| Income Statement for Warren Resources Inc. (WRES) | | | | | | | Income | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Operating Revenue | 59,308 | 36,245 | 39,947 | 24,226 | 23,807 | | Adjustments to Revenue | - | - | - | - | - | | Cost of Revenue | (22,890) | (17,937) | (27,491) | (23,173) | (16,626) | | Gross Operating Profit | 36,418 | 18,308 | 12,456 | 1,053 | 7,181 | | | Selling/General/Admin Expense | (13,771) | (9,903) | (10,485) | (8,116) | (4,496) | | Research & Development | - | - | - | - | - | | EBITDA | 22,647 | 8,405 | 1,972 | (7,063) | 2,685 | | Depreciation & Amortization | (11,427) | (11,731) | (4,712) | (4,419) | (3,883) | | EBIT | 11,220 | (3,326) | (2,740) | (11,482) | (1,198) | | Interest Income | 2,385 | 4,765 | - | 2,089 | 1,340 | | Other Income, Net | (46) | 92 | - | 77 | 516 | | Total Income Avail For Interest Expense | 13,560 | 1,532 | (2,740) | (9,316) | 658 | | Interest Expense | (2,170) | (399) | (1,761) | (494) | (1,528) | | Pre-Tax Income | 11,389 | 1,132 | (4,501) | (9,810) | (870) | | Income Taxes | 16 | (93) | (391) | 59 | (129) | | Minority Interest | - | - | (279) | (209) | (112) | | Net Income from Continuing Operations | 11,405 | 1,039 | (5,172) | (9,960) | (1,111) | | Net Income from Discontinued Operations | - | - | - | - | - | | Net Income from Total Operations | 11,405 | 1,039 | (5,172) | (9,960) | (1,111) | | | Normalized Income | 11,405 | 1,039 | (5,172) | (9,960) | (1,111) | | Extraordinary Income | - | - | - | - | - | | Special Income/Charges | - | - | - | - | - | | Income from Cum. Effect of Acct Change | - | - | - | - | (88) | | Income from Tax Loss Carryforward | - | - | - | - | - | | Other Gains | - | - | - | - | - | | Total Net Income | 11,405 | 1,039 | (5,172) | (9,960) | (1,199) | | | Results | in Dollars (Preferred Dividends in Thousands) | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Dividends Paid Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Preferred Dividends | 267 | 357 | 3,774 | 6,591 | 4,562 | | | Basic EPS from Continuing Operations | 0.20 | 0.01 | -0.23 | -0.84 | -0.34 | | Basic EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Basic EPS from Total Operations | 0.20 | 0.01 | -0.23 | -0.84 | -0.34 | | | Diluted EPS from Continuing Operations | 0.20 | 0.01 | -0.23 | -0.84 | -0.34 | | Diluted EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Diluted EPS from Total Operations | 0.20 | 0.01 | -0.23 | -0.84 | -0.34 | | | |
