BTE FY 2012 Earnings Report — Baytex Energy Corp. Revenue & Financial Results | Market Cap Arena

Baytex Energy Corp.BTE

FY 2012 Earnings

Reported December 31, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$751M	—	$800M	—	-6.1%
Op. Income	$137M	—	$221M	—	-37.8%
Gross Margin	26.2%	—	34.2%	—	-8.0pp
Net Margin	25.2%	—	19.8%	—	5.4pp
EPS (Diluted)	$1.55	—	$1.34	—	15.8%
Free Cash Flow	$6M	—	$99M	—	-93.9%

Revenue Flow

Item	Amount
REVENUE	$751M
Cost of Revenue	$554M
GROSS PROFIT	$197M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$60M
Other Expenses	$0
Operating Expenses	$60M
Cost & Expenses	$614M
OPERATING INCOME	$137M
Interest Income	$30M
Interest Expense	$0
Other Income/Expenses	$139M
INCOME BEFORE TAX	$276M
Income Tax Expense	$86M
Net Income from Continuing Ops	$190M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$190M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$190M
D&A	$223M
EBIT	$137M
EBITDA	$361M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$751M
Cost of Revenue	$554M
GROSS PROFIT	$197M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$60M
Other Expenses	$0
Operating Expenses	$60M
Cost & Expenses	$614M
OPERATING INCOME	$137M
Interest Income	$30M
Interest Expense	$0
Other Income/Expenses	$139M
INCOME BEFORE TAX	$276M
Income Tax Expense	$86M
Net Income from Continuing Ops	$190M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$190M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$190M
D&A	$223M
EBIT	$137M
EBITDA	$361M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$189M
Depreciation & Amortization	$218M
Stock-Based Compensation	$27M
Deferred Income Tax	$86M
Other Non-Cash Items	-$106M
Change in Working Capital	$8M
OPERATING CASH FLOW	$422M
Capital Expenditure	-$416M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$205M
NET CASH FROM INVESTING	-$211M
Net Debt Issuance	-$43M
Common Stock Repurchased	$0
Common Dividends Paid	-$157M
Other Financing Activities	-$26M
NET CASH FROM FINANCING	-$210M
FREE CASH FLOW	$6M
Net Change in Cash	-$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$1M
Short-Term Investments	$0
Net Receivables	$125M
Inventory	$996.9K
Other Current Assets	$15M
TOTAL CURRENT ASSETS	$142M
PP&E (Net)	$1.7B
Goodwill	$28M
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	-$1.7B
TOTAL NON-CURRENT ASSETS	$1.7B
TOTAL ASSETS	$1.9B
Account Payables	$133M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$8M
TOTAL CURRENT LIABILITIES	$160M
Long-Term Debt	$408M
Deferred Revenue NC	$5M
Deferred Tax Liabilities	$138M
Other Non-Current Liabilities	$194M
TOTAL NON-CURRENT LIABILITIES	$746M
TOTAL LIABILITIES	$906M
Common Stock	$1.4B
Additional Paid-In Capital	$48M
Retained Earnings	-$449M
Treasury Stock	$0
Accum. Other Comp. Income	-$9M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$950M
Minority Interest	$0
TOTAL EQUITY	$950M
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$408M
Net Debt	$406M