CREDO Petroleum Corporation today reported financial results for the six months and quarter ended April 30, 2007.
For the first six months of 2007, earnings rose 8% to an all time high. For the period, net income was $3,346,000 compared to $3,087,000. On a per diluted share basis, net income was $.36 for the first six months compared to $.33 last year. Revenue increased 8% to a record $8,946,000 compared to $8,286,000 last year. Earnings before interest, taxes, depreciation, depletion and amortization ("EBITDA") increased 11% to $6,594,000 compared to $5,964,000 last year.
Net income surged 42% in the second quarter to an all time high. For the period, net income was $1,982,000 compared to $1,392,000 last year. On a per diluted share basis, net income was $.21 for the second quarter compared to $.15 last year. Revenue increased 25% to a record $4,891,000 compared to $3,921,000 last year.
James T. Huffman, President, said, "Following record setting performance in each of the past four years, we are continuing to achieve outstanding financial and operating results. The surge in second quarter earnings more than offset the year-to-year earnings shortfall in the first quarter, driving net income for the full six months to a new record. Production rose 8% to a new all time high for the six month period, as we continued to meet the challenge of increasing production to reap the full benefit of higher product prices."
Huffman further stated, "CREDO has previously been recognized by John S. Herold, Inc. as one of the most profitable oil and gas producers on a unit of production basis. In light of this outstanding past performance, we are particularly gratified to see CREDO's net income per unit of production in the second quarter rise to $3.45 per Mcfe and establish a new quarterly record."
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