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WisdomTree Trust WidsomTree Middle East Reports Operating Results (10-Q)

May 12, 2011 | About:
10qk

10qk

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WisdomTree Trust WidsomTree Middle East (GULF) filed Quarterly Report for the period ended 2011-03-31.

Wisdomtree Middle East Dividend Fund has a market cap of $2.2 million; its shares were traded at around $16.52 .

Highlight of Business Operations:

Natural gas, crude oil and natural gas liquids prices are reported net of the realized effects of our hedging agreements. We realized gains of $2.7 million on our natural gas hedges and losses of $0.9 million on our crude oil and natural gas liquids hedges in the first quarter of 2011, compared to realized gains of $3.6 million for natural gas hedges and $0.4 million for crude oil hedges in the first quarter of 2010.

Depreciation, Depletion and Amortization (“DD&A”). DD&A expense for the first quarter of 2011 was $13.5 million compared to $10.4 million for the first quarter of 2010, an increase due to higher production, offset in part by a lower DD&A rate.

General and Administrative (“G&A”) Expenses. Total G&A expenses were $4.3 million for the first quarter of 2011 compared to $4.9 million for the first quarter of 2010, a decrease of $0.6 million due to lower legal and other professional fees. Included in G&A expense is a non-cash stock expense of $0.5 million and $0.5 million in the first quarters 2011 and 2010, respectively.

Interest Expense. Interest expense was $6.7 million for the first quarter of 2011 compared to $5.4 million for the first quarter of 2010. Total interest expense increased primarily due to the increase in the overall rate on our second lien credit agreement in December 2010. Interest expense capitalized for the first quarters of 2011 and 2010 was approximately $60,000 and zero, respectively.

Income Taxes. Our net loss before taxes was $13.1 million for the first quarter of 2011 compared to net income before taxes of $0.6 million in the first quarter of 2010. After adjusting for permanent tax differences, we recorded an income tax benefit of $4.6 million for the first quarter of 2011, compared to income tax expense of $0.3 million for the first quarter of 2010.

Our working capital deficit was $37.7 million as of March 31, 2011, compared to a working capital deficit of $19.8 million as of December 31, 2010. The following table provides the components and changes in working capital as of March 31, 2011 and December 31, 2010.

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