-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CtTBDpiD9N5Uxk5Gkegx/St10VmpgykM1h1MC9iFnUEgTevSNhbN19JRtOA1qXLn vvsCjlXnb3ZFVkBNY0k7ZA== 0001040593-07-000016.txt : 20070808 0001040593-07-000016.hdr.sgml : 20070808 20070808085925 ACCESSION NUMBER: 0001040593-07-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070808 DATE AS OF CHANGE: 20070808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARRIZO OIL & GAS INC CENTRAL INDEX KEY: 0001040593 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 760415919 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29187-87 FILM NUMBER: 071033694 BUSINESS ADDRESS: STREET 1: 1000 LOUISIANA STREET STREET 2: SUITE 1500 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7133281000 MAIL ADDRESS: STREET 1: 1000 LOUISIANA STREET STREET 2: SUITE 1500 CITY: HOUSTON STATE: TX ZIP: 77002 8-K 1 form8k_080807.htm FORM 8-K 08.08.07 form8k_080807.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (date of earliest event reported):  August 8, 2007
 
 
CARRIZO OIL & GAS, INC.
(Exact name of registrant as specified in its charter)
 
 
Texas
000-22915
76-0415919
(State or other jurisdiction of
(Commission
(I.R.S. Employer
 incorporation)
File Number)
Identification No.)
     
                                                                                                                           &# 160;               
1000 Louisiana Street
Suite 1500
Houston, Texas
77002
(Address of principal executive offices)
(Zip code)
   
Registrant’s telephone number, including area code: (713) 328-1000
 
Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

Item 2.02.
Results of Operations and Financial Condition.
 
The press release by the Company dated August 8, 2007 concerning financial results for the quarter ended June 30, 2007, furnished as Exhibit 99.1 to this report, is incorporated by reference herein.  The press release contains measures which may be deemed “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended. We discuss EBITDA, as defined in the press release, on a total and a per share basis for the quarters ended June 30, 2006 and 2007 and the six months ended June 30, 2006 and June 30, 2007.  We believe that EBITDA, as defined, may provide additional information about our ability to meet our future requirements for debt service, capital expenditures and working capital.  EBITDA, as defined, is a financial measure commonly used in the oil and natural gas industry and should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with generally accepted accounting principles or as a measure of a company’s profitability or liquidity.  Because EBITDA, as defined, excludes some, but not all, items that affect net income, the EBITDA presented in the press release may not be comparable to similarly titled measures of other companies.  We discuss adjusted net income excluding the non-cash after-tax items mark-to-market unrealized gain (loss) on derivatives, stock compensation expense and bad debt expense on a total and a per share basis for the quarter and six months ended June 30, 2006 and 2007.  We believe that this information will help investors compare results between periods and identify operating trends that would otherwise be masked by the non-cash after-tax items.  The most comparable GAAP financial measure, net loss, and information reconciling the GAAP and non-GAAP measures were also included in the press release.
 
None of the information furnished in Item 2.02 and the accompanying exhibit will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company, that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.
 
Item 9.01.                                Financial Statements and Exhibits.
 
(d)           Exhibits.
 
Exhibit Number
     
Description
99.1
 
 
Press Release dated August 8, 2007 Announcing Financial Results for the Second Quarter 2007.

2

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CARRIZO OIL & GAS, INC.
 
By:          /s/ Paul F. Boling
Name:Paul F. Boling
Title:Vice President and Chief Financial Officer
 
Date:  August 8, 2007
 

3

EXHIBIT INDEX
 
99.1
Press Release dated August 8, 2007 Announcing Financial Results for the Second Quarter 2007.
 

 


 EX-99.1 2 exh991.htm EXHIBIT 99.1 - PRESS RELEASE DATED AUGUST 8, 2007 ANNOUNCING FINANCIAL RESULTS FOR THE SECOND QUARTER 2007 exh991.htm
EXHIBIT 99.1
 
 
 PRESS RELEASE    
 Contact:    
  Carrizo Oil & Gas, Inc.
     B. Allen Connell, Director of Investor Relations
     Paul F. Boling, Chief Financial Officer
     (713) 328-1000
 
CARRIZO OIL & GAS, INC. ANNOUNCES RECORD PRODUCTION, REVENUE AND EBITDA IN SECOND QUARTER 2007 FINANCIAL RESULTS

HOUSTON, August 8, 2007 — Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today reported the Company’s financial results for the second quarter of 2007, which included the following highlights:

Results for the Second Quarter 2007  --

·  
Record production of 4.2 Bcfe, or 46,199 Mcfe/d.

