Chesapeake Energy 1997 Annual Report Download - page 75

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
12. Quarterly Financial Data (unaudited)
Summarized unaudited quarterly financial data for fiscal 1997 and 1996 are as follows ($ in thousands
except per share data):
58
(a) Total revenue excluding interest and other income, less total costs and expenses excluding interest and
other expense.
Capitalized costs, less accumulated amortization and related deferred income taxes, can not exceed an
amount equal to the sum of the present value of estimated future net revenues less estimated future
expenditures to be incurred in developing and producing the proved reserves, less any related income tax
effects. At June 30, 1997, capitalized costs of oil and gas properties exceeded the estimated present value of
future net revenues for the Company's proved reserves, net of related income tax considerations, resulting in a
fourth quarter writedown in the carrying value of oil and gas properties of $236 million.
Quarter Ended
September 30,
1996 December 31, March 31,
1996 1997 June 30,
1997
Net sales $48,937 $71,249 $79,809 $69,097
Gross profit (loss) (a) 14,889 28,057 25,737 (241,686)
Net income (loss) before extraordinary
item 8,204 10,274 15,928 (217,783)
Net income (loss) per share before
extraordinary item:
Primary .13 .15 .22 (3.12)
Fully-diluted .13 .15 .22 (3.12)
Quarter Ended
September 30,
1995 December 31, March 31,
1995 1996 June 30,
1996
Net sales $21,988 $31,766 $44,145 $47,692
Gross profit(a) 6,368 11,368 14,741 13,580
Net income 2,915 5,459 7,623 7,358
Net income per share:
Primary .05 .10 .13 .12
Fully-diluted .05 .09 .13 .12