0000950134-01-507984.txt : 20011128
0000950134-01-507984.hdr.sgml : 20011128
ACCESSION NUMBER: 0000950134-01-507984
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011107
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011107
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: WESTPORT RESOURCES CORP /NV/
CENTRAL INDEX KEY: 0000889005
STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311]
IRS NUMBER: 133869719
STATE OF INCORPORATION: NV
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14256
FILM NUMBER: 1777329
BUSINESS ADDRESS:
STREET 1: 767 FIFTH AVE
STREET 2: 46TH FL
CITY: NEW YORK
STATE: NY
ZIP: 10153
BUSINESS PHONE: 2126442200
MAIL ADDRESS:
STREET 1: 767 FIFTH AVE
STREET 2: 46TH FL
CITY: NEW YORK
STATE: NY
ZIP: 10153
FORMER COMPANY:
FORMER CONFORMED NAME: BELCO OIL & GAS CORP
DATE OF NAME CHANGE: 19960207
8-K
1
d91940e8-k.txt
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
NOVEMBER 7, 2001
WESTPORT RESOURCES CORPORATION
(Exact Name of Registrant as Specified in Charter)
NEVADA 001-14256 13-3869719
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
410 SEVENTEENTH STREET
SUITE 2300
DENVER, COLORADO 80202
(Address and Zip Code of Principal Executive Offices)
(303) 573-5404
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
On November 6, 2001, Westport Resources Corporation, a Nevada
corporation, issued a press release reporting financial and operating results
for the third quarter ended September 30, 2001. The press release is attached to
this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of business acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
The following exhibit is filed herewith:
EXHIBIT
NUMBER EXHIBIT
------- -------
99.1 Press release dated November 6, 2001 entitled
"Westport Resources Corporation Reports
Financial Results for Third Quarter 2001."
[SIGNATURE PAGE FOLLOWS]
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTPORT RESOURCES CORPORATION
Date: November 7, 2001 By: /s/ Howard L. Boigon
------------------------------------
Name: Howard L. Boigon
Title: Vice President, General Counsel and
Secretary
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT
------- -------
99.1 Press release dated November 6, 2001 entitled
"Westport Resources Corporation Reports
Financial Results for Third Quarter 2001."
*Filed herewith.
EX-99.1
3
d91940ex99-1.txt
PRESS RELEASE DATED NOVEMBER 6, 2001
EXHIBIT 99.1
[WESTPORT LOGO]
WESTPORT RESOURCES CORPORATION
410 17TH STREET, SUITE 2300, DENVER, CO 80202
WESTPORT RESOURCES CORPORATION REPORTS FINANCIAL RESULTS FOR THIRD
QUARTER 2001
Denver, Colorado -- November 6, 2001 -- Westport Resources Corporation
(NYSE:WRC) today reported financial and operating results for the third quarter
of 2001. Oil and natural gas sales for the quarter were $70.2 million compared
to $71.0 million for the third quarter of 2000. Taking into account the
commodity price risk management contracts, net revenue for the quarter increased
29% to $86.5 million, from $67.2 million in the third quarter of 2000.
Discretionary cash flow for the quarter decreased 17% to $42.3 million, or $0.95
per basic common share ($0.93 per diluted common share), compared to $50.7
million, or $1.64 per basic common share ($1.62 per diluted common share) for
the same quarter of 2000. Net income available to common stock for the third
quarter was $11.4 million, or $0.26 per basic common share ($0.25 per diluted
common share), compared to $19.0 million, or $0.62 per basic share ($0.61 per
diluted common share) for the same quarter of 2000. The decrease in the third
quarter's sales, discretionary cash flow, and net income reflects the decrease
in both oil and natural gas prices in the third quarter of 2001 compared to the
third quarter of 2000.