·  
Record revenue of $32.9 million.

·  
Net income of $8.1 million, or net income of $6.2 million before the non-cash net credit noted below.

·  
Record EBITDA, as defined below, of $24.3 million.

Revenues for the three months ended June 30, 2007 were $32.9 million, 99 percent higher than the  $16.5 million during the quarter ended June 30, 2006.  The increase in revenue was driven primarily by higher production and higher realized natural gas prices.  Production volumes during the three months ended June 30, 2007 were 4.20 Bcfe (46.2 MMcfe/d), 74 percent higher compared to 2.42 Bcfe (26.6 MMcfe/d) during the second quarter of 2006 and 0.99 Bcfe above the first quarter 2007 production of 3.21 Bcfe.  The increase over the second quarter production was primarily due to the successful drilling of Barnett Shale area wells, particularly the three South East Tarrant County Campuzano wells, the addition of the Baby Ruth and Doberman wells in the Gulf Coast area and the successful recompletion of the Galloway Gas Unit #1 well #1.  Carrizo’s average natural gas sales price increased 20 percent to $7.54 per Mcf compared to $6.29 per Mcf in the second quarter of 2006 while the average oil sales price decreased four percent to $64.25 per barrel compared to $66.99 per barrel during the second quarter of 2006.  The above prices exclude the cash effect of hedging activities – prices, including the cash effect of hedges, are presented in the table below.

The Company reported net income of $8.1 million, or $0.32 and $0.31 per basic and diluted share, respectively, for the three months ended June 30, 2007, as compared to $2.6 million, or $0.11 and $0.10 per basic and diluted share, respectively, for the same quarter during 2006.  Excluding the $1.9 million non-cash, after-tax benefit, comprised of the mark-to-market unrealized gain of $2.4 million on derivatives, the stock compensation expense of $0.7 million and the $0.2 million decrease in bad debt expense, net income for the quarter ended June 30, 2007 was $6.2 million, or $0.24 and $0.23 per basic and diluted share, respectively.

 
 
 
 
EBITDA (earnings before interest, income tax, depreciation and amortization expenses, and certain other non-cash items) during the second quarter of 2007 was $24.3 million, or $0.94 and $0.91 per basic and diluted share, respectively, as compared to $12.0 million, or $0.49 and $0.48 per basic and diluted share, respectively, during the second quarter of 2006.

Lease operating expenses (excluding production taxes) increased to $4.4 million during the three months ended June 30, 2007 as compared to $2.9 million for the second quarter of 2006, largely due to the increased well count of the Barnett Shale wells, higher costs of certain oilfield services, increased ad valorem taxes and higher transportation and other product costs.

Depreciation, depletion and amortization expenses (“DD&A”) were $10.8 million during the three months ended June 30, 2007 ($2.57 per Mcfe) as compared to $6.6 million ($2.72 per Mcfe) during the second quarter of 2006.  The increase in DD&A expense was due primarily to an increase in production volumes partially offset by a decrease in the DD&A rate attributable to the increase in the reserve base.

General and administrative expenses (“G&A”) increased to $3.6 million during the three months ended June 30, 2007 from $2.5 million during the same quarter of 2006.  The increase in G&A was due primarily to the increase in staff to accommodate company growth.

Non-cash stock-based compensation expense was $1.0 million ($0.7 million after tax) for the three months ended June 30, 2007 compared to $0.6 million ($0.4 million after tax) for the same period in 2006.

The net gain on derivatives was $4.1 million during the three months ended June 30, 2007, comprised of (1) $3.7 million ($2.4 million after tax) for the unrealized mark-to-market, non-cash gain on derivatives and (2) the $0.4 million gain for cash settled derivatives.

Interest expense, net of amounts capitalized, was $3.8 million for the three months ended June 30, 2007 compared to $2.2 million for the three months ended June 30, 2006.  The increases in 2007 were largely attributable to the $75.0 million increase under our Second Lien Credit Facility in January 2007, borrowings under our Senior Secured Credit Facility and higher effective interest rates.

Results for the Six Months Ended June 30, 2007 --

·  
Record production of 7.41 Bcfe, or 40,941 Mcfe/d.

·  
Record revenue of $55.5 million.

·  
Net Income of $5.6 million, or net income of $9.6 million before the non-cash net charge noted below.

·  
Record EBITDA, as defined below, of $40.7 million.

