PostRock Energy Corporation (Nasdaq:PSTR) today
announced its results for the year ended December 31, 2012. The
Company identified the following as key factors that impacted 2012
results:
- Realized gas prices, excluding hedges, declined nearly 33%
year-over-year to $2.68 per Mcf
- Drilled 15 new oil wells and completed 97 oil recompletions in
the Cherokee Basin
- Oil production increased 23% year-over-year and 37%
quarter-over-quarter
- Proved oil reserves increased 151% to 2.7 million barrels and
represent 19% of total proved reserves based on a traditional 6:1
conversion ratio
- General and administrative and operating costs collectively
decreased 10% year-over-year and 3% quarter-over-quarter
- Sold the KPC pipeline in September 2012 for $53.4 million
- Secured a new $200 million four-year revolving credit
facility
- Reduced debt $135.5 million, or 70.2%
- Resolved the last remaining material liability associated with
the predecessor entities
2012 Results
Natural gas revenue fell 39.7% from the prior year to $43.9
million. The decline was caused by a 32.7% drop in realized gas
prices to $2.68 per Mcf and a 10.5% decline in gas production to an
average of 44.8 MMcf per day. The decline in gas production
resulted from suspended gas development during the low gas price
environment in 2012 as well as the natural decline of our existing
wells. Beginning in early 2012, all development efforts were
directed towards oil projects. Oil revenue increased 22.1% from the
prior year to $8.6 million. The increase was driven by a 22.8%
increase in production to an average of 262 Bbls per day.
Production in December averaged 299 Bbls per day, or a 72.5%
increase from January. Gathering revenue fell by 53.3% to $2.4
million. The majority of the decline resulted from the impact of
the royalty settlement; however, 18% resulted from the Company's
production decline coupled with reduced third party volumes and
lower prices.
Realized hedging gains increased to $73.2 million. The increase
was primarily due to the monetization of our 2013 NYMEX gas swap
contracts in conjunction with the decline in natural gas
prices.
Production costs, consisting of lease operating expenses,
gathering costs and production taxes, totaled $42.2 million, a
10.4% decrease from the prior year. Production costs in 2012
included a $368,000 charge related to our field reorganization in
March. Excluding this charge, production expense was 11.2% lower
than the prior year. The decrease was primarily a result of field
optimization projects. Labor costs decreased $2.0 million, vehicle
and equipment costs decreased $1.7 million and repair and
maintenance costs decreased $1.0 million. In addition, the Company
saw a $2.7 million reduction in production taxes driven by the
decline in pricing and production. These reductions were partially
offset by a decline of $2.1 million in capitalized costs. Excluding
the field reorganization charge, production costs were $2.47 an
Mcfe, down from $2.51 an Mcfe from the prior year.
General and administrative expenses totaled $14.8 million, a
7.4% decrease from the prior year. During 2011, a $757,000 charge
was recorded for the closure of our Houston office. During 2012, a
$503,000 severance charge was recorded for the restructuring of our
Oklahoma City office. Excluding these charges, general and
administrative expenses were $941,000, or 6.2%, lower than the
prior year. The decrease was due primarily to reduced wages and
benefits of $1.2 million and lower legal, accounting and audit fees
of approximately $1.1 million. The reductions were partially offset
by higher non-cash compensation expense of $837,000 and cash
bonuses of $751,000. Non-cash compensation was higher as a result
of the forfeiture of unvested grants in the prior-year period
coupled with new award grants in the current year. The increase in
cash bonuses was primarily due to the growth in oil production and
reserves, benchmarked against various other year-end performance
metrics.
Each quarter PostRock is required to assess the recoverability
of the carrying value of its oil and gas properties against their
present value utilizing a first-of-the-month twelve-month average
price for oil and natural gas. In the third quarter, a $4.3 million
impairment was recognized on the Company's oil and gas properties.