Oil and natural gas sales for the nine months ended September 30, 2001,
increased 48% to $234.4 million, compared to sales of $158.4 million for the
same period of last year. Taking into account the commodity price risk
management contracts during the period, the net revenue for the first nine
months of 2001 increased 76% to $256.5 million, compared to $146.1 million for
the same period in 2000. Discretionary cash flow for the first nine months of
2001 increased 74% to $168.6 million, or $4.16 per basic common share ($4.08 per
diluted common share), compared to $96.6 million, or $3.79 per basic common
share ($3.76 per diluted common share), for the same period of last year. Net
income available to common stock for the first nine months increased 110% to
$62.1 million, or $1.53 per basic common share ($1.50 per diluted common share),
compared to $29.6 million, or $1.16 per basic common share ($1.15 per diluted
common share), for the first nine months of last year. The strong year-to-date
results in revenue, discretionary cash flow, and net income are primarily the
result of higher production volume and an increase in realized natural gas
prices, partially offset by a reduction in realized oil prices.
PRODUCTION AND OIL AND GAS PRICES
Average daily gas equivalent production for the third quarter of 2001 increased
46% to 253.5 Mmcfe/d compared to 173.3 Mmcfe/d for the prior year period. Daily
average oil and gas production was 13.4 Mbbl/d of oil and 172.9 Mmcf/d of gas.
This resulted in an increase in production of 7.4 Bcfe from 15.9 Bcfe to 23.3
Bcfe (the Belco properties accounted for 4.7 Bcfe of the increase). Realized gas
prices for the quarter averaged $2.61 per Mcf, a decrease of 38% compared to
$4.22 per Mcf for the prior year period. Oil prices averaged $23.13 per barrel
for the quarter, a 21% decrease compared to $29.26 per barrel for third quarter
2000.
For the nine months ended September 30, 2001, total average daily production
increased 40.6% to 203.8 Mmcfe/d from 144.9 Mmcfe/d for the prior year period.
As a result, total production grew to 55.6 Bcfe from 39.7 Bcfe, a 40.1% increase
(the Belco properties accounted for 4.7 Bcfe of the increase). Realized prices
for
the nine months ended September 30, 2001 averaged $24.12 per barrel, a 12.1%
decrease from $27.45 in the previous year's period, while gas averaged $4.31 per
Mcf, a 19.7% increase from $3.60 during the same period in 2000.
THIRD QUARTER OPERATIONAL SUMMARY
In the third quarter, the Company spud eight exploration wells and 59
development wells. As of September 30, 2001, three exploration and eight
development wells were drilling, two exploration and 13 development wells were
being completed and one exploration and two development wells had been
abandoned.
For additional information on Westport's operations, please refer to the press
release from September 27, 2001, which discusses the third quarter's operations.
COMPLETED MERGER WITH BELCO
On August 21, 2001, the stockholders of both Westport Resources Corporation, a
Delaware corporation ("Westport") and Belco Oil & Gas Corp., a Nevada
corporation ("Belco") approved the Agreement and Plan of Merger dated as of June
8, 2001 between Westport and Belco (the "Merger"). The Merger was accounted for
using purchase accounting with Westport as the surviving entity. Westport began
consolidating the results of both companies as of the August 21, 2001 closing
date of the Merger.
COMMODITY PRICE RISK MANAGEMENT
For the three months ended September 30, 2001, we recorded non-hedge commodity
price risk management cash settlements paid in the amount of $1.0 million and an
unrealized non-cash mark-to-market gain of $17.7 million. For the nine months
ended September 30, 2001, we recorded cash settlements paid in the amount of
$0.6 million and an unrealized non-cash mark-to-market gain of $24.5 million.
Westport did not record any non-hedge activity for either of the corresponding
periods in 2000.
For the three months ended September 30, 2001 and 2000, we recorded hedging cash
settlements paid in the amount of $0.3 million and $7.2 million, respectively.
For the nine months ended September 30, 2001 and 2000, we recorded hedging cash
settlements paid in the amount of $1.8 million and $15.7 million, respectively.
