Endeavour International Corp. (END, Financial) filed Quarterly Report for the period ended 2012-06-30.
Endeavour International Corporation has a market cap of $400.3 million; its shares were traded at around $8.51 with and P/S ratio of 6.7.
In addition to our operations, our net income can be significantly affected by various non-cash items, such as unrealized gains and losses on our derivatives, impairment of oil and gas properties, and foreign currency impact of long-term liabilities. Excluding these non-cash items, Net Loss as Adjusted for the six months ended June 30, 2012 was $50.6 million compared to Net Loss as Adjusted of $22.3 million for the same period in 2011. Net Loss as Adjusted for the second quarter 2012 was $35.2 million as compared to Net Loss as Adjusted of $9.3 million for the same period in 2011. The increase in Net Loss as Adjusted is primarily due to increased interest expenses, partially offset by increased revenues.
Our revenues increased from $33.2 million during the six months ended June 30, 2011 to $38.2 million in the same period of 2012. Our revenues increased from $19.1 million during second quarter of 2011 to $23.0 million in the same period of 2012. These increases are primarily as a result of increased U.S. gas sales volumes and initial production from Bacchus, partially offset by lower commodity prices in both the U.S. and U.K. As discussed above, we recorded no revenue during the second quarter of 2012 related to our newly acquired interest in the Alba field.
Depreciation, depletion and amortization (DD&A) expense increased to $10.6 million from $7.0 million for the second quarter of 2012 and 2011, respectively. DD&A expense also increased to $18.5 million from $13.3 million for the six months ended June 30, 2012 and 2011, respectively. These increases were primarily a result of the increased sales volumes discussed previously and additional accretion expense related to the abandonment liabilities assumed upon the closing of the Alba portion of the COP acquisition.
The net cash flows used in operating activities are primarily impacted by the earnings from our business activities. The cash flows used in operating activities were $28.1 million for the six months ended June 30, 2012 as compared to $23.9 million used in operating activities for the six months ended June 30, 2011, primarily due to our increased interest expense related to our debt issuances.
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Endeavour International Corporation has a market cap of $400.3 million; its shares were traded at around $8.51 with and P/S ratio of 6.7.
Highlight of Business Operations:
Net loss to common stockholders for the six months ended June 30, 2012 was $87.0 million, or $2.26 per share, compared to $24.1 million, or $0.74 per share, for the same period in 2011. The change in the net loss to common stockholders for these periods is primarily due to impairments of oil and gas properties and increased interest expenses, partially offset by increased revenues as our sales volumes increased and increased deferred tax benefits.In addition to our operations, our net income can be significantly affected by various non-cash items, such as unrealized gains and losses on our derivatives, impairment of oil and gas properties, and foreign currency impact of long-term liabilities. Excluding these non-cash items, Net Loss as Adjusted for the six months ended June 30, 2012 was $50.6 million compared to Net Loss as Adjusted of $22.3 million for the same period in 2011. Net Loss as Adjusted for the second quarter 2012 was $35.2 million as compared to Net Loss as Adjusted of $9.3 million for the same period in 2011. The increase in Net Loss as Adjusted is primarily due to increased interest expenses, partially offset by increased revenues.
Our revenues increased from $33.2 million during the six months ended June 30, 2011 to $38.2 million in the same period of 2012. Our revenues increased from $19.1 million during second quarter of 2011 to $23.0 million in the same period of 2012. These increases are primarily as a result of increased U.S. gas sales volumes and initial production from Bacchus, partially offset by lower commodity prices in both the U.S. and U.K. As discussed above, we recorded no revenue during the second quarter of 2012 related to our newly acquired interest in the Alba field.
Depreciation, depletion and amortization (DD&A) expense increased to $10.6 million from $7.0 million for the second quarter of 2012 and 2011, respectively. DD&A expense also increased to $18.5 million from $13.3 million for the six months ended June 30, 2012 and 2011, respectively. These increases were primarily a result of the increased sales volumes discussed previously and additional accretion expense related to the abandonment liabilities assumed upon the closing of the Alba portion of the COP acquisition.
The net cash flows used in operating activities are primarily impacted by the earnings from our business activities. The cash flows used in operating activities were $28.1 million for the six months ended June 30, 2012 as compared to $23.9 million used in operating activities for the six months ended June 30, 2011, primarily due to our increased interest expense related to our debt issuances.
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