HOUSTON, Nov. 1, 2012 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) today reported
third quarter 2012 Adjusted EBITDA of $51.6
million compared to $2.4
million for the same quarter of 2011. On a GAAP basis, for
the third quarter of 2012 net loss was $33.7
million as compared to net loss of $63.3 million for the same quarter in 2011.
Production for the quarter ending September 30, 2012 was up 370% from the
comparable quarter in 2011, with U.K. crude oil accounting for 100%
of the increase. For the first nine months of 2012 compared to the
same period in 2011, sales volumes increased 215% from U.K. crude
production. For the third quarter 2012, entitlement production
averaged approximately 10,700 barrels of oil equivalent per day
("boepd") compared to actual sales volumes for the period of
approximately 11,000 boepd.
Business highlights include:
- North Sea:
- At Rochelle, the installation
of subsea pipelines and umbilicals has been completed ahead of
schedule
- The first of the two planned production wells was drilled to a
final casing point
- Awarded seven licenses covering ten exploration blocks in the
U.K.'s 27th Licensing Round around existing core areas
- U.S. Onshore:
- Closed an exchange with co-owner J-W Operating to obtain
operator status, control of upstream and midstream assets and an
additional 15,500 net acres in the Pennsylvania Marcellus
- U.S. net production averaged 12.9 million cubic feet of gas
equivalent per day (MMCFe/D) for the third quarter
- Finance:
- Completed an offering of an additional $54 million of 12% Senior Notes due 2018 for net
proceeds of $58 million
- Fully redeemed the $25.1 million
12% Senior Subordinated Notes due 2014
"The Company enjoyed significant progress in the third quarter
with strong increases in Brent priced crude oil production in the
U.K. North Sea. We are focused on and making great progress to
deliver first production at our Rochelle development," said William L. Transier, chairman, chief executive
officer and president. "For health and safety reason, drilling and
infrastructure implementation cannot occur in the same area
simultaneously. By making the difficult decision to suspend
drilling before final completion, we were able to keep our service
contractor on schedule to complete the necessary subsea
infrastructure. This decision preserves the option to achieve first
production at Rochelle in early
2013."
Operational Update
United Kingdom
The contracted rig at Rochelle,
the Diamond Ocean Nomad, completed the drilling on the first of two
planned development wells to the final casing point before moving
the rig off location to allow for the hook-up of the pipelines and
flow-lines to the subsea manifolds. Final drilling and completion
of this first development well will be done by the Transocean
Prospect which is scheduled to arrive in field in December. Due to
the change in the timing of completion of the first well, first
production at the field is now expected in January 2013 assuming the rig arrives as
scheduled. The Rochelle subsea
infrastructure installation has been substantially completed.
Endeavour is the operator of the Rochelle development project and holds a 44%
ownership interest in the Rochelle
development which is comprised of Blocks 15/26b, 15/26c and
15/27.
During the 27th Licensing Round, the U.K. government awarded the
Company seven new licenses, covering ten exploration blocks located
around existing core areas. All the licenses, which have a
traditional four year term, will be operated by the Company and
offer additional growth opportunities in the future. There are no
firm well obligations on any of the licenses and minimal upfront
capital commitments.
United States Onshore
Effective October 1, 2012
Endeavour completed an exchange of assets with co-owner J-W
Operating to trade the Company's Bull Bayou Haynesville and
Willow Springs Cotton Valley
projects for all of J-W's upstream and midstream Marcellus assets
in Pennsylvania. The transaction
adds 15,500 net acres to Endeavour's position in the Marcellus
bringing the total to 31,000 net acres and decreases the Company's
position in the Haynesville/Cotton
Valley by 2,100 net acres and approximately 3.2 MMCFe/d (530
boepd) of net production. Also in the Marcellus, Endeavour has
secured an off-take solution in the key Daniel area of Cameron County for up to an additional 10
mmcf/d of production with a local gatherer by year-end 2013. In
conjunction with the transaction, the Company currently has three
wells drilled and cased in the area waiting on completion with no
additional drilling requirements until 2014.
