Attached files
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| 8-K - Breitburn Energy Partners LP | v231201_8k.htm |
BreitBurn Energy Partners L.P. Reports Strong Second Quarter Results
LOS ANGELES, August 8, 2011 — BreitBurn Energy Partners L.P. (the “Partnership”) (NASDAQ:BBEP) today announced financial and operating results for its second quarter of 2011.
Key Highlights
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The Partnership had another quarter of strong operating and financial results, with production and lease operating expenses trending in-line with guidance and EBITDA trending towards the high end of the guidance range.
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On June 14, 2011, the Partnership announced it entered into a definitive agreement to acquire crude oil properties in Niobrara County, Wyoming for $58.1 million. This acquisition closed on July 28, 2011 and is expected to immediately add approximately 500 Boe/day of net oil production to the Partnership.
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On July 27, 2011, the Partnership announced an increased cash distribution for the second quarter of 2011 at the rate of $0.4225 per unit, or $1.69 per common unit on an annualized basis, to be paid on August 12, 2011 to the record holders of common units at the close of business on August 9, 2011. This represents an increase of 10.5% over the cash distribution for the second quarter of 2010.
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On July 27, 2011, the Partnership announced it entered into a definitive agreement to acquire natural gas and oil producing properties in Wyoming for approximately $285 million in cash. The acquisition is subject to customary closing conditions and purchase price adjustments, including the exercise of preferential rights, and is expected to close before year end 2011.
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Management Commentary
Hal Washburn, CEO, said: “The Partnership had strong performance this quarter with net production increasing 2% from the prior quarter, operating costs per Boe within the guidance range, and adjusted EBITDA trending towards the high end of the guidance range. In addition, we are excited to be executing on our acquisition strategy. Our two recent transactions in our Rocky Mountain region allow us to further expand our presence in the region and leverage our existing operational expertise in the area. Both acquisitions will be immediately accretive to distributable cash flow per unit and are consistent with our strategy of acquiring long-lived assets that have predictable production profiles and an inventory of low-risk exploitation and development opportunities.”
Second Quarter 2011 Operating and Financial Results Compared to First Quarter 2011
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Total production increased from 1,629 MBoe in the first quarter of 2011 to 1,662 MBoe in the second quarter of 2011 primarily as a result of a seasonal increase in Michigan production. Average daily production increased from 18,098 Boe/day in the first quarter of 2011 to 18,265 Boe/day in the second quarter of 2011.
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Oil and NGL production was 782 MBoe compared to 773 MBoe.
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Natural gas production was 5,277 MMcf compared to 5,138 MMcf.
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Adjusted EBITDA, a non-GAAP measure, was $51.6 million in the second quarter of 2011, down from $56.0 million in the first quarter of 2011. The decrease was primarily due to the timing of crude oil sales in Florida which impacted oil and natural gas sales revenue.
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Lease operating expenses per Boe, which include district expenses and processing fees and exclude production/property taxes and transportation costs, increased to $18.41 per Boe in the second quarter of 2011 from $16.87 per Boe in the first quarter of 2011. The increase was primarily due to increased activity in both the Eastern and Western divisions exiting the winter months and increased utility and fuel costs.
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General and administrative expenses, excluding non-cash unit-based compensation, decreased to $6.2 million, or $3.74 per Boe, in the second quarter of 2011 from $7.1 million, or $4.33 per Boe, in the first quarter of 2011, primarily reflecting higher first quarter expenses related to accounting and tax compliance.
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Oil and natural gas sales revenues, including realized gains and losses on commodity derivative instruments, were $93.0 million in the second quarter of 2011, down from $99.0 million in the first quarter of 2011, primarily reflecting the timing of crude oil sales in Florida, with one sale occurring in the second quarter versus two sales in the first quarter.
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Realized losses from commodity derivative instruments were $1.8 million in the second quarter of 2011 compared to realized gains of $6.4 million in the first quarter of 2011.
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NYMEX WTI crude oil spot prices averaged $102.02 per barrel and NYMEX natural gas prices averaged $4.38 per Mcf in the second quarter of 2011 compared to $94.07 per barrel and $4.20 per Mcf, respectively, in the first quarter of 2011.
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Realized crude oil and natural gas liquids prices averaged $79.48 per Boe and natural gas prices averaged $6.42 per Mcf in the second quarter of 2011, compared to $73.81 per Boe and $7.38 per Mcf, respectively, in the first quarter of 2011.