This impairment was driven by a decrease in third quarter gas
prices compared to the prior-year period. An additional $1.6
million impairment was recognized in the fourth quarter as natural
gas prices were once again below prices from the year-ago period.
The fourth quarter impairment brings the total impairment
recognized in 2012 to $5.9 million.
Due to declines in the market price of Constellation Energy
Partners in 2012, a mark-to-market loss of $5.2 million was
recorded.
Fourth Quarter Results
Natural gas revenue fell 18.5% from the prior-year period to
$12.8 million. The decline was caused by a 6.5% drop in realized
gas prices to $3.26 per Mcf and a 12.8% decline in gas production
to an average of 42.8 MMcf per day. Oil revenue increased 31.0%
from the prior-year period to $2.4 million. The increase was caused
by a 37.4% increase in production to an average of 305 Bbls per
day. Gathering revenue fell by 35.4% to $625,000. Most of the
decline resulted from the royalty settlement, however, 32% resulted
from the Company's production decline coupled with reduced third
party volumes and lower prices.
Realized hedging gains increased to $39.8 million. The increase
was primarily the result of the monetization of our 2013 NYMEX gas
swap contracts which generated proceeds of $30.2 million.
Production costs totaled $10.1 million, an 11.8% decrease from
the prior-year period. Labor costs decreased $440,000, vehicle and
equipment costs decreased $207,000 and repair and maintenance costs
decreased $451,000. In addition, the Company saw a $404,000
reduction in production taxes driven by the decline in pricing and
production. These reductions were partly offset by an increase in
various other expenses of $147,000. In total, production costs were
$2.46 an Mcfe compared to $2.47 an Mcfe from the prior-year
period.
General and administrative expenses totaled $3.5 million, a
33.1% increase from the prior-year period. The increase was due
primarily to a $511,000 increase in non-cash compensation and a
$1.0 million increase in cash bonuses. Non-cash compensation was
higher as a result of the forfeiture of unvested stock grants in
the prior-year quarter coupled with new award grants in the current
year. The increase in cash bonuses was primarily due to the growth
in oil production and reserves, benchmarked against various other
year-end performance metrics. Partially offsetting the increase
were lower wages and benefits of $309,000 and lower licensing fees
of $182,000 related to the sale of KPC.
Due to the decline in the unit price of Constellation Energy
Partners during the fourth quarter, a mark-to-market loss of
$596,000 was recorded.
Hedges
In November, PostRock monetized all of its 2013 NYMEX gas swaps
for proceeds of $30.2 million and used them to reduce debt.
Simultaneously, the Company entered into new NYMEX gas swaps for
2013 through 2016. In February 2013, PostRock entered into
additional NYMEX gas and oil swaps for 2013 through 2016. When
combined with the Company's existing swaps, an average of 24 MMcf a
day and 231 Bbls a day is hedged in 2013 at weighted average prices
of $4.01 per Mcf and $100.65 per Bbl, respectively. Additionally,
because the Company sells its gas at Southern Star index pricing,
it has hedged its basis against NYMEX. These Southern Star Basis
swaps cover 25 MMcf a day for 2013 at a weighted average price of
($0.71) per Mcf. The following table summarizes the Company's
positions at December 31, 2012 after giving effect to the new swap
contracts.