In the Heath Shale tight oil play, the Company has deferred
horizontal re-entries of its vertical pilot wells until 2013 while
it evaluates results from offset operators and operational
efficiencies. In Colorado, the
Company continues to acquire acreage for Upper Cretaceous targets
and has formed a 23,000 acre Federal unit, where it expects to
drill an initial test in 2013.
There is currently no drilling activity underway in the
Company's U.S. gas fields in the Louisiana, Haynesville or the Pennsylvania Marcellus. Net
daily production averaged 12.9 MMCFe/D for the third quarter and
15.5 MMCFe/D for the first nine months of 2012.
Finance
Operating expenses during the quarter included a non-recurring
expense of approximately $9.7 million
related to the initial purchase price value allocation of inventory
at Alba at the date of acquisition.
In October, Endeavour completed a $54
million addition to its 12% Senior Notes due 2018 at 109% of
principal amount, resulting in a yield of 9.4%. Proceeds of
$58 million were used to fully redeem
$25.1 million of the Company's 12%
Senior Subordinated Notes due 2014. The remaining proceeds will be
used to finance a portion of the construction, improvement and
other capital costs related to its U.S. and U.K oil and natural gas
properties. The redemption of the 12% Senior Subordinated Notes was
an important step in preparing for the syndicated bank revolver
Endeavour expects to put in place in 2013.
In addition, the Company increased the amount available to be
borrowed under the Revolving Credit Facility an additional
$25 million and drew down an
additional $15 million bringing the
outstanding balance to approximately $115
million.
Earnings Conference Call, Thursday,
November 1, 2012 at 9:00 a.m. Central
Daylight Time, 2:00 p.m.
British Time
Endeavour International will host a conference call and web cast
to discuss its 2012 third quarter financial and operating results
on Thursday, November 1, 2012 at
9 a.m. Central Daylight Time,
2 p.m. British Time. To participate
and ask questions during the conference call, dial the local
country telephone number and the confirmation code
2204201. The toll-free numbers are
888-677-8751 in the United
States and 0-808-101-1402 in the United Kingdom. Other international callers
should dial +1-913-312-0682(tolls
apply). To listen only to the live audio web cast access
Endeavour's home page at www.endeavourcorp.com. A replay will be
available beginning at 12:00 p.m. Central
Daylight Time on November 1,
2012 through 12:00 p.m. on
November 8, 2012 by dialing toll free
888-203-1112 (U.S.) or
+1-719-457-0820 (international),
confirmation code 2204201.
Endeavour International Corporation is an oil and gas
exploration and production company focused on the acquisition,
exploration and development of energy reserves in the North Sea and
the United States. For more
information, visit www.endeavourcorp.com.
Additional information for investors:
Certain statements in this news release should be regarded as
"forward-looking" statements within the meaning of the securities
laws. These statements speak only as of the date made. Such
statements are subject to assumptions, risk and uncertainty. Actual
results or events may vary materially.
The Securities and Exchange Commission (SEC) permits oil and
gas companies, in their filings with the SEC, to disclose not only
proved reserves, but also probable reserves and possible reserves
that meet the SEC's definitions for such terms, and price and cost
sensitivities for such reserves, and prohibits disclosure of
resources that do not constitute such reserves. We use may use
certain terms in our news releases, such as "reserve potential,"
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. These estimates are by their nature more
speculative than estimates of proved, probable and possible
reserves and accordingly are subject to substantially greater risk
of being actually realized. In addition, we do not represent that
the probable or possible reserves described herein meet the
recoverability thresholds established by the SEC in its new
definitions. Investors are urged to also consider closely the
disclosure in our filings with the SEC, available from our website
at www.endeavourcorp.com. Endeavour is also subject
to the requirements of the London Stock Exchange and considers the
disclosures in this release to be appropriate and/or required under
the guidelines of that exchange.
