FX Energy Announces First Quarter Results
Market Wire, May, 2009
FX ENERGY, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(in thousands)
March 31, December 31,
2009 2008
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 8,306 $ 16,588
Marketable securities 817 4,105
Receivables:
Accrued oil and gas sales 1,098 1,093
Other receivables 68 1,720
Input VAT receivable 1,239 2,514
Inventory 216 211
Other current assets 394 450
---------- ----------
Total current assets 12,138 26,681
---------- ----------
Property and equipment, at cost:
Oil and gas properties (successful efforts
method):
Proved 26,393 28,600
Unproved 2,474 2,770
Other property and equipment 7,084 6,667
---------- ----------
Gross property and equipment 35,951 38,037
Less accumulated depreciation, depletion and
amortization (10,994) (11,164)
---------- ----------
Net property and equipment 24,957 26,873
---------- ----------
Other assets:
Certificates of deposit 406 406
Loan fees 850 842
---------- ----------
Total other assets 1,256 1,248
---------- ----------
Total assets $ 38,351 $ 54,802
========== ==========
FX ENERGY, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
-Continued-
March 31, December 31,
2009 2008
---------- ----------
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable $ 3,652 $ 7,779
Accrued liabilities 603 4,937
---------- ----------
Total current liabilities 4,255 12,716
---------- ----------
Long-term liabilities:
Notes payable 25,000 25,000
Asset retirement obligation 1,851 1,932
---------- ----------
Total long-term liabilities 26,851 26,932
---------- ----------
Total liabilities 31,106 39,648
---------- ----------
Stockholders equity:
Preferred stock, $0.001 par value, 5,000,000
shares authorized as of March 31, 2009 and
December 31, 2008; no shares outstanding -- --
Common stock, $0.001 par value, 100,000,000 shares
authorized as of March 31, 2009 and December 31, 2008;
42,451,978 and 42,202,878 shares issued and outstanding
as of March 31, 2009 and December 31, 2008,
respectively 42 42
Additional paid in capital 159,209 158,075
Cumulative translation adjustment 32,498 17,137
Accumulated deficit (184,504) (160,100)
---------- ----------
Total stockholders equity 7,245 15,154
---------- ----------
Total liabilities and stockholders equity $ 38,351 $ 54,802
========== ==========
FX ENERGY, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except per share amounts)
For the Three Months
Ended
March 31,
-----------------------
2009 2008
---------- ----------
Revenues:
Oil and gas sales $ 1,762 $ 3,271
Oilfield services 20 954
---------- ----------
Total revenues 1,782 4,225
---------- ----------
Operating costs and expenses:
Lease operating expenses 747 877
Exploration costs 2,120 4,051
Oilfield services costs 181 567
Depreciation, depletion and amortization 374 715
Accretion expense 8 21
Stock compensation 439 626
General and administrative costs 1,732 1,706
---------- ----------
Total operating costs and expenses 5,601 8,563
---------- ----------
Operating loss (3,819) (4,338)
---------- ----------
Other income (loss):
Interest income (expense), net and
other income (expense) (135) 23
Foreign exchange gain (loss) (20,450) 23
---------- ----------
Total other income (expense) (20,585) 46
---------- ----------
Net loss $ (24,404) $ (4,292)
========== ==========
Other comprehensive income (loss):
Foreign currency translation adjustment 15,361 --
Decrease in market value of available for sale
marketable securities -- (305)
---------- ----------
Comprehensive loss $ (9,043) $ (4,597)
========== ==========
Basic and diluted net loss per common share $ (0.58) $ (0.11)
========== ==========
Basic and diluted weighted average number of
shares outstanding 42,396 39,053
========== ==========
FX ENERGY, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
For the Three Months
Ended
March 31,
-----------------------
2009 2008
---------- ----------
Cash flows from operating activities:
Net loss $ (24,404) $ (4,292)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation, depletion and amortization 374 715
Accretion expense 8 21
Amortization of bank fees 46 46
Stock compensation 439 626
Foreign exchange losses 19,025 --
Common stock issued for services 709 665
Increase (decrease) from changes in working
capital items:
Receivables 1,881 (1,082)
Inventory (5) (31)
Other current assets 41 78
Other assets (61) --
Accounts payable and accrued liabilities (4,659) (1,295)
---------- ----------
Net cash used in operating activities (6,606) (4,549)
---------- ----------
Cash flows from investing activities:
Additions to oil and gas properties (2,472) (743)
Additions to other property and equipment (433) (308)
Additions to marketable securities (10) (68)
Proceeds from maturities of marketable securities 3,798 3,500
---------- ----------
Net cash provided by investing activities 883 2,381
---------- ----------
Cash flows from financing activities:
Payments on loan related to auction rate
securities (2,408) --
Proceeds from exercise of stock options and
warrants -- 7,169
---------- ----------
Net cash (used in) provided by financing
activities (2,408) 7,169
---------- ----------
Effect of exchange rate changes on cash (151) --
---------- ----------
Net increase (decrease) in cash (8,282) 5,001
Cash and cash equivalents at beginning of year 16,588 4,262
---------- ----------
Cash and cash equivalents at end of period $ 8,306 $ 9,263
========== ==========
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