Thursday, March 31st, 2011 and is filed under Financial Updates
FieldPoint Petroleum Corporation (AMEX:FPP) today announced financial results for its fiscal year ended December 31, 2010.
2010 Financial Highlights Compared to 2009
- Revenues increased to $7,008,783 from $3,910,043;
- Net Income increased to $787,470 from $1,235; and
- Earnings per share increased, basic and fully diluted, to $0.10 from $0.00
Ray Reaves, President and CEO of FieldPoint stated, “2010 was a banner year for FieldPoint Petroleum. Although our net income and earnings per share goals were adversely affected by a non-cash property impairment charge of over $500,000, it was still a year of significant accomplishments. This charge was a direct result of the sale of certain oil and gas properties, and reduced pre-tax earnings by approximately six cents per share for the year. However, during the year we increased our production by approximately 20% while at the same time increasing our net income and cash flow. Our operating income, before the non-cash impairment charge, reached almost two million dollars. In addition to the almost one million dollars in cash and cash equivalents on our balance sheets at year end, we had another almost one million dollars in prepaid drilling expenses. During the year we further increased shareholder value with the buy-back, from earnings, of over $800,000 worth of FPP stock.” Read More