RAM Energy Resources Inc announces financial results and production for Q3 2008

Wed. November 05, 2008; Posted: 06:34 AM

Nov 05, 2008 (M2 EQUITYBITES via COMTEX) -- RAME | Quote | Chart | News | PowerRating -- RAM Energy Resources Inc (Nasdaq: RAME), an independent oil and natural gas company, reported yesterday (4 November) its third quarter 2008 production and earnings. A The company's production in the third quarter of 2008 was a record 645,000 barrel equivalents (BOE), up 92% from 336,000 BOE in the third quarter of 2007. Free cash flow (a non-GAAP measure) was USD26.7m (USD0.35 per share), compared to USD3.1m (USD0.08 per share) in last year's third quarter. EBITDA (another non-GAAP measure) was USD31.5m, representing an increase of 200% from USD10.5m in the same period last year. A RAM's third quarter adjusted net income to common shareholders, also a non-GAAP measure, was USD11.4m (USD0.15 per fully diluted share) compared with USD5.3m (USD0.13 per share) in last year's third quarter. The net income reported to shareholders was USD28.5m (USD0.37 per fully diluted share), an increase over the net income of USD4.8m (USD0.12 per fully diluted share) in the same period of 2007. A Based on third quarter production, the company expects to meet or exceed the higher range of its previous production guidance of 2,550 MBOE for the year and it also expects fourth quarter cash flow to fund the remaining capital spending for the year.

The net debt to capital ratio dropped to 54% at 30 September 2008 as against 77% at 31 December 2007 and the management of RAM is targeting a level lower than 50%.

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