|
|
|
|
2013 |
2014 |
2015 |
2016 |
Natural Gas
Hedges |
|
|
|
|
|
|
NYMEX Gas
Swaps |
|
|
|
|
|
|
Volume (MMBtu) |
|
|
8,711,033 |
10,327,566 |
8,983,563 |
7,814,034 |
Weighted Average
Price (MMBtu) |
|
$ 4.01 |
$ 4.01 |
$ 4.01 |
$ 4.01 |
Southern Star Basis
Swaps |
|
|
|
|
|
Volume (MMBtu) |
|
|
9,000,003 |
-- |
-- |
-- |
Weighted Average
Price (MMBtu) |
|
$ (0.71) |
$ -- |
$ -- |
$ -- |
|
|
|
|
|
|
|
|
Oil Hedges |
|
|
|
|
|
|
|
NYMEX Oil
Swaps |
|
|
|
|
|
|
Volume (Bbls) |
|
|
84,442 |
79,548 |
71,568 |
65,568 |
Weighted Average
Price (Bbl) |
|
$ 100.65 |
$ 96.28 |
$ 92.73 |
$ 90.33 |
Debt
At December 31, 2012 PostRock had $57.5 million utilized under
its revolving credit facility, a decrease of $135.5 million from
the prior year and a $45.4 million decrease from the third quarter
of 2012. The reduction during the fourth quarter was funded with
proceeds from the monetization of the NYMEX gas swaps and a $13
million investment by White Deer Energy in December. At March 1,
2013 PostRock had $63.5 million utilized on its revolving credit
facility, an increase of $6.0 million from year-end. The
increase was primarily due to the $4.5 million royalty settlement
and $1.1 million in property tax payments which were made in
December and funded in early 2013.
At December 31, 2012 PostRock elected to pay in-kind the
quarterly dividend to White Deer which increased the liquidation
value of Series A Preferred Stock outstanding by $2.5 million to
$91.3 million. White Deer also received 1.7 million additional
warrants with a weighted average strike price of $1.47 a share. In
total, White Deer holds 34.3 million warrants exercisable at an
average price of $2.66 a share and 9.8 million common shares.
|
December
31, |
|
2011 |
2012 |
|
(in
thousands) |
|
|
|
Cash and equivalents |
$ 349 |
$ 525 |
|
|
|
Long-term debt
(including current maturities) |
|
Borrowing base facility |
$ 190,000 |
$ 57,500 |
Secured pipeline loan |
3,000 |
-- |
Total |
$ 193,000 |
$ 57,500 |
|
|
|
Redeemable preferred stock |
$ 56,736 |
$ 73,152 |
Stockholders' equity (deficit) |
7,810 |
(21,008) |
Total capitalization |
$ 257,546 |
$ 109,644 |
Significant Events
On December 20, 2012 White Deer invested an additional $13
million in PostRock equity, comprised of 50% common and 50%
preferred stock. In the transaction, White Deer acquired 4,577,464
shares of common stock at a price of $1.42 per share, $6.5 million
of 12% cumulative redeemable preferred stock and 4,577,464 warrants
to purchase common stock at a price of $1.42 a share. Proceeds from
the investment were used to reduce debt and provide working
capital.
Also on December 20, 2012, the Company secured a new, four-year
revolving credit facility (the "Facility"). The Facility was
structured as an amendment to the existing facility to minimize
costs. The Facility's initial borrowing base was set at $90 million
and will be redetermined on May 1, 2013. In the future, if the
value of the Company's oil and gas properties justifies it, the
borrowing base could be increased up to $200 million. With $57.5
million in borrowings, availability at year-end was $32.5 million
under the Facility.
Capital Expenditures
During the fourth quarter, capital expenditures totaled $4.8
million. This included $4.0 million spent on oil directed drilling
and recompletions, with the remainder spent on vehicle and
equipment replacement, compressor optimization, information
technology and other maintenance projects.
2012 expenditures totaled $17.5 million. This included $10.3
million spent on oil directed drilling and recompletions, $2.1
million on vehicle and equipment replacement, $1.2 million to
connect two sections of the gathering system, $3.0 million to
complete facility, compressor optimization, IT and other projects,
$638,000 on the KPC pipeline and $219,000 to extend leases.
Reserves
Proved reserves decreased 31.1% to 85.8 Bcfe at year-end 2012.