Revenues for the six months ended June 30, 2007 were $55.5 million, 45 percent higher than the $38.4 million during the six months ended June 30, 2006.  The increase in revenues was primarily
 
 
 
 
 
driven by higher production and higher realized natural gas prices.  Production volumes during the six months ended June 30, 2007 were 7.41 Bcfe (40.9 MMcfe/d), 43 percent higher compared to 5.19 Bcfe (28.7 MMcfe/d) during the first half of 2006.  Production increased due to the addition of new Barnett Shale wells, the addition of the Baby Ruth and Doberman wells in the Gulf Coast and the successful recompletion of the Galloway Gas Unit #1 well #1.  Carrizo’s average natural gas sales price increased four percent to $7.21 compared to $6.92 per Mcf in the same period of 2006, and the average oil sales price decreased five percent to $60.33 per barrel from $63.72 per barrel during the first half of 2006.

The Company reported net income of $5.6 million, or $0.22 and $0.21 per basic and diluted share, respectively, for the six months ended June 30, 2007, as compared to $9.2 million, or $0.38 and $0.37 per basic and diluted share, respectively, for the same period during 2006.  Excluding the $4.0 million non-cash, after-tax expense, comprised of the mark-to-market unrealized loss of $2.9 million on derivatives, the stock compensation expense of $1.3 million and the $0.2 million decrease in bad debt expense, net income for the six months ended June 30, 2007 was $9.6 million, or $0.37 and $0.36, respectively, per basic and diluted share.

EBITDA (earnings before interest, income tax, depreciation and amortization expenses, and certain other non-cash items) during the first half of 2007 was $40.7 million, or $1.59 and $1.54 per basic and diluted share, respectively, as compared to $28.2 million, or $1.16 and $1.13 per basic and diluted share, respectively, during the first half of 2006.

Lease operating expenses (excluding production taxes) increased to $8.4 million during the six months ended June 30, 2007 as compared to $5.3 million for the same period of 2006, largely due to the increased well count of the Barnett Shale wells, higher workover expenses, higher costs of oilfield services, higher ad valorem taxes and higher transportation and other product costs.

Depreciation, depletion and amortization expenses (“DD&A”) were $18.8 million during the six months ended June 30, 2007 ($2.54 per Mcfe) as compared to $14.0 million ($2.70 per Mcfe) during the same period of 2006.  The increase in DD&A expense was due primarily to an increase in production volumes partially offset by a decrease in the DD&A rate attributable to the increase in the reserve base.

General and administrative expenses (“G&A”) increased to $7.5 million during the six months ended June 30, 2007 from $6.2 million during the same period of 2006.  The increase in G&A was primarily due to increased staffing to accommodate company growth.

Non-cash stock-based compensation expense was $2.0 million ($1.3 million after tax) for the six months ended June 30, 2007 compared to $1.2 million ($0.8 million after tax) for the same period in 2006.

The net loss on derivatives was $1.6 million during the six months ended June 30, 2007, comprised of (1) $4.4 million ($2.9 million after tax) for the unrealized mark-to-market, non-cash loss on derivatives ($4.5 million loss on oil and gas derivatives and $0.1 million gain on interest rate swaps) and (2) $2.8 million for cash settled gains on derivatives

Interest expense, net of amounts capitalized, was $7.3 million for the six months ended June 30, 2007 compared to $4.4 million for the same period in 2006.  The increase is largely attributable to
 
 
 
 
 
the $75.0 million increase under our Second Lien Credit Facility in January 2007, borrowings under our Senior Secured Credit Facility beginning in mid-2006, and higher effective interest rates.

S.P. Johnson IV, Carrizo's President and Chief Executive Officer, commented, “We are very pleased with our strong production growth in the second quarter.  Steady drilling and fracing in South East Tarrant County in the Barnett Shale was complemented by our two high rate Company operated wells in the Gulf Coast area – Baby Ruth #1 and Doberman #1.  The Company's current estimated net production is 49 MMcfe/d with 28 MMcfe/d from the Barnett Shale and 21 MMcfe/d from the onshore Gulf Coast.  Our Barnett Shale production will continue to grow with several expected high rate wells waiting on pipeline hook-up.”

“We currently operate four drilling rigs in the Barnett Shale with two in South East Tarrant, including a recently contracted H&P Flex 4 rig, one rig in the “core” area in Denton County and one rig drilling a downspacing pilot in Parker County.  This will be our first test of 500 feet interwell spacing.  A production surge is anticipated in September as an estimated 24 MMcfe/d of net production should come online, including six South East Tarrant County wells.  Carrizo has a 100 percent working interest in all of its SE Tarrant wells.”