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Net income, including the effect of unrealized gains on commodity derivative instruments, was $57.5 million, or $0.92 per diluted limited partner unit, in the second quarter of 2011 compared to a net loss of $94.7 million, or $1.67 per diluted limited partner unit, in the first quarter of 2011.
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Capital expenditures totaled $28.1 million in the second quarter of 2011 compared to $9.7 million in the first quarter of 2011.
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Impact of Derivative Instruments
The Partnership uses commodity and interest rate derivative instruments to mitigate the risks associated with commodity price volatility and changing interest rates and to help maintain cash flows for operating activities, acquisitions, capital expenditures, and distributions. The Partnership does not enter into derivative instruments for speculative trading purposes. Non-cash gains or losses do not affect Adjusted EBITDA, cash flow from operations or the Partnership’s ability to pay cash distributions.
Realized losses from commodity derivative instruments were $1.8 million during the second quarter of 2011. Realized losses from interest rate derivative instruments were $1.1 million during the second quarter of 2011. Non-cash unrealized gains from commodity derivative instruments were $48.2 million and non-cash unrealized losses from interest rate derivative instruments were $1.2 million during the second quarter of 2011.
2
Production, Income Statement and Realized Price Information
The following table presents production, selected income statement and realized price information for the three months ended June 30, 2011, March 31, 2011 and June 30, 2010:
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Three Months Ended
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June 30,
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March 31,
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June 30,
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Thousands of dollars, except as indicated
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2011
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2011
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2010
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Oil, natural gas and NGL sales (a)
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$ | 94,742 | $ | 92,575 | $ | 82,079 | ||||||
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Realized gain (loss) on commodity derivative instruments
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(1,751 | ) | 6,443 | 18,435 | ||||||||
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Unrealized gain (loss) on commodity derivative instruments
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48,234 | (112,620 | ) | 33,215 | ||||||||
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Other revenues, net
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1,143 | 898 | 487 | |||||||||
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Total revenues
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$ | 142,368 | $ | (12,704 | ) | $ | 134,216 | |||||
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Lease operating expenses and processing fees
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$ | 30,595 | $ | 27,485 | $ | 29,627 | ||||||
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Production and property taxes
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6,195 | 5,769 | 4,224 | |||||||||
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Total lease operating expenses
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$ | 36,790 | $ | 33,254 | $ | 33,851 | ||||||
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Transportation expenses
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1,010 | 1,423 | 1,231 | |||||||||
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Purchases and other operating costs
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268 | 154 | 74 | |||||||||
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Change in inventory
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(1,860 | ) | 1,980 | 4,215 | ||||||||
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Total operating costs
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$ | 36,208 | $ | 36,811 | $ | 39,371 | ||||||
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Lease operating expenses pre taxes per Boe (b)
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$ | 18.41 | $ | 16.87 | $ | 17.82 | ||||||
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Production and property taxes per Boe
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3.73 | 3.54 | 2.54 | |||||||||
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Total lease operating expenses per Boe
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22.14 | 20.41 | 20.36 | |||||||||
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General and administrative expenses excluding unit-based compensation
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$ | 6,221 | $ | 7,058 | $ | 5,004 | ||||||
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Net income (loss)
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$ | 57,523 | $ | (94,713 | ) | $ | 53,597 | |||||
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Net income (loss) per diluted limited partnership unit
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$ | 0.92 | $ | (1.67 | ) | $ | 0.94 | |||||
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Total production (MBoe)
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1,662 | 1,629 | 1,663 | |||||||||
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Oil and NGL (MBoe)
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782 | 773 | 812 | |||||||||
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Natural gas (MMcf)
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5,277 | 5,138 | 5,106 | |||||||||
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Average daily production (Boe/d)
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18,265 | 18,098 | 18,270 | |||||||||
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Sales volumes (MBoe)
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1,621 | 1,682 | 1,725 | |||||||||
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Average realized sales price (per Boe) (c) (d)
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$ | 57.29 | $ | 58.78 | $ | 58.30 | ||||||
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Oil and NGL (per Boe) (c) (d)
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79.48 | 73.81 | 69.99 | |||||||||
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Natural gas (per Mcf) (c)
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6.42 | 7.38 | 7.70 | |||||||||
(a) Q2 2010 includes $123 of amortization of an intangible asset related to crude oil sales contracts.
