Quicksilver Resources Inc. reported record net income for the fourth quarter of 2007 of $396.1 million ($2.35 per diluted share), including $366.8 million ($2.17 per diluted share) associated with the divestiture of the company's Northeast Operations. The company's comparative fourth-quarter 2006 net income was $19.7 million ($.12 per diluted share). Full year 2007 net income was a record $479.4 million ($2.86 per diluted share), as compared to full-year 2006 net income of $93.7 million ($.58 per diluted share). Per share data reflects the two-for-one stock split effected in the form of a stock dividend on January 31, 2008.
Adjusted net income, a non-GAAP measure that excludes items associated with the divestment of the company's Northeast Operations, was $29.3 million ($.18 per diluted share) for the fourth quarter of 2007, up approximately 49% as compared to $19.7 million ($.12 per diluted share) in the prior-year quarter. The Northeast Operations included all of the company's properties and assets in Michigan, Indiana and Kentucky. Net cash from operating activities for the year ended December 31, 2007 was a record $319.1 million, an increase of nearly 32% from $242.2 million generated in the same period of 2006, as presented in the attached Condensed Consolidated Statements of Cash Flows.
"Even while completing two major transactions, we stayed focused on efficiently executing our development program. This has positioned Quicksilver as an even higher growth company with one of the lowest cost structures in the industry," said Glenn Darden, Quicksilver president and chief executive officer. "The divestment of our Northeast Operations and the initial public offering of our Fort Worth Basin midstream business have highlighted the value of these previously under-appreciated assets. Net proceeds from these transactions have significantly strengthened our capital structure and provided added flexibility for the company to continue to invest in the development of our high-return Fort Worth Basin Barnett Shale properties. We are off to a great start in 2008 and remain on track to achieve new records in 2008 for both production and reserves."
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