Chesapeake Energy 1998 Annual Report Download - page 94

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12. Transition Period Comparative Data
The following table presents certain financial information for the twelve months ended December 31, 1998 and
1997, and the six months ended December 31, 1997 and 1996, respectively:
74
(a) Total revenue excluding interest and other income, less total costs and expenses excluding interest and other expense.
Twelve Months Ended
December 31, Six Months Ended
December 31,
1998 1997 1997 1996
(unaudited)
(S in thousands, except per share data) (unaudited)
Revenues $377,946 $ 302,804 $153,898 $ 120,186
Gross profit (loss)' $ (856,197) $ (309,041) $(93,092) $42,946
Income (loss) before income taxes
and extraordinary item $ (920,520) $(251,l50) $(31,574) $39,246
Income taxes -(17,898) 14,325
Income (loss) before extraordinary item (920,520) (233,252) (31,574) 24,921
Extraordinary item (13,334) (177) -(6,443)
Net income (loss) $ (933,854) $(233,429) $(31,574) $18,478
Earnings per share - basic
Income (loss) before extraordinary item $(9.83) $(3.30) $(0.45) $0.40
Extraordinary item (0.14) (0.10)
Net income (loss) $(9.97) $(3.30) $(0.45) $0.30
Earnings per share assuming dilution
Income (loss) before extraordinary item $(9.83) $(3.30) $(0.45) $0.38
Extraordinary item (0.14) (0.10)
Net income (loss) $(9.97) $(3.30) $(0.45) $0.28
Weighted average common shares outstanding (in 000's)
Basic 94,911 70,672 70,835 61,985
Assuming dilution 94,911 70,672 70,835 66,300
June 30. 1996
U.S. Canada Combined
(S in thousands)
Standardized measure, beginning of period $159,911 $$159,911
Sales of oil and gas produced, net of production costs (102,546) (102,546)
Net changes in prices and production costs 88,729 88,729
Extensions and discoveries, net of production and development costs 275,916 275,916
Changes in future development costs (11,201) (11,201)
Development costs incuned during the period that reduced
future development costs 43,409 43,409
Revisions of previous quantity estimates 12,728 12,728
Purchase of reserves-in-place 29,641 29,641
Sales of reserves-in-place
Accretion of discount 18,814 18,814
Net change in income taxes (57,382) (57,382)
Changes in production rates and other 3,392 3,392
Standardized measure, end of period $461,411 $$ 461,411