As of November 1, 2001, we had approximately 0.5 million barrels of oil and 7.9
Bcf of natural gas subject to commodity price risk management contracts for the
fourth quarter of 2001. These contracts are subject to weighted average floor
prices of $19.82 per barrel and $2.44 per Mmbtu and weighted average ceiling
prices of $20.49 per barrel and $3.33 per Mmbtu, respectively. We have
approximately 4.0 million barrels of oil and 20.8 Bcf of natural gas subject to
commodity price risk management contracts for 2002. The 2002 contracts have
weighted average floor prices of $22.32 per barrel and $3.09 per Mmbtu, with
weighted average ceiling prices of $24.43 per barrel and $3.81 per Mmbtu,
respectively. We have approximately 1.6 million barrels of oil and 5.0 Bcf of
natural gas subject to commodity price risk management contracts for 2003. The
contracts for 2003 are at weighted average floor prices of $21.59 per barrel and
$3.08 per Mmbtu and weighted average ceiling prices of $22.96 per barrel and
$4.58 per Mmbtu, respectively. These contracts represent the Company's hedge and
non-hedge positions.
FINANCING ACTIVITY
The Company entered into a new credit facility (the "Revolving Credit Facility")
with a syndicate of banks upon closing of the Merger, which was subsequently
amended on November 5, 2001. The amended Revolving Credit Facility, which
matures on July 1, 2005, provides for a maximum committed amount of $500 million
and a borrowing base of approximately $400 million. After accounting for the
items mentioned in the following paragraphs, we had approximately $20 million
outstanding under the Revolving Credit Facility and approximately $380 million
of unused borrowing capacity available.
As of September 30, 2001, we had borrowings and letters of credit issued of
approximately $260 million outstanding under the Revolving Credit Facility and
available unused borrowing capacity of approximately $140 million at an average
interest rate of 4.58%. Of the total amount borrowed, approximately $140 million
was borrowed in connection with the Merger and approximately $120 million was
borrowed to redeem our 10.5% Senior Subordinated Notes due 2006. The 10.5%
Senior Subordinated Notes, originally issued by Coda Energy and assumed in
connection with the Merger, were redeemed pursuant to the optional redemption
provision of the related indenture at 105.25% of the principal amount of each
note plus accrued interest.
On November 1, 2001, approximately $24.3 million face amount of our 8.875%
Senior Subordinated Notes due 2007, originally issued by Belco, was tendered to
us pursuant to the change of control provisions of the related indenture. The
tender price was equal to 101% of the principal amount of each note plus accrued
and unpaid interest as of October 29, 2001. Including the premium and accrued
interest, the total amount paid was $24.8 million. We funded the repayment with
borrowings under our Revolving Credit Facility.
On November 5, 2001, the Company completed the private placement of $275 million
of 8.25% Senior Subordinated Notes due 2011 pursuant to rule 144A. The notes are
not callable until November 1, 2006, when the Company has the right to redeem
the notes for 104.125% of the face value, declining thereafter to face value in
2009. The proceeds of approximately $268 million, net of underwriting discounts,
were used to reduce outstanding indebtedness under the Revolving Credit
Facility.
On September 21, 2001, the Board of Directors authorized management to
repurchase up to $30 million of our common stock. Under this authorization, we
have repurchased 30,000 shares at an average price of $13.61 per share.
CONFERENCE CALL
The Company will host a conference call on Wednesday, November 7, 2001,
beginning at 10:00 a.m. EST, to discuss these results. To participate in the
call, please dial 1-877-270-9495 for calls within the United States and Canada,
or 706-679-5434 for International calls. Calls should be made 10 minutes before
the conference call is scheduled to start. A replay of the call will also be
available for one week following the live broadcast by dialing 1-800-642-1687
(US/Canada) or 706-645-9291 (International). The access code is 2341200. In
addition, the conference call will be webcast live and archived on Westport's
web site, www.westportresourcescorp.com.
Westport is an independent energy company engaged in oil and natural gas
exploitation, acquisition and exploration activities primarily in the Gulf of
Mexico, the Rocky Mountains, West Texas/Mid-Continent and the Gulf Coast.