Gas reserves declined 48.6 Bcf, or 40%. Of this amount, 16.4 Bcf
was related to 2012 production, 34.7 Bcf was the result of a 33%
decline in SEC pricing and 4.7 Bcf was due to revisions of previous
estimates. These reductions were partially offset by a 7.2 Bcf
increase in gas reserves due to improved operating costs. Oil
reserves increased 1.6 million Bbls, or 151%. Of this amount, 1.7
million Bbls were the result of additions to the reserve base and
positive revisions to previous estimates. This increase was offset
by 95,863 Bbls produced in 2012 and other minor downward revisions.
At year-end 2012, approximately 93.8% of the Company's reserves
were classified as proved developed.
|
|
|
|
Gas (Mcf) |
Oil (Bbls) |
Total Mcfe (6:1) |
Balance, December 31,
2011 |
|
118,220,188 |
1,073,921 |
124,663,714 |
2012 Production |
|
|
(16,388,878) |
(95,863) |
(16,964,056) |
Revisions/Additions to Previous
Estimates |
(4,668,315) |
1,758,002 |
5,879,697 |
Changes to Operating Costs |
|
7,223,064 |
(43,661) |
6,961,098 |
Changes in Commodity
Price |
|
(34,724,786) |
(831) |
(34,729,772) |
Balance, December 31,
2012 |
|
69,661,273 |
2,691,568 |
85,810,681 |
Management Comment
Terry W. Carter, PostRock's President and Chief Executive
Officer, said, "2012 was an eventful and transitional year for
PostRock. As gas prices declined in early 2012, we quickly
refocused our efforts on developing oil projects on our existing
leasehold. The results of this development have been very
encouraging with over 23% year-over-year oil production growth.
Year-to-date our production has averaged 333 Bbls per day, which
represents a 71% increase over the prior-year period. Additionally,
the work we performed in 2012 resulted in over a 150% increase to
our oil reserves. While total proved reserves declined 31% to 85.8
Bcfe on a traditional 6:1 equivalency basis, reserves on a 25:1
price equivalency were 137 Bcfe. As natural gas prices remain at
levels unprofitable for new development, we will continue to
develop and add to our multi-year inventory of high return oil
projects in the Cherokee Basin and central Oklahoma.
"One of our most significant achievements over the year was
reducing debt by $135.5 million. This was accomplished through a
combination of investments from our private equity sponsor, White
Deer Energy, selling the KPC pipeline for $53.4 million, monetizing
2013 hedges and cash from operations. This debt reduction set the
stage for the Company to close on a new four-year revolving credit
facility with Citibank in December. This new facility, combined
with the final royalty settlement payment made at the end of 2012,
essentially eliminated the last liabilities associated with our
predecessor entities. With the past behind us, we have begun 2013
entirely focused on creating shareholder value as a renewed,
pure-play oil and gas company."
Webcast and Conference Call
PostRock will host its quarterly webcast and conference call
tomorrow, Thursday, March 7, 2013, at 10:00 a.m. Central Time. The
live webcast will be accessible on the 'Investors' page at
www.pstr.com, where it will also be available for replay. The
conference call number for participation is (866) 516-1003.
PostRock Energy Corporation is engaged in the acquisition,
development and production of oil and natural gas, primarily in the
Cherokee Basin of Kansas and Oklahoma. The Company owns and
operates over 3,000 wells and nearly 2,200 miles of gas gathering
lines in the Basin. It also owns and operates oil producing
properties in central Oklahoma and oil and gas producing properties
in Appalachian.
The PostRock Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7221
Forward-Looking Statements
Opinions, forecasts, projections or statements, other than
statements of historical fact, are forward-looking statements that
involve risks and uncertainties. Forward-looking statements in this
announcement are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Actual results may
differ materially due to a variety of factors, some of which may
not be foreseen by PostRock. These risks and other risks are
detailed in the Company's filings with the Securities and Exchange
Commission, including risk factors listed in the Company's Annual
Report on Form 10-K and other filings with the SEC. The Company's
filings with the SEC may be found at www.pstr.com or www.sec.gov.
By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release.
