Shale Natural Gas, Oil and NGLs and ESA Message Board

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Gold/Mining/Energy : Shale Natural Gas, Oil and NGLs and ESA

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To: jrhana who wrote (16)	8/24/2008 8:33:25 AM
From: Glenn Petersen	Read Replies (2) of 6160

I was a bit concerned when ST Pipeline disclosed their relatively small backlog at December 31, 2007. However, my concerns were substantially alleviated when ST Pipeline reported their first results for 2008: $14.5 million in revenue with operating earnings of $2.8 million vs. 2007 results of $17.9 million in revenue and operating earnings of $4.1 million. I was even more heartened by this disclosure on page 108 of he proxy: Backlog/New Business A company’s backlog represents orders which have not yet been processed. At December 31, 2007, ST Pipeline had a backlog of work to be completed on contracts of $5.4 million. At December 31, 2006, ST Pipeline had a backlog of work on contracts of $57.3 million. Due to the timing of ST Pipeline’s construction contracts and the long-term nature of some of our projects, portions of our backlog may not be completed in the current fiscal year. At March 31, 2008, ST Pipeline had a backlog of $14.3 million. Between April 1, 2008 and May 6, 2008, ST Pipeline entered into additional contracts with estimate revenues of approximately $18.5 million. sec.gov

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