FORWARD - LOOKING STATEMENTS
The statements in this report regarding estimated reserves, projected capital
expenditures and financial results, expected drilling and development activity,
reserves exposure, and anticipated merger benefits and impacts, and any other
forecasts, projections or guidance that are not statements of historical fact,
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange
Act of 1934, as amended. Such statements are inherently uncertain, and actual
results may differ materially from those estimated or projected. Factors that
can affect the Company's ability to achieve projected results are described in
the Company's filings with the Securities and Exchange Commission, including
without limitation the Company's 10-K report filed with the SEC on March 16,
2001, the Company's 10-Q reports for the first and second quarters of 2001 filed
with the SEC on May 9 and August 14, 2001, respectively, and the registration
statement and joint proxy statement dated July 31, 2001 and filed with the SEC
on August 1, 2001 by Belco Oil & Gas Corp. These factors include, among others,
the uncertainties inherent in reserve estimations especially for estimates of
non-proved reserves and for unrisked estimates on undrilled properties,
operational risks inherent in drilling operations, especially in the offshore
environment, with corresponding exposure to delays and significant cost
overruns, the highly competitive nature of activity in the oil and gas industry
with corresponding shortages of equipment and personnel, the risk of exploratory
drilling, the uncertain cost and pricing environment in the oil and gas
industry, the Company's inability to control operations on properties it does
not operate, availability of capital, regulatory requirements, and uncertainties
related to integrating Westport and Belco. The Company has no obligation to
update the statements contained in this report or to take action that is
described herein or otherwise presently planned.
SUMMARY DATA
(in thousands except per share data)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- ----------------------------
2001 2000 2001 2000
---------- ---------- ----------- -----------
Production
Oil (Mbbls) 1,236 935 3,075 2,642
Natural gas (Mmcf) 15,905 10,335 37,177 23,842
Mmcfe 23,321 15,945 55,627 39,694
Average Daily Production
Oil (Mbbls/d) 13.4 10.2 11.3 9.6
Natural gas (Mmcf/d) 172.9 112.3 136.2 87.0
Mmcfe/d 253.5 173.3 203.8 144.9
Average prices
Oil (per bbl) $ 23.13 $ 29.26 $ 24.12 $ 27.45
Natural gas (per Mcf) 2.61 4.22 4.31 3.60
Hedging effect (per Mcfe) (.01) (.45) (.03) (.39)
Oil and natural gas sales $ 70,157 $ 70,956 $ 234,405 $ 158,351
Lease operating expense 14,775 8,130 34,770 23,609
Per Mcfe 0.63 0.51 0.63 0.59
General and administrative costs 4,122 2,073 10,832 5,277
Per Mcfe 0.18 0.13 0.19 0.13
Depletion, depreciation and amortization 31,222 19,439 72,251 42,015
Per Mcfe 1.34 1.22 1.30 1.06
EBITDAX 46,162 53,854 175,100 105,088
Discretionary cash flow 42,270 50,688 168,611 96,634
Per common share data 0.95 1.64 4.16 3.79
Per diluted share data 0.93 1.62 4.08 3.76
Per Mcfe 1.81 3.18 3.03 2.43
Net income available to common stock 11,363 19,004 62,050 29,610
Per common share data 0.26 0.62 1.53 1.16
Per diluted share data 0.25 0.61 1.50 1.15
WESTPORT RESOURCES CORPORATION
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
SEPTEMBER 30, DECEMBER 31,
2001 2000
------------- ------------
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents .................................. $ 37,030 $ 20,154
Accounts receivable, net ................................... 45,880 49,200
Derivative assets .......................................... 20,576 --
Prepaid expenses ........................................... 7,426 4,670
------------- ------------
Total current assets ................................... 110,912 74,024
------------- ------------
Property and equipment, at cost:
Oil and natural gas properties, successful efforts method:
Proved properties ........................................ 1,409,193 591,367
Unproved properties ...................................... 110,558 40,653
Office building, furniture and equipment ................... 7,514 2,642
Leasehold improvements ..................................... 509 501
------------- ------------
1,527,774 635,163
Less accumulated depletion, depreciation and amortization ...... (230,022) (157,739)
------------- ------------
Net property and equipment ............................. 1,297,752 477,424
------------- ------------
Other assets:
Long-term derivative assets ................................ 3,599 --
Goodwill ................................................... 210,091 --
Other assets ............................................... 1,500 383
------------- ------------
Total other assets ..................................... 215,190 383
------------- ------------
Total assets ........................................... $ 1,623,854 $ 551,831