“In other areas, we announced a significant discovery on a Carrizo generated prospect in the UK North Sea where we have a 15 percent working interest in two blocks with a discovery well that has flowed over 11,000 BOEPD.  The well has been shut-in pending partner meetings to formulate plans for appraisal well drilling.  In two adjoining acreage blocks with similar geological prospects, we have working interests of 27 percent and 100 percent.  We remain focused on expanding our acreage position in our other Shale plays, in which we now have over 240,000 net acres.  In the Floyd Shale in Mississippi, we have leased over 137,000 net acres.  Our first horizontal Floyd Shale well in Mississippi has been drilled and cased.  Frac stimulation is planned for September.”

Carrizo Oil & Gas, Inc., is a Houston-based energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas primarily in proven onshore trends along the Texas and Louisiana Gulf Coast regions and the Barnett Shale area in North Texas.  Carrizo controls significant prospective acreage blocks and utilizes advanced 3-D seismic techniques to identify potential oil and gas reserves and drilling opportunities.

Statements in this news release, including but not limited to those relating to the Company’s or management’s intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, including potential effects or timing, cash flow, the expected timing of drilling of additional wells, expected high rate wells, timing of production, timing of testing, scheduled pipeline hookup and other statements that are not historical facts are forward looking statements that are based on current expectations.  Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct.  Important factors that could cause actual results to differ materially from those in the forward looking statements include the results and dependence on exploratory drilling activities, operating risks, oil and gas price levels, land issues, availability of equipment, weather and other risks described in the Company’s Form 10-K for the year ended December 31, 2006 and its other filings with the Securities and Exchange Commission.

(Financial Highlights to Follow)

CARRIZO OIL & GAS, INC.           
  
STATEMENTS OF OPERATIONS           
  
(unaudited)         < /font>  
  
                         
                         
   
THREE MONTHS ENDED
    
SIX MONTHS ENDED
  
   
JUNE 30,   
    
JUNE 30,   
  
   
2007
    
2006
    
2007
    
2006
  
                         
Oil and natural gas revenues
   $
32,890,857
     $
16,476,507
     $
55,503,089
     $
38,393,267
  
                                 
Costs and expenses:
                                
   Lease operating expenses
    
4,424,920
      
2,940,257
      
8,440,692
      
5,254,060
  
   Production tax
    
1,135,489
      
689,564
      
1,822,681
      
1,833,441
  
   Depreciation, depletion and amortization
    
10,804,772
      
6,597,768
      
18,842,563
      
14,035,997
  
   General and administrative expenses
    
3,601,859
      
2,513,836
      
7,501,059
      
6,162,183
  
   Accretion expense related to asset retirement obligations
    
88,211
      
79,056
      
176,421
      
158,112
  
   Bad debt expense
     (275,946 )    
-
       (275,946 )    
-
  
   Stock-based compensation expense
    
1,013,175
      
629,824
      
1,991,983
      
1,188,917
  
                                 
Total costs and expenses
    
20,792,480
      
13,450,305
      
38,499,453
      
28,632,710
  
                                 
Operating income
    
12,098,377
      
3,026,202
      
17,003,636
      
9,760,557
  
                                 
Mark-to-market gain (loss) on derivatives, net
    
3,678,773
      
1,553,039
       (4,383,074 )    
5,569,428
  
Realized gain on derivatives, net
    
401,719
      
1,477,019
      
2,752,664
      
2,833,611
  
Equity in income of Pinnacle Gas Resources, Inc.
    
-
      
-
      
-
      
34,914
  
Loss on early extinguishment of debt
    
-
       (281,980 )    
-
       (281,980 )
Other income and expenses, net
    
140,269
      
168,952
      
255,783
      
173,785
  
Interest income
    
110,487
      
279,406
      
454,663
      
644,438
  
Interest expense, net of amounts capitalized (1)
     (3,810,633 )     (2,178,085 )     (7,278,799 )     (4,375,263 )
                                 
Income before income taxes
    
12,618,992
      
4,044,553
      
8,804,873
      
14,359,490
  
                                 
Income tax expense
    
4,482,193
      
1,473,572
      
3,212,797
      
5,137,540
  
                                 
Net income available to common shares
   $
8,136,799
     $
2,570,981
     $
5,592,076
     $
9,221,950
  
                                 
ADJUSTED net income available to common shares (2)
   $
6,224,795
     $
2,154,178
     $
9,556,498
     $
6,557,905
  
                                 
EBITDA (see table below)
   $
24,270,577
     $
11,978,821
     $
40,747,104
     $
28,150,979
  
                                 
Basic net income per common share
   $
0.32
     $
0.11
     $
0.22
     $
0.38
  
                                 
Diluted net income per common share
   $
0.31
     $
0.10
     $
0.21
     $
0.37
  
