Total revenue for the full year of 2004 was $3.8 million, up 65% from revenues of $2.3 million for the full year of 2003. Fiscal 2004 had a net loss of $12.6 million, or $0.41 per share. This compares to a net loss of $4.7 million, or $0.24 per share, before the cumulative effect of a change in accounting principle, for fiscal 2003.
Included in the 2004 full year results was a $5.8 million non-cash stock compensation charge. During the second quarter of 2004, two of the Company's officers exercised options to acquire a total of approximately 660,000 shares of FX Energy common stock, at an exercise price of $3.00 per share, by canceling options to purchase approximately 340,000 shares and applying the option equity to pay the exercise price on the options exercised. The ten year options were due to expire on June 9, 2004. In connection with this cashless exercise, the Company recorded a stock compensation charge in the amount of approximately $5.8 million in the second quarter, which is equal to the difference between the exercise price and fair value of the options on the date of exercise, and a corresponding increase in additional paid in capital. This non-cash transaction had no impact on the Company's working capital, cash flows or stockholders' equity.
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