The Meridian Resource Corporation today announced its second quarter 2006 financial and operational results. Highlights of which include:
A net income that equaled $2.8 million or $0.03 per share, as compared to $4.1 million, or $0.05 per share for the second quarter of 2005.
A Discretionary cash flow for the second quarter of 2006 of $32.2 million, or $0.35 per diluted common share, compared to $33.8 million, or $0.37 per share for the second quarter of 2005.
Total revenues for the second quarter of 2006 that were $46.5 million, or $7.96 per Mcfe, an increase of 25% on an Mcfe basis compared to total revenues of $44.1 million, or $6.36 per Mcfe, for the second quarter of 2005. The variance between the two periods for total revenues is due primarily to the higher average realized prices between the two periods offset by lower volumes. Total Revenues for the first six months of 2006 increased by $9.9 million to $104.0 million compared to $94.1 million for the same period of 2005.
Meridian is headquartered in Houston, Texas, and has offices in Tulsa, Oklahoma as well as a field office in Weeks Island, Louisiana. Meridian stock is traded on the New York Stock Exchange under the symbol “TMR”.