|
|
Endeavour
International Corporation
Condensed
Consolidated Balance Sheets
(Unaudited)
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
75,722
|
|
$
|
106,036
|
|
|
Restricted cash
|
|
178
|
|
|
-
|
|
|
Accounts receivable
|
|
16,131
|
|
|
8,649
|
|
|
Prepaid expenses and other
current assets
|
|
28,047
|
|
|
18,840
|
|
|
|
Total Current Assets
|
|
120,078
|
|
|
133,525
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment,
Net
|
|
836,369
|
|
|
549,196
|
|
Goodwill
|
|
258,973
|
|
|
211,886
|
|
Other Assets
|
|
51,417
|
|
|
30,384
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
1,266,837
|
|
$
|
924,991
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
84,744
|
|
$
|
62,275
|
|
|
Current maturities of
debt
|
|
12,500
|
|
|
12,350
|
|
|
Accrued expenses and
other
|
|
23,680
|
|
|
20,549
|
|
|
|
Total Current
Liabilities
|
|
120,924
|
|
|
95,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
812,926
|
|
|
455,028
|
|
Deferred Taxes
|
|
111,806
|
|
|
115,759
|
|
Other Liabilities
|
|
72,338
|
|
|
61,248
|
|
|
|
Total Liabilities
|
|
1,117,994
|
|
|
727,209
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Convertible Preferred
Stock
|
|
43,703
|
|
|
43,703
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
105,140
|
|
|
154,079
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,266,837
|
|
$
|
924,991
|
|
|
|
|
|
|
|
| |
Endeavour
International Corporation
Condensed
Consolidated Statement of Operations
(Unaudited)
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Revenues
|
$
|
83,275
|
|
$
|
10,302
|
|
$
|
121,444
|
|
$
|
43,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
23,973
|
|
|
3,496
|
|
|
34,613
|
|
|
14,888
|
|
|
Depreciation, depletion and
amortization
|
|
23,759
|
|
|
5,372
|
|
|
42,292
|
|
|
18,698
|
|
|
Impairment of U.S. oil and gas
properties
|
|
11,416
|
|
|
28,793
|
|
|
47,116
|
|
|
28,793
|
|
|
General and
administrative
|
|
5,026
|
|
|
4,863
|
|
|
15,379
|
|
|
14,525
|
|
|
Total Expenses
|
|
64,174
|
|
|
42,524
|
|
|
139,400
|
|
|
76,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From
Operations
|
|
19,101
|
|
|
(32,222)
|
|
|
(17,956)
|
|
|
(33,445)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains
(losses)
|
|
(1,204)
|
|
|
13,081
|
|
|
(2,178)
|
|
|
11,098
|
|
|
Interest expense
|
|
(18,053)
|
|
|
(12,253)
|
|
|
(63,016)
|
|
|
(32,607)
|
|
|
Loss on early extinguishment of
debt
|
|
-
|
|
|
-
|
|
|
(21,661)
|
|
|
(402)
|
|
|
Letter of credit fees
|
|
(9,378)
|
|
|
-
|
|
|
(12,442)
|
|
|
-
|
|
|
Other income
(expense)
|
|
(2,663)
|
|
|
611
|
|
|
(5,944)
|
|
|
826
|
|
Total Other Income
(Expense)
|
|
(31,298)
|
|
|
1,439
|
|
|
(105,241)
|
|
|
(21,085)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Before Income
Taxes
|
|
(12,197)
|
|
|
(30,783)
|
|
|
(123,197)
|
|
|
(54,530)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
|
21,505
|
|
|
32,507
|
|
|
(3,424)
|
|
|
31,820
|
|
Net Loss
|
|
(33,702)
|
|
|
(63,290)
|
|
|
(119,773)
|
|
|
(86,350)
|
|
Preferred Stock
Dividends
|
|
456
|
|
|
466
|
|
|
1,367
|
|
|
1,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss to Common
Stockholders
|
$
|
(34,158)
|
|
$
|
(63,756)
|
|
$
|
(121,140)
|
|
$
|
(87,868)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per Common
Share:
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
$
|
(0.73)
|
|
$
|
(1.63)
|
|
$
|
(2.94)
|
|
$
|
(2.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Common
Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
46,555
|
|
|
39,064
|
|
|
41,163
|
|
|
34,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Endeavour
International Corporation
Condensed
