Excerpt from the earnings call transcript:
CEO said "2013 was the year of infrastructure, it was year of drilling wells that were essentially included in our 2012 2P reserves that Drew can talk about that is full assessed in 2012. And we recorded revenue of $44.5 million, up from $42.9 million last year. We recorded cash flow from operations of just over $34 million compared to $15.6 million last year and we reported net income of just over $5 million or $10.7 million before non-cash deduction for stock based compensation.
I did have an email request coming in from a shareholder requesting how much more stock option compensation we have on a go forward basis and just back to that question early on, I think there is about $2 million left in fiscal 2014 to be amortized.
Included in fiscal 2013 net income was a one-time impairment charge, the income statement is amounting to 13, just over $13 million related to CapEx costs out of sidewinder project. The background of this impairment charge relates to issues around timing of well casting and speed with which we had hope to drill sidewinder."
Full Transcript here
CEO said "2013 was the year of infrastructure, it was year of drilling wells that were essentially included in our 2012 2P reserves that Drew can talk about that is full assessed in 2012. And we recorded revenue of $44.5 million, up from $42.9 million last year. We recorded cash flow from operations of just over $34 million compared to $15.6 million last year and we reported net income of just over $5 million or $10.7 million before non-cash deduction for stock based compensation.
I did have an email request coming in from a shareholder requesting how much more stock option compensation we have on a go forward basis and just back to that question early on, I think there is about $2 million left in fiscal 2014 to be amortized.
Included in fiscal 2013 net income was a one-time impairment charge, the income statement is amounting to 13, just over $13 million related to CapEx costs out of sidewinder project. The background of this impairment charge relates to issues around timing of well casting and speed with which we had hope to drill sidewinder."
Full Transcript here
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