                                 
ADJUSTED basic net income per common share (2)
   $
0.24
     $
0.09
     $
0.37
     $
0.27
  
                                 
ADJUSTED diluted net income per common share (2)
   $
0.23
     $
0.09
     $
0.36
     $
0.26
  
                                 
Basic weighted average common shares outstanding
    
25,701,891
      
24,214,334
      
25,680,076
      
24,190,699
  
                                 
Diluted weighted average common shares outstanding
    
26,553,041
      
24,970,557
      
26,508,213
      
24,908,060
  
                                 
                                 
______________________________
                                
(1) Interest expense, net of amounts capitalized, consists of the following:
  
                                 
     Gross interest expense
   $ (6,529,313 )   $ (4,593,985 )     (12,683,909 )     (8,868,697 )
     Capitalized interest
    
2,718,680
      
2,415,900
      
5,405,110
      
4,493,434
  
                                 
(2) Excludes the impact of the non-cash mark-to-market gain (loss) on derivatives, non-cash stock-based compensation, non-cash bad debt expense and non-cash loss on early extinguishment of debt
  
                                 
                                 
(more)
                                

 
CARRIZO OIL & GAS, INC.      
CONDENSED BALANCE SHEETS      
             
             
             
             
   
6/30/2007
    
12/31/06
  
   
(unaudited)
        
ASSETS:
            
  Cash and cash equivalents
   $
7,502,971
     $
5,407,502
  
  Fair value of derivative financial instruments
    
1,914,890
      
5,737,056
  
  Other current assets
    
35,968,728
      
29,912,455
  
  Property and equipment, net
    
524,846,719
      
445,447,054
  
  Other assets
    
7,235,223
      
5,519,325
  
  Investment in Pinnacle Gas Resources, Inc.
    
18,709,190
      
2,771,266
  
                 
TOTAL ASSETS
   $
596,177,721
     $
494,794,658
  
                 
LIABILITIES AND EQUITY:
                
  Accounts payable and accrued liabilities
   $
62,125,153
     $
54,554,607
  
  Fair value of derivative financial instruments
    
250,646
      
-
  
  Current maturities of long-term debt
    
2,255,157
      
1,507,931
  
  Long-term debt, net of current maturities
    
251,375,000
      
187,250,744
  
  Deferred income taxes
    
42,768,975
      
32,737,530
  
  Other liabilities
    
6,504,840
      
6,469,970
  
  Equity
    
230,897,950
      
212,273,876
  
                 
TOTAL LIABILITIES AND EQUITY
   $
596,177,721
     $
494,794,658
  
                 
Income tax expense for the three-month periods ended June 30, 2007 and 2006 include a $4,381,354 and
  
$1,347,360, respectively, provision for deferred income taxes and a $100,839 and $126,212, respectively,
  
provision for currently payable franchise taxes.
                
                 
(more)

 
CARRIZO OIL & GAS, INC.      
CONDENSED BALANCE SHEETS      
             
             
             
             
   
6/30/2007
    
12/31/06
  
   
(unaudited)
        
ASSETS:
            
  Cash and cash equivalents
   $
7,502,971
     $
5,407,502
  
  Fair value of derivative financial instruments
    
1,914,890
      
5,737,056
  
  Other current assets
    
35,968,728
      
29,912,455
  
  Property and equipment, net
    
524,846,719
      
445,447,054
  
  Other assets
    
7,235,223
      
5,519,325
  
  Investment in Pinnacle Gas Resources, Inc.
    
18,709,190
      
2,771,266
  
                 
TOTAL ASSETS
   $
596,177,721
     $
494,794,658
  
                 
LIABILITIES AND EQUITY:
                
  Accounts payable and accrued liabilities
   $
62,125,153
     $
54,554,607
  
  Fair value of derivative financial instruments
    
250,646
      
-
  
  Current maturities of long-term debt
    
2,255,157
      
1,507,931
  
  Long-term debt, net of current maturities
    
251,375,000
      
187,250,744
  
  Deferred income taxes
    
42,768,975
      
32,737,530
  
  Other liabilities
    
6,504,840
      
6,469,970
  
  Equity
    
230,897,950
      
212,273,876
  
                 
TOTAL LIABILITIES AND EQUITY
   $
596,177,721
     $
494,794,658
  
                 
Income tax expense for the three-month periods ended June 30, 2007 and 2006 include a $4,381,354 and
  
$1,347,360, respectively, provision for deferred income taxes and a $100,839 and $126,212, respectively,
  
provision for currently payable franchise taxes.
                
                 
(more)



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