(b) Includes lease operating expenses, district expenses and processing fees.
(c) Includes realized gain (loss) on commodity derivative instruments.
(d) Includes crude oil purchases. 2010 excludes amortization of intangible asset related to crude oil sales contracts.
3
Non-GAAP Financial Measures
This press release, the financial tables and other supplemental information, including the reconciliations of certain non-generally accepted accounting principles (“non-GAAP”) measures to their nearest comparable generally accepted accounting principles (“GAAP”) measures, may be used periodically by management when discussing the Partnership's financial results with investors and analysts and they are also available on the Partnership's website under the Investor Relations tab.
Among the non-GAAP financial measures used is “Adjusted EBITDA.” This non-GAAP financial measure should not be considered as an alternative to GAAP measures, such as net income, operating income, cash flow from operating activities or any other GAAP measure of liquidity or financial performance.
Adjusted EBITDA is presented as management believes it provides additional information relative to the performance of the Partnership's business, such as our ability to meet our debt covenant compliance tests. This non-GAAP financial measure may not be comparable to similarly titled measures of other publicly traded partnerships or limited liability companies because all companies may not calculate Adjusted EBITDA in the same manner.
4
Adjusted EBITDA
The following table presents a reconciliation of net income or loss and net cash flows from operating activities, our most directly comparable GAAP financial performance and liquidity measures, to Adjusted EBITDA for each of the periods indicated.
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Three Months Ended
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June 30,
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March 31,
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June 30,
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Thousands of dollars
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2011
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2011
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2010
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Reconciliation of net income (loss) to Adjusted EBITDA:
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Net income (loss) attributable to the Partnership
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$ | 57,455 | $ | (94,747 | ) | $ | 53,569 | |||||
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Unrealized (gain) loss on commodity derivative instruments
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(48,234 | ) | 112,620 | (33,215 | ) | |||||||
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Depletion, depreciation and amortization expense
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25,025 | 24,641 | 23,909 | |||||||||
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Interest expense and other financing costs (a)
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10,145 | 10,443 | 7,882 | |||||||||
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Unrealized (gain) loss on interest rate derivatives
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1,155 | (1,366 | ) | (1,466 | ) | |||||||
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Loss on sale of assets
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40 | 14 | 381 | |||||||||
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Income taxes
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616 | (1,002 | ) | 561 | ||||||||
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Amortization of intangibles
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- | - | 123 | |||||||||
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Unit-based compensation expense (b)
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5,435 | 5,413 | 4,937 | |||||||||
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Adjusted EBITDA
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$ | 51,637 | $ | 56,016 | $ | 56,681 | ||||||
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Three Months Ended
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June 30,
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March 31,
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June 30,
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Thousands of dollars
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2011
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2011
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2010
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Reconciliation of net cash flows from operating activities to Adjusted EBITDA:
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Net cash from operating activities
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$ | 33,118 | $ | 54,399 | $ | 36,429 | ||||||
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Increase (decrease) in assets net of liabilities relating to operating activities
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9,837 | (7,597 | ) | 13,528 | ||||||||
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Interest expense (a) (c)
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8,896 | 9,139 | 6,949 | |||||||||
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Income from equity affiliates, net
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(262 | ) | 103 | (144 | ) | |||||||
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Incentive compensation expense (d)
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14 | (24 | ) | (19 | ) | |||||||
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Income taxes
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102 | 30 | (34 | ) | ||||||||
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Non-controlling interest
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(68 | ) | (34 | ) | (28 | ) | ||||||
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Adjusted EBITDA
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$ | 51,637 | $ | 56,016 | $ | 56,681 | ||||||
(a) Includes realized gain/loss on interest rate derivatives.
(b) Represents non-cash long-term unit-based incentive compensation expense.
(c) Excludes amortization of debt issuance costs and amortization of Senior Note discount.
(d) Represents cash-based incentive compensation plan expense.
5
Hedge Portfolio Summary
The table below summarizes the Partnership’s commodity derivative hedge portfolio as of August 8, 2011.
