EXHIBIT 99.1
As described in its Current Report on Form 8-K filed with the Securities and Exchange Commission on January 28, 2014, the Company has updated operating results for all periods covered in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (as filed with the Securities and Exchange Commission on May 2, 2013) (the “2012 Form 10-K”), in order to reflect retrospective reclassification of results for its Oman operations in discontinued operations. The Selected Financial Data that follows revises the information included in the 2012 Form 10-K in order to reflect this retrospective reclassification and should be read in conjunction with the updated financial statements and schedules included as exhibits to the Current Report on Form 8-K filed on January 28, 2014.
SELECTED CONSOLIDATED FINANCIAL DATA
The following table sets forth our selected consolidated financial data for each of the years in the five-year period ended December 31, 2012.
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 (RESTATED) | 2010 (RESTATED) | 2009(3) (RESTATED) | 2008(3) (RESTATED) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income (Loss): | ||||||||||||||||||||
Operating loss | $ | (38,826 | ) | $ | (77,155 | ) | $ | (32,774 | ) | $ | (29,705 | ) | $ | (54,779 | ) | |||||
Net income from Equity Affiliates | 67,769 | 73,451 | 66,291 | 35,253 | 33,226 | |||||||||||||||
Net income (loss) from continuing operations(1) | 2,199 | (30,285 | ) | 12,615 | (2,384 | ) | (22,883 | ) | ||||||||||||
Net income (loss) attributable to Harvest | (12,211 | ) | 55,960 | 14,375 | (3,568 | ) | (23,179 | ) | ||||||||||||
Net income (loss) from continuing operations attributable to Harvest per common share: | ||||||||||||||||||||
Basic(1) | $ | 0.06 | $ | (0.89 | ) | $ | 0.38 | $ | (0.07 | ) | $ | (0.67 | ) | |||||||
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Diluted(1) | $ | 0.06 | $ | (0.89 | ) | $ | 0.34 | $ | (0.07 | ) | $ | (0.67 | ) | |||||||
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Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 37,424 | 34,117 | 33,541 | 33,084 | 34,073 | |||||||||||||||
Diluted | 37,591 | 34,117 | 36,767 | 33,084 | 34,073 |
As of December 31, | ||||||||||||||||||||
2012 | 2011 (RESTATED) | 2010 (RESTATED) | 2009(4) (RESTATED) | 2008(4) (RESTATED) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total assets | $ | 596,837 | $ | 507,203 | $ | 484,622 | $ | 345,214 | $ | 359,263 | ||||||||||
Long-term debt, net of current maturities | 74,839 | 31,535 | 78,291 | — | — | |||||||||||||||
Total Harvest’s Stockholders’ equity(2) | 379,337 | 355,691 | 291,727 | 271,603 | 270,713 |
(1) | Includes net income attributable to noncontrolling interest. |
(2) | No cash dividends were declared or paid during the periods presented. |
(3) | For 2009, relates to lease maintenance costs and exploration overhead costs that were erroneously capitalized as oil and gas properties rather than expensed as exploration expense of $58 thousand. For 2008, relates to lease maintenance costs that were erroneously capitalized as oil and gas properties rather than as exploration expense of $635 thousand. |
(4) | Relates to lease maintenance costs and exploration overhead costs that were erroneously capitalized as oil and gas properties rather than expensed as exploration expense of $693 thousand in 2009 and $635 thousand in 2008. |