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Strategies & Market Trends : Quarter to Quarter Aggressive Growth Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Jack Hartmann who wrote (4484)	5/2/2003 3:12:27 PM
From: Jack Hartmann	Read Replies (1) \| Respond to of 6923

ADDED SKE at 21.79 Good earnings. 2002-11-01 WILEY, MICHAEL E. Director 1,000 Purchase at $19 per share. (Cost of $19,000) 2002-10-31 MCMAHON, MICHAEL E. Director 2,500 Purchase at $19.61 - $19.63 per share. (Cost of about $49,000) Spinnaker Exploration is an independent energy company engaged in the exploration, development and production of natural gas and oil in the U.S. Gulf of Mexico. For the fiscal year ended 12/31/02, revenues fell 10% to $188.3M. Net income fell 52% to $31.6 million. Revenues reflect lower average oil and natural gas prices and reduced production volumes. Earnings also suffered from higher lease operating and depreciation expenses. Recent Earnings Announcement For the 3 months ended 03/31/2003, revenues were 71,671; after tax earnings were 18,825. (Preliminary; reported in thousands of dollars.) 52-Week Low on 17-Mar-2003 $17.15 Recent Price $21.33 52-Week High on 3-May-2002 $44.65 Market Capitalization $708.0M Shares Outstanding 33.2M Float 24.9M Price/Book (mrq) 1.02 Price/Earnings (ttm) 16.10 Price/Sales (ttm) 3.18 EBITDA (ttm) $159.0M Debt/Equity (mrq) 0 Total Cash (mrq) $32.5M Spinnaker Exploration Company Reports 174% Increase in First Quarter Earnings And Production of 13.7 Bcfe Tuesday April 29, 7:35 am ET HOUSTON, April 29 /PRNewswire-FirstCall/ -- Spinnaker Exploration Company (NYSE: SKE - News) today reported first quarter 2003 earnings of $15.3 million, or $0.45 per diluted share, after a cumulative effect of change in accounting principle; and $18.8 million, or $0.56 per diluted share, before the cumulative effect of change in accounting principle. Effective January 1, 2003, Spinnaker adopted Statement of Financial Accounting Standards ("SFAS") No. 143, "Accounting for Asset Retirement Obligations," which resulted in a cumulative, one-time charge to earnings of $3.5 million, or $0.11 per diluted share. First quarter 2003 net income of $15.3 million increased 174% over first quarter 2002 net income of $5.6 million, or $0.20 per diluted share. First quarter 2003 production increased 40% to 13.7 billion cubic feet of natural gas equivalent ("Bcfe") compared to first quarter 2002 production of 9.8 Bcfe and decreased 16% compared to fourth quarter 2002 production of 16.3 Bcfe. First quarter 2003 revenues increased 120% to $71.7 million compared to first quarter 2002 revenues of $32.6 million. The increase in revenues was due to both higher natural gas and oil prices and production in the first quarter of 2003 compared to the first quarter of 2002. Average natural gas prices increased approximately 54% and average oil prices increased approximately 84% in the first quarter of 2003 compared to the first quarter of 2002. Excluding the effects of hedging activities, first quarter 2003 prices averaged $6.69 per thousand cubic feet of natural gas ("Mcf") and $34.28 per barrel of oil ("Bbl") compared to first quarter 2002 average prices of $2.46 per Mcf and $18.60 per Bbl. First quarter 2003 natural gas prices were negatively impacted by $1.53 per Mcf related to hedging activities. Including the effects of hedging activities, first quarter 2003 realized prices averaged $5.16 per Mcf and $34.28 per Bbl compared to first quarter 2002 average realized prices of $3.35 per Mcf and $18.60 per Bbl. First quarter 2003 per unit lease operating expenses were $0.40 per Mcfe compared to $0.35 per Mcfe in the first quarter of 2002. The depreciation, depletion and amortization rate was $2.40 per Mcfe in the first quarter of 2003 compared to $2.37 per Mcfe in the fourth quarter of 2002 and $1.78 per Mcfe in the first quarter of 2002. Production up, Insiders buys. Beat earnings. Chart good. Jack