Revenues for the year ended
The decrease in the net income in 2007 compared to 2006 is primarily
attributable to: (i) an increase in net loss on derivative contracts of
The Company recorded a net derivative loss of
In 2007, revenues from oil and gas sales were
The number of outstanding shares was 2,717,691 at
The Company's financial statement information is summarized below: (In thousands, except for per share income) Three months ended Year Ended December 31 December 31 2007 2006 2007 2006 STATEMENT OF OPERATIONS Revenues $7,064 $1,197 $22,756 $5,562 Total expenses (9,142) (1,699) (21,183) (4,777) Net loss from discontinued operation ---- (916) ---- (2,727) Net income (loss) (5,196) 1,800 (6,411) 3,842 Earnings (loss) per common share - basic and diluted $(1.91) $0.67 $(2.36) $1.41 Weighted average shares issued and outstanding: Basic 2,717,691 2,717,691 2,717,691 2,717,691 Diluted 2,717,691 2,717,691 2,717,691 2,717,691 Year Ended December 31, 2007 2006 CASH FLOW DATA Net cash provided by (used in) operating activities $(662) 7,233 Net cash used in investing activities (63,656) (24,041) Net cash provided by financing activities 64,957 16,181 As of December 31, 2007 2006 BALANCE SHEET DATA Current assets $11,103 $28,313 Total Assets 110,708 62,073 Total Liabilities 85,237 27,329 Total Shareholders' Equity 25,471 34,744 FORWARD-LOOKING STATEMENTS
ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE "FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE- HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2007, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE.
SOURCE Isramco, Inc.