============= ============
WESTPORT RESOURCES CORPORATION
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
SEPTEMBER 30, DECEMBER 31,
2001 2000
------------- ------------
(unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable ........................................................ $ 49,112 $ 28,547
Accrued expenses ........................................................ 31,598 19,827
Ad valorem taxes payable ................................................ 11,201 4,788
Derivative liabilities .................................................. 23,149 --
Income taxes payable .................................................... 542 375
Other current liabilities ............................................... 458 --
------------- ------------
Total current liabilities ........................................... 116,060 53,537
------------- ------------
Long-term debt .............................................................. 404,205 162
Deferred income taxes ....................................................... 161,898 38,503
Long term derivative liabilities ............................................ 10,415 --
Other liabilities ........................................................... 1,466 1,573
------------- ------------
Total liabilities ................................................... 694,044 93,775
------------- ------------
Stockholders' equity:
6-1/2% Convertible preferred stock, $.01 par value; 10,000,000 shares
authorized; 2,930,000 and 0 issued and outstanding at September 30,
2001 and December 31, 2000, respectively ............................ 29 --
Common stock, $0.01 par value; 70,000,000 authorized; 52,037,435 and
38,419,041 shares issued and outstanding at September 30, 2001 and
December 31, 2000, respectively ...................................... 520 384
Additional paid-in capital .............................................. 875,172 472,576
Treasury stock .......................................................... (408) --
Retained earnings (accumulated deficit) ................................. 47,147 (14,904)
Other comprehensive income .............................................. 7,350 --
------------- ------------
Total stockholders' equity ........................................... 929,810 458,056
------------- ------------
Total liabilities and stockholders' equity .......................... $ 1,623,854 $ 551,831
============= ============
WESTPORT RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------------- --------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Operating revenues:
Oil and natural gas sales .......................... $ 70,157 $ 70,956 $ 234,405 $ 158,351
Hedge cash settlements ............................. (307) (7,189) (1,824) (15,660)
Commodity price risk management activities:
Non-hedge cash settlement ........................ (1,025) -- (558) --
Non-hedge non-cash change in fair value of derivatives . 17,720 -- 24,486 --
Gain on sale of operating assets - net ........... -- 3,390 -- 3,379
---------- ---------- ---------- ----------
Net revenues ................................ 86,545 67,157 256,509 146,070
---------- ---------- ---------- ----------
Operating costs and expenses:
Lease operating expense ............................ 14,775 8,130 34,770 23,609
Production taxes ................................... 3,009 2,816 8,942 7,460
Transportation costs ............................... 1,236 591 3,921 1,967
Exploration ........................................ 13,463 1,347 24,333 7,610
Depletion, depreciation and amortization ........... 31,222 19,439 72,251 42,015
Impairment of unproved properties .................. 1,366 366 3,114 1,908
Stock compensation expense ......................... (2,331) 299 (1,060) 3,682
General and administrative ......................... 4,122 2,073 10,832 5,277
---------- ---------- ---------- ----------
Total operating expenses ...................... 66,862 35,061 157,103 93,528
---------- ---------- ---------- ----------
Operating income .............................. 19,683 32,096 99,406 52,542
---------- ---------- ---------- ----------
Other income (expense):
Interest expense ................................... (3,892) (3,166) (4,483) (8,454)
Interest income .................................... 456 239 1,522 614
Change in interest rate swap fair value and other .. 2,272 68 1,897 100
---------- ---------- ---------- ----------
(1,164) (2,859) (1,064) (7,740)
---------- ---------- ---------- ----------
Income before income taxes ............................. 18,519 29,237 98,342 44,802
Provision for income taxes:
Current ............................................ -- -- (2,006) --
Deferred ........................................... (6,759) (10,233) (33,889) (15,192)
---------- ---------- ---------- ----------
Total provision for income taxes .............. (6,759) (10,233) (35,895) (15,192)
Net income ......................................... 11,760 19,004 62,447 29,610
