EX-99.1 3 d07334exv99w1.txt RECONCILIATION OF NON-GAAP FINANCIAL MEASURES . . . EXHIBIT 99.1 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (CASH FLOW) (IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2002 2001 2002 2001 --------- --------- --------- --------- Net income $ 11,336 $ 372 $ 37,685 $ 16,179 Depletion, depreciation, and amortization 8,185 8,226 34,550 31,721 Interest and other 4,364 1,274 12,215 5,995 Non-cash stock based compensation -- -- -- 9,587 Bad debt expense -- 7,005 -- 7,005 Impairment of oil and gas properties -- 2,598 -- 2,598 Amortization of the Enron Gain (1,104) -- (4,416) -- Income tax provision 7,146 228 22,722 16,333 Cumulative effect of accounting change, net of tax -- -- -- 884 Extraordinary loss from early extinguishment of debt, net of tax -- -- 174 -- --------- --------- --------- --------- Adjusted EBITDA (Cash Flow) $ 29,927 $ 19,703 $ 102,930 $ 90,302
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA (CASH FLOW) (IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2002 2001 2002 2001 --------- --------- --------- --------- Cash provided by operating activities $ 35,007 $ 17,550 $ 91,509 $ 80,212 Non-cash derivative gain (loss) (63) (284) 1,239 (680) Other non-cash charges (434) (361) (3) (1,718) Loss on disposition of assets (1) (132) (254) (165) Changes in operating assets and liabilities (8,247) 1,539 3,279 4,043 Interest and other 4,364 1,274 12,215 5,995 Amortization of the Enron Gain (1,104) -- (4,416) -- Current income tax provision 405 117 (639) 2,615 --------- --------- --------- --------- Adjusted EBITDA (Cash Flow) $ 29,927 $ 19,703 $ 102,930 $ 90,302
RECONCILIATION OF NET INCOME TO NET INCOME BEFORE SPECIAL ITEMS (IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2002 2001 2002 2001 ------- ------- ------- ------- Net income $11,336 $ 372 $37,685 $16,179 Non-cash stock based compensation -- -- -- 9,587 Bad debt expense, net of taxes of $2,662 -- 4,343 -- 4,343 Impairment of oil and gas properties, net of taxes of $987 -- 1,611 -- 1,611 Cumulative effect of accounting change, net of tax -- -- -- 884 ------- ------- ------- ------- Net income before special items $11,336 $ 6,326 $37,685 $32,604