Endeavour Announces Record First Quarter Cash Flow
Endeavour International Corporation reported that discretionary cash flow in the first quarter of 2008 increased to US$36.3 million from US$34.4 million in the first quarter of 2007 and up sequentially from US$33.6 million in the fourth quarter. Revenue for the quarter increased 40% to US$61.3 million compared to US$42.8 million in first quarter last year and US$54.5 million in the fourth quarter of 2007. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased to US$42.6 million in the first quarter this year from US$37.2 million in the first quarter of 2007 and US$35.2 million in the fourth quarter of last year.
"The strength in production and commodity prices continued from late last year resulting in very strong financial performance for our company," said William L. Transier, chairman, chief executive officer and president. "The result was record discretionary cash flow for the company. Endeavour is now consistently showing the benefits of its balance between consistent operations, financial strength, quality acquisitions and exploration potential. The strong cash flow from this quarter and looking forward will fund our exploration and development programs and further debt reduction."
Without the effect of non-cash derivative transactions and currency impacts on deferred taxes, net loss for the quarter would have been US$2.0 million or US$0.02 per share. Included in the 2008 results is a US$4.3 million or US$0.03 per share non-recurring charge for early retirement of debt. This compares to net income of US$3.1 million or US$0.03 per share in the first quarter last year. On a GAAP basis, the company reported a net loss to common stockholders for the first quarter of 2008 of US$19.5 million or US$0.15 per share as compared to a net loss of US$6.0 million or US$0.05 per share for the year-ago quarter.
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