---------- ---------- ---------- ----------
Preferred stock dividends .............................. 397 -- 397 --
---------- ---------- ---------- ----------
Net income available to common stock ................... $ 11,363 $ 19,004 $ 62,050 $ 29,610
========== ========== ========== ==========
Weighted average number of common shares outstanding:
Basic ......................................... 44,527 30,871 40,496 25,474
========== ========== ========== ==========
Diluted ................................................ 45,238 31,235 41,329 25,729
========== ========== ========== ==========
Net income per common share:
Basic ......................................... $ .26 $ .62 $ 1.53 $ 1.16
========== ========== ========== ==========
Diluted ....................................... $ .25 $ .61 $ 1.50 $ 1.15
========== ========== ========== ==========
WESTPORT RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
FOR THE NINE MONTHS ENDED
--------------------------
SEPTEMBER 30,
--------------------------
2001 2000
---------- ----------
Cash flows from operating activities:
Net income ............................................................ $ 62,447 $ 29,610
Adjustments to reconcile net income to net cash provided by operating
activities:
Depletion, depreciation and amortization ............................ 72,251 42,015
Exploratory dry hole costs .......................................... 16,623 1,976
Impairment of unproved properties ................................... 3,114 1,908
Deferred income taxes ............................................... 33,889 15,192
Director retainers settled for stock ................................ -- 50
Stock compensation expense .......................................... (1,060) 299
Change in derivative fair value ..................................... (26,363) --
Amortization of finance fees ........................................ 633 --
Gain on sale of assets .............................................. -- (3,379)
Changes in assets and liabilities, net of effects of acquisitions:
Decrease (increase) in accounts receivable ....................... 27,001 (21,891)
Decrease in prepaid expenses ..................................... 446 140
Increase (decrease) in accounts payable .......................... (5,426) 2,123
Increase in ad valorem taxes payable ............................. 3,141 2,164
Increase in income taxes payable ................................. 306 --
Decrease in accrued expenses ..................................... (11,200) (3,930)
Decrease in other liabilities .................................... (107) (1,424)
---------- ----------
Net cash provided by operating activities ................................. 175,695 64,853
---------- ----------
Cash flows from investing activities:
Additions to property and equipment ................................. (132,688) (49,682)
Proceeds from sales of assets ....................................... 654 6,259
Merger with EPGC .................................................... -- (42,403)
Other acquisitions .................................................. (6,319) (1,454)
Other ............................................................... (2) (682)
---------- ----------
Net cash used in investing activities ..................................... (138,355) (87,962)
---------- ----------
Cash flows from financing activities:
Proceeds from issuance of common stock .............................. 264 141
Repurchase of common stock .......................................... (408) --
Proceeds from long-term debt ........................................ 255,000 50,000
Repayment of long-term debt ......................................... (273,284) (11,000)
Financing fees ...................................................... (2,036) --
---------- ----------
Net cash provided by (used in) financing activities ....................... (20,464) 39,141
---------- ----------
Net increase in cash and cash equivalents ................................. 16,876 16,032
Cash and cash equivalents, beginning of period ............................ 20,154 19,475
---------- ----------
Cash and cash equivalents, end of period .................................. $ 37,030 $ 35,507
========== ==========
Supplemental cash flow information:
Cash paid for interest .............................................. $ 12,016 $ 6,912
========== ==========
Cash paid for income taxes .......................................... $ 1,700 $ --
========== ==========
Supplemental schedule of noncash investing and financing activities:
Common stock and stock options issued in connection
with the Belco and EPGC mergers, respectively .................... $ 349,214 $ 165,356
========== ==========
Liabilities assumed in connection with
the Belco and EPGC mergers, respectively ......................... $ 666,589 $ 1,850
========== ==========
EPGC merger costs paid by parent .................................... $ -- $ 2,895
========== ==========