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2011
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2012
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2013
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2014
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2015
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Oil Positions:
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Fixed Price Swaps:
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Hedged Volume (Bbl/d)
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5,316 | 5,039 | 6,480 | 5,000 | 2,500 | |||||||||||||||
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Average Price ($/Bbl)
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$ | 76.95 | $ | 77.15 | $ | 81.37 | $ | 88.59 | $ | 99.50 | ||||||||||
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Participating Swaps: (a)
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Hedged Volume (Bbl/d)
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1,377 | - | - | - | - | |||||||||||||||
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Average Price ($/Bbl)
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$ | 60.00 | $ | - | $ | - | $ | - | $ | - | ||||||||||
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Average Participation %
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53.1 | % | - | - | - | - | ||||||||||||||
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Collars:
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Hedged Volume (Bbl/d)
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2,190 | 2,477 | 500 | 1,000 | 1,000 | |||||||||||||||
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Average Floor Price ($/Bbl)
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$ | 103.68 | $ | 110.00 | $ | 77.00 | $ | 90.00 | $ | 90.00 | ||||||||||
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Average Ceiling Price ($/Bbl)
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$ | 153.32 | $ | 145.39 | $ | 103.10 | $ | 112.00 | $ | 113.50 | ||||||||||
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Floors:
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Hedged Volume (Bbl/d)
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- | - | - | - | - | |||||||||||||||
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Average Floor Price ($/Bbl)
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
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Total:
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Hedged Volume (Bbl/d)
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8,883 | 7,516 | 6,980 | 6,000 | 3,500 | |||||||||||||||
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Average Price ($/Bbl)
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$ | 80.91 | $ | 87.97 | $ | 81.06 | $ | 88.83 | $ | 96.79 | ||||||||||
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Gas Positions:
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Fixed Price Swaps:
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Hedged Volume (MMBtu/d)
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26,454 | 35,128 | 53,000 | 27,500 | 27,500 | |||||||||||||||
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Average Price ($/MMBtu)
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$ | 6.28 | $ | 6.09 | $ | 6.01 | $ | 5.48 | $ | 5.61 | ||||||||||
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Collars:
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Hedged Volume (MMBtu/d)
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20,109 | 19,129 | - | - | - | |||||||||||||||
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Average Floor Price ($/MMBtu)
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$ | 9.00 | $ | 9.00 | $ | - | $ | - | $ | - | ||||||||||
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Average Ceiling Price ($/MMBtu)
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$ | 11.61 | $ | 11.89 | $ | - | $ | - | $ | - | ||||||||||
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Total:
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Hedged Volume (MMBtu/d)
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46,563 | 54,257 | 53,000 | 27,500 | 27,500 | |||||||||||||||
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Average Price ($/MMBtu)
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$ | 7.46 | $ | 7.12 | $ | 6.01 | $ | 5.48 | $ | 5.61 | ||||||||||
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(a)
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Participating swap combines a swap and a call option with the same strike price.
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6
Other Information
The Partnership will host an investor conference call to discuss its results today at 10:00 a.m. (Pacific Time). Investors may access the conference call over the Internet via the Investor Relations tab of the Partnership's website (www.breitburn.com), or via telephone by dialing 888-417-2254 (international callers dial +1-719-457-1529) a few minutes prior to register. Those listening via the Internet should go to the site 15 minutes early to register, download and install any necessary audio software. In addition, a replay of the call will be available through August 22, 2011 by dialing 877-870-5176 (international callers dial +1-858-384-5517) and entering replay PIN 4066557, or by going to the Investor Relations tab of the Partnership's website (www.breitburn.com). The Partnership will take live questions from securities analysts and institutional portfolio managers; the complete call is open to all other interested parties on a listen-only basis.
About BreitBurn Energy Partners L.P.
BreitBurn Energy Partners L.P. is a publicly traded independent oil and gas limited partnership focused on the acquisition, exploitation, development and production of oil and gas properties. The Partnership’s producing and non-producing crude oil and natural gas reserves are located in northern Michigan, the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Greasewood Field in eastern Wyoming, the Sunniland Trend in Florida, and the New Albany Shale in Indiana and Kentucky. See www.BreitBurn.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements relating to BreitBurn's operations that are based on management's current expectations, estimates and projections about its operations. Words and phrases such as “believes,” “expects,” “future,” “impact,” “guidance,” “will be” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. These include risks relating to the Partnership’s financial performance and results, availability of sufficient cash flow and other sources of liquidity to execute our business plan, prices and demand for natural gas and oil, increases in operating costs, uncertainties inherent in estimating our reserves and production, our ability to replace reserves and efficiently develop our current reserves, political and regulatory developments relating to taxes, derivatives and our oil and gas operations, risks relating to our completed and pending acquisitions, and the factors set forth under the heading “Risk Factors” incorporated by reference from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2011, our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, BreitBurn undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.