Reconciliation of Non-GAAP Financial
Measures
The following table represents a reconciliation of net income
(loss) to EBITDA and adjusted EBITDA, as defined, for the periods
presented.
|
Three Months
Ended December 31, |
Year to Date
Ended December 31, |
|
2011 |
2012 |
2011 |
2012 |
|
(in
thousands) |
|
|
|
|
|
|
|
Net income (loss) from continuing
operations |
$ 8,664 |
$ (11,386) |
$ 19,387 |
$ (44,717) |
Adjusted for: |
|
|
|
|
Income taxes |
-- |
-- |
-- |
-- |
Interest expense, net |
2,677 |
2,617 |
10,151 |
10,452 |
Depreciation, depletion, and
amortization |
6,308 |
7,246 |
24,088 |
27,669 |
EBITDA |
$ 17,649 |
$ (1,523) |
$ 53,626 |
$ (6,596) |
Other income, net |
(14) |
(31) |
(207) |
(111) |
Loss on equity investment |
3,748 |
596 |
4,607 |
5,174 |
Unrealized (gain) loss from
derivative financial instruments |
(8,208) |
41,348 |
(1,737) |
66,708 |
Impairment of oil and gas
properties |
-- |
1,610 |
-- |
5,919 |
Gain on forgiveness of
debt |
-- |
-- |
(1,647) |
(255) |
(Gain) loss on disposal of
assets |
1,829 |
69 |
(10,557) |
295 |
Litigation reserve |
-- |
-- |
11,592 |
-- |
Office Closure Costs |
-- |
-- |
757 |
-- |
Stock-based compensation |
74 |
670 |
1,258 |
2,224 |
Adjusted EBITDA |
$ 15,078 |
$ 42,739 |
$ 57,692 |
$ 73,358 |
Although adjusted EBITDA is not a measure of performance
calculated in accordance with generally accepted accounting
principles, or GAAP, management considers it an important measure
of performance. Adjusted EBITDA is not a substitute for the GAAP
measures of earnings or cash flow and is not necessarily a measure
of the Company's ability to fund its cash needs. In addition, it
should be noted that companies calculate adjusted EBITDA
differently, and therefore adjusted EBITDA as presented herein may
not be comparable to adjusted EBITDA reported by other companies.
Adjusted EBITDA has material limitations as a performance measure
because it excludes, among other things, (a) interest expense,
which is a necessary element of business to the extent that an
entity incurs debt, (b) depreciation, depletion and amortization,
which are necessary elements of any business that uses capital
assets, (c) impairments of oil and gas properties, which may at
times be a material element of an independent oil company's
business, and (d) income taxes, which may become a material element
of the Company's operations in the future. Because of its
limitations, adjusted EBITDA should not be considered a measure of
discretionary cash available to us to invest in the growth of
PostRock's business.
