Oklahoma City-based Gulfport Energy Corporation today reported 2006 net income of $27.8 million, a 155 percent increase compared to 2005.
Earnings per diluted share for the year was $0.82 on revenues of $60.4 million. EBITDA for 2006 was $43 million, a 157 percent improvement compared to 2005. Cash flow from operating activities before changes in working capital for 2006 totaled $41.9 million, a 154 percent increase from the previous year.
For the fourth quarter, Gulfport reported net income of $5.4 million, compared to a $90,000 loss for the same prior-year period.
Earnings per diluted share for the fourth quarter was $0.16 on revenues of $17.6 million. EBITDA for the quarter was $10.6 million, compared to approximately $0.5 million in the fourth quarter 2005. Cash flow from operating activities before changes in working capital for fourth quarter 2006 totaled $10.1 million, compared to approximately $0.4 million in fourth quarter 2005.