Investor Relations Contacts:
James G. Jackson
Executive Vice President and Chief Financial Officer
(213) 225-5900 x273
or
Jessica Tang
Investor Relations
(213) 225-5900 x210
BBEP-IR
7
BreitBurn Energy Partners L.P. and Subsidiaries
Unaudited Consolidated Balance Sheets
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June 30,
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December 31,
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Thousands
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2011
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2010
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ASSETS
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Current assets
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Cash
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$ | 2,747 | $ | 3,630 | ||||
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Accounts and other receivables, net
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50,450 | 53,520 | ||||||
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Derivative instruments
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51,266 | 54,752 | ||||||
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Related party receivables
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2,632 | 4,345 | ||||||
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Inventory
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7,342 | 7,321 | ||||||
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Prepaid expenses
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6,344 | 6,449 | ||||||
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Total current assets
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120,781 | 130,017 | ||||||
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Equity investments
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7,541 | 7,700 | ||||||
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Property, plant and equipment
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Oil and gas properties
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2,169,988 | 2,133,099 | ||||||
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Other assets
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11,702 | 10,832 | ||||||
| 2,181,690 | 2,143,931 | |||||||
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Accumulated depletion and depreciation
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(469,594 | ) | (421,636 | ) | ||||
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Net property, plant and equipment
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1,712,096 | 1,722,295 | ||||||
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Other long-term assets
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Derivative instruments
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19,400 | 50,652 | ||||||
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Other long-term assets
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19,314 | 19,503 | ||||||
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Total assets
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$ | 1,879,132 | $ | 1,930,167 | ||||
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LIABILITIES AND EQUITY
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Current liabilities
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Accounts payable
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$ | 27,924 | $ | 26,808 | ||||
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Derivative instruments
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39,659 | 37,071 | ||||||
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Revenue and royalties payable
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17,534 | 16,427 | ||||||
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Salaries and wages payable
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6,730 | 12,594 | ||||||
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Accrued liabilities
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11,256 | 8,417 | ||||||
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Total current liabilities
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103,103 | 101,317 | ||||||
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Credit facility
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127,000 | 228,000 | ||||||
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Senior notes, net
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300,364 | 300,116 | ||||||
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Deferred income taxes
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1,571 | 2,089 | ||||||
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Asset retirement obligation
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46,402 | 47,429 | ||||||
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Derivative instruments
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66,572 | 39,722 | ||||||
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Other long-term liabilities
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2,055 | 2,237 | ||||||
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Total liabilities
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647,067 | 720,910 | ||||||
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Equity
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Partners' equity
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1,231,617 | 1,208,803 | ||||||
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Noncontrolling interest
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448 | 454 | ||||||
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Total equity
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1,232,065 | 1,209,257 | ||||||
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Total liabilities and equity
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$ | 1,879,132 | $ | 1,930,167 | ||||
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Common units outstanding
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59,040 | 53,957 | ||||||
8
BreitBurn Energy Partners L.P. and Subsidiaries
Unaudited Consolidated Statements of Operations