POSTROCK
ENERGY CORPORATION |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Year to Date
Ended December 31, |
|
2011 |
2012 |
2011 |
2012 |
Revenue |
|
|
|
|
Natural gas sales |
$ 15,760 |
$ 12,842 |
$ 72,812 |
$ 43,911 |
Crude oil sales |
1,822 |
2,386 |
7,075 |
8,640 |
Gathering |
967 |
625 |
5,239 |
2,444 |
Total |
18,549 |
15,853 |
85,126 |
54,995 |
Costs and expenses |
|
|
|
|
Production expense |
11,451 |
10,096 |
47,136 |
42,213 |
General and administrative |
2,615 |
3,481 |
16,005 |
14,810 |
Litigation reserve |
-- |
-- |
11,592 |
-- |
Depreciation, depletion and
amortization |
6,308 |
7,246 |
24,088 |
27,669 |
Impairment of oil and gas
properties |
-- |
1,610 |
-- |
5,919 |
Loss (gain) on disposal of
assets |
1,829 |
69 |
(10,557) |
295 |
Total |
22,203 |
22,502 |
88,264 |
90,906 |
|
|
|
|
|
Operating loss |
(3,654) |
(6,649) |
(3,138) |
(35,911) |
|
|
|
|
|
Other income (expense) |
|
|
|
|
Realized gain from derivative
financial instruments |
10,521 |
39,793 |
33,692 |
73,162 |
Unrealized gain (loss) from
derivative financial instruments |
8,208 |
(41,348) |
1,737 |
(66,708) |
Loss on equity
investment |
(3,748) |
(596) |
(4,607) |
(5,174) |
Gain on forgiveness of
debt |
-- |
-- |
1,647 |
255 |
Other income, net |
14 |
31 |
207 |
111 |
Interest expense,
net |
(2,677) |
(2,617) |
(10,151) |
(10,452) |
Total |
12,318 |
(4,737) |
22,525 |
(8,806) |
Income (loss) from continuing operations
before income taxes |
8,664 |
(11,386) |
19,387 |
(44,717) |
Income taxes |
-- |
-- |
-- |
-- |
Income (loss) from continuing operations |
8,664 |
(11,386) |
19,387 |
(44,717) |
Income (loss) from discontinued
operations |
689 |
149 |
643 |
(2,855) |
Net income (loss) |
9,353 |
(11,237) |
20,030 |
(47,572) |
Preferred stock dividends |
(2,032) |
(2,494) |
(7,779) |
(9,083) |
Accretion of redeemable
preferred stock |
(439) |
(698) |
(1,580) |
(2,238) |
Net income (loss) available to common
stock |
$ 6,882 |
$ (14,429) |
$ 10,671 |
$ (58,893) |
Income (loss) per common
share |
|
|
|
|
Basic income (loss) per share -
continuing operations |
$ 0.65 |
$ (0.90) |
$ 1.14 |
$ (4.12) |
Basic income (loss) per share -
discontinued operations |
0.07 |
0.01 |
0.07 |
(0.21) |
Basic income (loss) per
share |
$ 0.72 |
$ (0.89) |
$ 1.21 |
$ (4.33) |
|
|
|
|
|
Diluted income (loss) per share
- continuing operations |
$ 0.62 |
$ (0.90) |
$ 0.67 |
$ (4.12) |
Diluted income (loss) per share
- discontinued operations |
0.07 |
0.01 |
0.04 |
(0.21) |
Diluted income (loss) per
share |
$ 0.69 |
$ (0.89) |
$ 0.71 |
$ (4.33) |
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
Basic |
9,550 |
16,258 |
8,786 |
13,596 |
Diluted |
10,018 |
16,258 |
15,050 |
13,596 |
|
POSTROCK ENERGY
CORPORATION |
CONSOLIDATED BALANCE
SHEETS |
(in
thousands) |
|
December
31, |
|
2011 |
2012 |
ASSETS |
Current assets |
|
|
Cash and equivalents |
$ 349 |
$ 525 |
Restricted cash |
-- |
1,500 |
Accounts receivable - trade,
net |
7,785 |
7,207 |
Other receivables |
1,164 |
180 |
Inventory |
1,681 |
990 |
Other |
7,455 |
2,100 |
Derivative financial
instruments |
42,803 |
1,771 |
Assets of discontinued
operations |
1,585 |
-- |
Total |
62,822 |
14,273 |
Oil and gas properties, full cost,
net |
124,068 |
107,531 |
Other property and equipment, net |
14,465 |
14,244 |
Equity investment |
12,994 |
7,820 |
Other, net |
2,812 |
2,180 |
Derivative financial instruments |
29,516 |
