Not sure what to make of this quarter. Revenue is up, but it should be given oil and gas prices. GAAP earnings are also up, but well below expectations because of unspecified losses on "derivatives". Here's the introductory quote:The Company reported net income of $4.0 million, or $0.12 per diluted share, for the second quarter of 2008 compared to a net loss of $6.3 million, or $0.18 per diluted share, for the second quarter of 2007. Results for the second quarter of 2008 included a pre-tax loss on derivative instruments of $36.5 million, of which $25.9 million was a pre-tax non-cash unrealized loss. Excluding the after-tax impact of the non-cash unrealized loss on derivative instruments, EPL’s adjusted second quarter 2008 net income, a non-GAAP measure, would have been $20.3 million or $0.63 per diluted shareand the link:http://tinyurl.com/5l9fjl-Will
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