Consolidated Statement of Cash Flows
(Unaudited)
(Amounts in
thousands)
|
|
|
|
|
Nine Months
Ended September 30,
|
|
|
2012
|
|
|
2011
|
|
Cash Flows from Operating
Activities:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(119,773)
|
|
$
|
(86,350)
|
|
|
Adjustments to reconcile net
loss to net cash
|
|
|
|
|
|
|
|
|
provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization
|
|
42,292
|
|
|
18,698
|
|
|
|
Impairment of U.S. oil and gas
properties
|
|
47,116
|
|
|
28,793
|
|
|
|
Deferred tax expense
(benefit)
|
|
(15,849)
|
|
|
23,052
|
|
|
|
Unrealized (gains) losses on
derivatives
|
|
2,178
|
|
|
(11,098)
|
|
|
|
Amortization of non-cash
compensation
|
|
3,605
|
|
|
2,733
|
|
|
|
Amortization of loan costs and
discount
|
|
10,536
|
|
|
9,151
|
|
|
|
Non-cash interest
expense
|
|
7,077
|
|
|
9,306
|
|
|
|
Loss on early extinguishment of
debt
|
|
21,661
|
|
|
402
|
|
|
|
Other
|
|
9,692
|
|
|
1,839
|
|
|
|
Changes in operating assets and
liabilities
|
|
(7,191)
|
|
|
(25,145)
|
|
Net Cash Provided by (Used in)
Operating Activities
|
|
1,344
|
|
|
(28,619)
|
|
|
|
|
|
|
|
|
Cash Flows From Investing
Activities:
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(175,597)
|
|
|
(113,137)
|
|
|
Acquisitions
|
|
(228,437)
|
|
|
(22,898)
|
|
|
(Increase) decrease in
restricted cash
|
|
(178)
|
|
|
31,726
|
|
Net Cash Used in Investing
Activities
|
|
(404,212)
|
|
|
(104,309)
|
|
|
|
|
|
|
|
|
Cash Flows From Financing
Activities:
|
|
|
|
|
|
|
|
Repayments of
borrowings
|
|
(247,065)
|
|
|
(97,638)
|
|
|
Borrowings under debt
agreements, net of debt discount
|
|
595,000
|
|
|
210,000
|
|
|
Proceeds from issuance of common
stock
|
|
60,805
|
|
|
118,444
|
|
|
Dividends paid
|
|
(833)
|
|
|
(1,400)
|
|
|
Payments for early
extinguishment of debt
|
|
(7,248)
|
|
|
-
|
|
|
Financing costs paid
|
|
(28,109)
|
|
|
(11,226)
|
|
|
Other financing
|
|
4
|
|
|
511
|
|
Net Cash Provided by Financing
Activities
|
|
372,554
|
|
|
218,691
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash
and Cash Equivalents
|
|
(30,314)
|
|
|
85,763
|
|
Cash and Cash Equivalents,
Beginning of Period
|
|
106,036
|
|
|
99,267
|
|
|
|
Cash and Cash Equivalents, End
of Period
|
$
|
75,722
|
|
$
|
185,030
|
|
|
|
|
|
|
|
| |
Endeavour
International Corporation
Operating
Statistics
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2012
|
|
|
2011
|
|
2012
|
|
2011
|
|
Sales volume (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and condensate sales
(Mbbls):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
812
|
|
|
49
|
|
|
1,099
|
|
|
274
|
|
|
|
United States
|
|
1
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
|
Total
|
|
813
|
|
|
52
|
|
|
1,101
|
|
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas sales (MMcf):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
19
|
|
|
-
|
|
|
69
|
|
|
78
|
|
|
|
United States
|
|
1,182
|
|
|
1,329
|
|
|
4,234
|
|
|
3,305
|
|
|
|
Total
|
|
1,201
|
|
|
1,329
|
|
|
4,303
|
|
|
3,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil equivalent sales
(MBOE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
815
|
|
|
49
|
|
|
1,110
|
|
|
287
|
|
|
|
United States
|
|
198
|
|
|
225
|
|
|
708
|
|
|
556
|
|
|
|
Total
|
|
1,013
|
|
|
274
|
|
|
1,818
|
|
|
843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total BOE per day
|
|
11,006
|
|
|
2,972
|
|
|
6,635
|
|
|
3,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical production volume (BOE
per day) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
8,573
|
|
|
838
|
|
|
4,474
|
|
|
1,152
|
|
|
|
United States
|
|
2,151
|
|
|
2,436
|
|
|
2,585
|
|
|
2,036
