Houston Exploration Reports 2006 Results

Wednesday, February 28, 2007
The Houston Exploration Company reported full-year 2006 net income of $67.8 million, or $2.36 per diluted share. This compares with net income of $105.2 million, or $3.62 per diluted share, reported in 2005. Excluding certain items described below and in the attached schedules, the company's adjusted net income for 2006 was $93.0 million, or $3.24 per diluted share, versus $3.76 per diluted share in 2005 on a comparable basis. Cash from operations before changes in operating assets and liabilities totaled $372.1 million for the year compared to $469.6 million reported in 2005. For the fourth quarter 2006, the company reported a net loss of $19.4 million, or a loss of $0.69 per diluted share. This compares with net income of $19.8 million, or $0.68 per diluted share, in the fourth quarter 2005. Excluding certain items described below and in the attached schedules, the company's adjusted net income for the fourth quarter 2006 was $17.2 million, or $0.62 per diluted share, versus a loss of $0.38 per diluted share in the fourth quarter 2005. Cash from operations before changes in operating assets and liabilities totaled $68.8 million for the fourth quarter 2006 compared to $71.9 million during the prior year period. The comparability of the company's full-year and fourth quarter 2006 results to those of the prior year periods was impacted by the sale of substantially all of the company's Gulf of Mexico assets during the first half of 2006 and the production shut-ins and delays that occurred during the fourth quarter 2005 following the hurricanes in the Gulf of Mexico. Adjusted net income and cash from operations before changes in operating assets and liabilities are non-GAAP financial measures that are defined and reconciled to GAAP measures in the attached schedules.
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