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.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1167 sec (9 req/sec)