Safe Harbor
This press release and other statements Vanguard Energy may make in the future contain forward-looking statements that relate to Vanguard's plans, objectives and future estimates. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and other factors, please refer to the Risk Factor section of Vanguard's Registration Statement on Form S-1 and in its periodic filings with the Securities and Exchange Commission. Vanguard makes no commitment to update any forward-looking statement, or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement, except as may be required by applicable law.
Vanguard Energy CorporationFirst Quarter FY 2013 Financial Highlights Three Months Fiscal Year Fiscal Year Ended Ended Ended December 31, September 30, September 30, 2012 2012 2011 ------------- ------------- -------------Oil and gas sales $ 1,315,661 $ 3,369,407 $ 1,899,584Total costs and expenses 1,019,562 3,245,545 1,569,180Income from operations 296,099 123,862 330,404Plus: Asset retirement obligation accretion 4,474 8,922 3,260 Depreciation, depletion, and amortization 369,336 844,299 264,657 Stock-based compensation expense - 59,700 258,731Adjusted EBITDA (1) $ 669,909 $ 1,036,783 $ 857,052 Three Months Fiscal Year Fiscal Year Ended Ended Ended December 31, September 30, September 30, 2012 2012 2011 ------------- ------------- -------------Net cash from operating activities $ (472,904) $ 383,083 $ 477,266Changes in operating assets and liabilities 863,497 556,796 295,517Adjusted cash flow from operations (1) $ 390,593 $ 939,879 $ 772,783
(1) We use "adjusted EBITDA" and "adjusted cash flow from operations," non-GAAP financial measure for internal managerial purposes, when evaluating period-to-period comparisons. These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to the related GAAP amounts.
We define adjusted EBITDA as income from operations before the impact of depreciation, depletion and amortization for the period, stock based compensation, and asset retirement obligation accretion expense. We believe adjusted EBITDA is relevant because it is a measure of cash available to fund our capital expenditures and service our debt.
We define adjusted cash flow from operations as the cash flow from operating activities without regard to changes in assets and liabilities. We use this measure to provide additional transparency into our business and to better understand the sources and uses of cash.
