Earnings Call Excerpt
Stone Energy Corporation (SGY)
Q1 2008 Earnings Call
May 7, 2008 11:00 am ET
Executives
David Welch - President & CEO
Ken Beer - CFO
Presentation
Operator
Good morning. My name is Carmen and I will be your conference operator today. At this time, I would like to welcome everyone to the Stone Energy Corporation First Quarter 2008 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks there will be a question-and-answer session. (Operator Instructions) Thank you.
I will now turn the conference over to Mr. Welch. Please go ahead, sir.
David Welch
Thank you, Carmen. Good morning, everyone. And welcome to the 2008 first quarter conference call. I'm joined this morning by Rich Smith our Exploration Vice President and Ken Beer, our Senior VP and CFO. Ken will be discussing some of the financial highlights of the quarter, followed by my general comments on our future activities, and then we'll take your questions. So with that, I'd like to turn it over to Ken.
Ken Beer
Thank you, Dave. Let me start with the forward-looking statements. In this conference call we may make forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.
These forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of natural gas and oil. We urge you to read our 2007 annual report on form 10-K for a discussion of the risks that could cause our actual results to differ materially from those in any forward-looking statements we may make today.
In addition, in this call we may refer to financial measures that may be deemed to be non-GAAP financial measures as defined under the exchange act. Please refer to the press release we issued yesterday, which is posted on our website for a reconciliation of the differences between these financial measures and the most directly comparable GAAP financial measures.
With that, once again rather than going through the financials in great detail, we'll assume everyone has seen the press release and the attached financials. Accordingly I'll just try to focus on the few highlighted areas. First, there really were no unusual items in the first quarter. It was pretty vanilla overall.
Our quarterly net income totaled $62 million or $2.22 per share and discretionary cash flow was just over $150 million. Both earnings and cash flow were well above the first quarter estimate.
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