615 |
Assets of discontinued operations |
60,034 |
-- |
Total assets |
$ 306,711 |
$ 146,663 |
|
|
|
LIABILITIES AND EQUITY
(DEFICIT) |
Current liabilities |
|
|
Accounts payable |
$ 5,723 |
$ 9,373 |
Revenue payable |
4,972 |
4,447 |
Accrued expenses and other |
8,327 |
4,928 |
Litigation reserve |
3,081 |
-- |
Current portion of long-term
debt |
3,000 |
-- |
Derivative financial
instruments |
5,223 |
4,449 |
Liabilities of discontinued
operations |
936 |
-- |
Total |
31,262 |
23,197 |
Derivative financial instruments |
4,611 |
2,638 |
Long-term debt |
190,000 |
57,500 |
Asset retirement obligations |
10,087 |
10,868 |
Other |
4,559 |
316 |
Liabilities of discontinued operations |
1,646 |
-- |
Total liabilities |
242,165 |
94,519 |
|
|
|
Commitments and contingencies |
|
|
Series A cumulative redeemable preferred
stock |
56,736 |
73,152 |
|
|
|
Stockholders' equity |
|
|
Preferred stock |
2 |
3 |
Common stock |
99 |
213 |
Additional paid-in
capital |
378,093 |
396,732 |
Accumulated deficit |
(370,384) |
(417,956) |
Total equity (deficit) |
7,810 |
(21,008) |
Total liabilities and equity (deficit) |
$ 306,711 |
$ 146,663 |
POSTROCK ENERGY
CORPORATION |
CONSOLIDATED STATEMENTS
OF CASH FLOWS |
(in
thousands) |
|
|
|
|
Year to Date
Ended December 31, |
|
2011 |
2012 |
Cash flows from operating
activities |
|
|
Net income
(loss) |
$ 20,030 |
$ (47,572) |
Adjustments to reconcile
net income (loss) to net cash from operations |
|
|
Depreciation, depletion
and amortization |
27,662 |
30,206 |
Stock-based
compensation |
1,258 |
2,224 |
Impairment of oil and gas
properties |
-- |
5,919 |
Amortization of deferred
loan costs |
1,709 |
2,820 |
Change in fair value of
derivative financial instruments |
(1,737) |
67,186 |
Litigation
reserve |
6,042 |
-- |
Loss (gain) on disposal
of assets |
(10,560) |
5,735 |
Gain on forgiveness of
debt |
(1,647) |
(255) |
Loss from equity
investment |
4,607 |
5,174 |
Other non-cash
changes |
618 |
409 |
Change in assets and
liabilities |
|
|
Accounts
receivable |
2,696 |
1,519 |
Other current
assets |
(1,281) |
5,020 |
Other assets |
(649) |
33 |
Accounts
payable |
(2,521) |
2,453 |
Accrued
expenses |
(3,502) |
(11,701) |
Other |
(17) |
(51) |
Net cash flows from operating
activities |
42,708 |
69,119 |
|
|
|
Cash flows from investing
activities |
|
|
Restricted
cash |
28 |
(1,500) |
Proceeds from sale of
equity securities |
1,634 |
-- |
Equity
investment |
(12,883) |
-- |
Proceeds from sale of
assets |
12,723 |
53,893 |
Equipment, development,
leasehold and pipeline |
(29,338) |
(16,759) |
Net cash flows from (used in) investing
activities |
(27,836) |
35,634 |
|
|
|
Cash flows from financing
activities |
|
|
Proceeds from issuance of
preferred stock and warrants |
-- |
12,500 |
Proceeds from
debt |
3,000 |
57,500 |
Repayments of
debt |
(18,319) |
(193,000) |
Proceeds from issuance of
common stock |
-- |
20,724 |
Proceeds from stock
option exercise |
66 |
-- |
Debt and equity financing
costs |
-- |
(2,301) |
Net cash flows used in financing
activities |
(15,253) |
(104,577) |
Net increase (decrease) in cash and
equivalents |
(381) |
176 |
Cash and equivalents - beginning of
period |
730 |
349 |
Cash and equivalents - end of
period |
$ 349 |
$ 525 |
CONTACT: North Whipple
Director, Finance & Investor Relations
nwhipple@pstr.com
(405) 702-7423
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