For the third quarter 2012, the Company reported net income of $3.5 million, or $0.01 per basic and diluted share, compared with net income of $30.8 million, or $0.15 per basic and diluted share, for the same period in 2011.
Net income for the third quarter 2012 includes an unrealized loss of $36.7 million related to the mark-to-market of derivative instruments used for commodity hedging and $4.0 million in deferred income tax benefit.
The net effect of the non-cash hedging activities expense and non-cash deferred income tax benefit decreased Kodiak's reported net income for the third quarter 2012 by $0.12 per basic and diluted share.When I get caught up, I might come back and post some data points regarding the results. The transcript should be interesting.
KOG shares traded very slightly lower during the day, but up slightly after hours. It will be interesting to see analysis of the results from Mike or others.
At some point a company needs to be profitable. Without a whole list of asterisks.
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