91 $ 47.52
RAM Energy Resources, Inc.Modified
EBITDA and Free Cash Flow(non-GAAP
measures)(unaudited)
Non-GAAP Financial Measures
Modified EBITDA, a non-GAAP measure, is determined by adding the
following to net income (loss): interest expense, income taxes,
depreciation, amortization, accretion, share-based compensation,
impairment charges, unrealized gains or losses on derivatives. Free
cash flow is also a non-GAAP measure representing Modified EBITDA
after adjustments for the cash portion of interest and income
taxes. These non-GAAP measures are presented because management
believes it is a useful adjunct to cash provided by operating
activities under accounting principles generally accepted in the
United States (GAAP). These non-GAAP measures are widely accepted
as financial indicators of an oil and gas company’s ability to
generate cash used to internally fund exploration and development
activities and fund debt service costs. These non-GAAP measures are
not a measure of financial performance under GAAP and should not be
considered as an alternative to cash provided (used) by operating,
investing, or financing activities as an indicator of cash flows,
or as a measure of liquidity.
$000s, except per share amounts
Three Months Ended Six Months Ended 6/30/2011
6/30/2010 6/30/2011
6/30/2010 Modified EBITDA: Net income
(loss) $ 8,936 $ 2,729 $ (975 ) $ 5,147 Plus: Interest expense $
3,291 $ 4,414 $ 6,675 $ 8,762 Plus: PIK interest $ - $ 778 $ 448 $
1,543 Plus: Amortization of deferred loan costs $ 272 $ 522 $ 2,990
$ 1,044 Plus: Depreciation, amortization and accretion $ 5,608 $
7,345 $ 11,283 $ 14,441 Plus: Share-based compensation $ 686 $ 785
$ 1,355 $ 1,471 Plus: Income tax provision (benefit) $ 3,242 $
(1,140 ) $ (1,837 ) $ 655 Plus: MTM legal settlement $ - $ (550 ) $
- $ (550 ) Less: Unrealized (gain) loss on derivatives $ (10,432 )
$ (2,419 ) $ 4,643
$ (4,354 ) Modified EBITDA $ 11,603 $ 12,464 $ 24,582 $
28,159 Less: Cash paid for interest $ 3,351 $ 4,760 $
8,706 $ 9,107 Cash paid for income tax $ 504 $ 501 $ 481 $ 565
Free cash flow $ 7,748 $
7,203 $ 15,395 $ 18,487
Weighted average shares outstanding - basic 78,834 78,446
78,598 78,223 Weighted average shares outstanding - diluted 78,834
78,446 78,598 78,223 Free cash flow per share - basic $ 0.10
$ 0.09 $ 0.20 $ 0.24 Free cash flow per share - diluted $ 0.10 $
0.09 $ 0.20 $ 0.24
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