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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Thousands of dollars, except per unit amounts
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2011
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2010
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2011
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2010
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Revenues and other income items
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Oil, natural gas and natural gas liquid sales
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$ | 94,742 | $ | 82,079 | $ | 187,317 | $ | 162,548 | ||||||||
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Gain (loss) on commodity derivative instruments, net
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46,483 | 51,650 | (59,694 | ) | 103,715 | |||||||||||
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Other revenue, net
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1,143 | 487 | 2,041 | 1,119 | ||||||||||||
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Total revenues and other income items
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142,368 | 134,216 | 129,664 | 267,382 | ||||||||||||
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Operating costs and expenses
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Operating costs
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36,208 | 39,371 | 73,019 | 75,222 | ||||||||||||
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Depletion, depreciation and amortization
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25,025 | 23,909 | 49,666 | 45,963 | ||||||||||||
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General and administrative expenses
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11,656 | 9,960 | 24,127 | 21,217 | ||||||||||||
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Loss on sale of assets
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40 | 381 | 54 | 496 | ||||||||||||
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Total operating costs and expenses
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72,929 | 73,621 | 146,866 | 142,898 | ||||||||||||
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Operating income (loss)
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69,439 | 60,595 | (17,202 | ) | 124,484 | |||||||||||
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Interest expense, net of capitalized interest
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9,080 | 4,998 | 18,500 | 8,615 | ||||||||||||
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Loss on interest rate swaps
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2,220 | 1,418 | 1,877 | 3,661 | ||||||||||||
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Other (income) expense, net
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- | 21 | (3 | ) | (4 | ) | ||||||||||
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Income (loss) before taxes
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58,139 | 54,158 | (37,576 | ) | 112,212 | |||||||||||
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Income tax expense (benefit)
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616 | 561 | (386 | ) | 705 | |||||||||||
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Net income (loss)
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57,523 | 53,597 | (37,190 | ) | 111,507 | |||||||||||
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Less: Net income attributable to noncontrolling interest
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(68 | ) | (28 | ) | (102 | ) | (99 | ) | ||||||||
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Net income (loss) attributable to the partnership
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57,455 | 53,569 | (37,292 | ) | 111,408 | |||||||||||
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Basic net income (loss) per unit
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$ | 0.93 | $ | 0.94 | $ | (0.64 | ) | $ | 1.96 | |||||||
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Diluted net income (loss) per unit
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$ | 0.92 | $ | 0.94 | $ | (0.64 | ) | $ | 1.96 | |||||||
9
BreitBurn Energy Partners L.P. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
|
Six months ended
|
||||||||
|
June 30,
|
||||||||
|
Thousands of dollars
|
2011
|
2010
|
||||||
|
Cash flows from operating activities
|
||||||||
|
Net income (loss)
|
$ | (37,190 | ) | $ | 111,507 | |||
|
Adjustments to reconcile to cash flow from operating activities:
|
||||||||
|
Depletion, depreciation and amortization
|
49,666 | 45,963 | ||||||
|
Unit based compensation expense
|
10,858 | 9,839 | ||||||
|
Unrealized (gain) loss on derivative instruments
|
64,175 | (75,291 | ) | |||||
|
Income from equity affiliates, net
|
159 | 302 | ||||||
|
Deferred income taxes
|
(518 | ) | 622 | |||||
|
Amortization of intangibles
|
- | 247 | ||||||
|
Loss on sale of assets
|
54 | 496 | ||||||
|
Other
|
(244 | ) | 1,757 | |||||
|
Changes in net assets and liabilities
|
||||||||
|
Accounts receivable and other assets
|
4,171 | 7,890 | ||||||
|
Inventory
|
(21 | ) | 3,909 | |||||
|
Net change in related party receivables and payables
|
1,713 | (13,377 | ) | |||||
|
Accounts payable and other liabilities
|
(5,306 | ) | (12,800 | ) | ||||
|
Net cash provided by operating activities
|
87,517 | 81,064 | ||||||
|
Cash flows from investing activities
|
||||||||
|
Capital expenditures
|
(35,136 | ) | (24,997 | ) | ||||
|
Proceeds from sale of assets
|
110 | 225 | ||||||
|
Property acquisitions
|
- | (1,550 | ) | |||||
|
Net cash used in investing activities
|
(35,026 | ) | (26,322 | ) | ||||
|
Cash flows from financing activities
|
||||||||
|
Issuance of common units
|
100,204 | - | ||||||
|
Distributions
|
(49,470 | ) | (21,312 | ) | ||||
|
Proceeds from issuance long-term debt
|
133,500 | 622,000 | ||||||
|
Repayments of long-term debt
|
(234,500 | ) | (647,000 | ) | ||||
|
Change in book overdraft
|
5 | 798 | ||||||
|
Long-term debt issuance costs
|
(3,113 | ) | (11,647 | ) | ||||
|
Net cash used in financing activities
|
(53,374 | ) | (57,161 | ) | ||||
|
Decrease in cash
|
(883 | ) | (2,419 | ) | ||||
|
Cash beginning of period
|
3,630 | 5,766 | ||||||
|
Cash end of period
|
$ | 2,747 | $ | 3,347 | ||||
10