|
|
|
|
Total
|
|
10,724
|
|
|
3,274
|
|
|
7,059
|
|
|
3,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Price, before and after
derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and condensate price ($ per
Bbl)
|
$
|
99.31
|
|
$
|
106.57
|
|
$
|
101.76
|
|
$
|
108.57
|
|
|
Gas price ($ per Mcf)
|
$
|
2.16
|
|
$
|
3.59
|
|
$
|
2.19
|
|
$
|
3.88
|
|
|
Equivalent oil price ($ per
BOE)
|
$
|
82.24
|
|
$
|
37.68
|
|
$
|
66.80
|
|
$
|
51.53
|
|
|
|
(1)
|
We record oil revenues using the
sales method, i.e. when delivery has occurred. Actual production
may differ based on the timing of tanker liftings. Physical
production may differ from sales volumes based on the timing of
tanker liftings for our international sales. We use the
entitlements method to account for sales of gas
production.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Endeavour
International Corporation
Reconciliation of GAAP to
Non-GAAP Measures
(Unaudited)
(Amounts in
thousands)
|
|
|
|
As required under Regulation G
of the Securities Exchange Act of 1934, provided below are
reconciliations of net income (loss) to the following non-GAAP
financial measures: net income, as adjusted and Adjusted EBITDA. We
use these non-GAAP measures as key metrics for our management and
to demonstrate our ability to internally fund capital expenditures
and service debt. The non-GAAP measures are useful in comparisons
of oil and gas exploration and production companies as they exclude
non-operating fluctuations in assets and liabilities.
|
|
|
|
|
|
(amounts in
thousands)
|
Third
Quarter
|
Nine Months
Ended
|
|
|
September
30,
|
September
30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Net loss
|
$
|
(33,702)
|
$
|
(63,290)
|
$
|
(119,773)
|
$
|
(86,350)
|
|
Impairment of U.S. oil and gas
properties (net of tax) (1)
|
|
11,416
|
|
28,793
|
|
47,116
|
|
28,793
|
|
Unrealized (gain) loss (net of
tax) (2)
|
|
265
|
|
(13,034)
|
|
58
|
|
(12,245)
|
|
Loss on early extinguishment of
debt (net of tax)(3)
|
|
-
|
|
-
|
|
17,762
|
|
402
|
|
Deferred tax expense related to
U.K. tax rate change
|
|
8,393
|
|
25,387
|
|
8,393
|
|
25,387
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss as
Adjusted
|
$
|
(13,628)
|
$
|
(22,144)
|
$
|
(46,444)
|
$
|
(44,013)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(33,702)
|
$
|
(63,290)
|
$
|
(119,773)
|
$
|
(86,350)
|
|
Unrealized loss on
derivatives
|
|
1,204
|
|
(13,081)
|
|
2,178
|
|
(11,098)
|
|
Net interest expense
|
|
18,005
|
|
12,084
|
|
62,789
|
|
31,832
|
|
Letter of credit fees
|
|
9,378
|
|
-
|
|
12,442
|
|
-
|
|
Loss on early extinguishment of
debt
|
|
-
|
|
-
|
|
21,661
|
|
402
|
|
Depreciation, depletion and
amortization
|
|
23,759
|
|
5,372
|
|
42,292
|
|
18,698
|
|
Impairment of U.S. oil and gas
properties
|
|
11,416
|
|
28,793
|
|
47,116
|
|
28,793
|
|
Income tax expense
(benefit)
|
|
21,505
|
|
32,507
|
|
(3,424)
|
|
31,820
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(4)
|
$
|
51.565
|
$
|
2,385
|
$
|
65,281
|
$
|
14,097
|
|
|
|
(1) Since the impairments
related to U.S. oil and gas properties, we recognized no tax
benefits as there was no assurance that we could generate any U.S.
taxable earnings.
|
|
(2) Net of tax (benefit) expense
of $939 and $(47) and $2,120 and $1,147, respectively.
|
|
(3) Net of tax benefit of $3,899
for the nine months ended September 30, 2012.
|
|
(4) Includes operating expenses
of approximately $9.7 million for the third quarter of 2012 and
nine months ended September 30, 2012 related to the initial
purchase price value allocation of inventory at Alba at acquisition
date.
|
|
|
|
|
|
|
|
|
|
|
| |