ATP Oil & Gas Corp. saw relatively flat revenues from 2007 to 2008 but was able to grow net income over that period by reducing selling, general and administrative costs as a percentage of revenues. While the company has high debt levels, it has been effective at collecting receivables, with days receivables outstanding of 69 days in 2008. The financial statements show that from 2006 to 2009, the company invested heavily in property, plant and equipment but was able to fund much of that through debt issuances and proceeds from asset sales.

1. ATP Oil & Gas Corp.
(ATPG:NASDAQ)
LAST $17.94 USD
CHANGE TODAY -0.94 -4.98%
VOLUME 556.5K
ATPG On Other Exchanges
As of 10:16 AM 10/28/09 All times are local (Market data by Reuters is
delayed by at least 15 minutes).
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Financial Statements for ATP Oil & Gas Corp.
(ATPG)
Year over year, ATP Oil & Gas Corp. has seen revenues remain relatively flat
($599.3M to $584.8M), though the company was able to grow net income
from $48.6M to $121.7M. A reduction in the percentage of sales devoted to
selling, general and administrative costs from 7.64% to 7.13% was a key
component in the bottom line growth in the face of flat revenues.
Currency in As of: Jan Jan 02 Jan 02 Jan 4-Year
Millions of U.S. Dollars 02 2007 2008 02 Trend
2006 Reclassified Reclassified 2009
Revenues 146.7 414.2 599.3 584.8
TOTAL REVENUES 146.7 414.2 599.3 584.8
Cost of Goods Sold 23.6 72.4 91.7 91.2
GROSS PROFIT 123.0 341.7 507.6 493.6
Selling General & Admin
30.5 35.2 45.8 41.7
Expenses, Total
Depreciation & Amortization,
63.3 198.8 300.4 384.8
Total
Other Operating Expenses 3.2 8.1 8.4 15.5
OTHER OPERATING
97.1 242.1 354.6 442.0
EXPENSES, TOTAL
OPERATING INCOME 25.9 99.6 153.1 51.7
-100.
Interest Expense -35.7 -58.0 -121.3
7
Interest and Investment
4.1 4.5 7.6 3.5
Income
NET INTEREST EXPENSE -31.7 -53.5 -113.7 -97.3
Currency Exchange Gains
0.4 -- -- --
(Loss)

2. Other Non-Operating Income
-- -- -- 89.0
(Expenses)
EBT, EXCLUDING UNUSUAL
-5.3 46.1 39.4 43.5
ITEMS
Gain (Loss) on Sale of Assets 2.7 -- -- 119.2
Other Unusual Items, Total -- -22.5 8.6 9.0
Insurance Settlements -- 5.6 8.6 33.2
Other Unusual Items -- -28.1 -- -24.2
EBT, INCLUDING UNUSUAL
-2.6 23.7 48.0 171.7
ITEMS
Income Tax Expense 0.2 16.8 -0.6 50.0
Earnings from Continuing
-2.7 6.9 48.6 121.7
Operations
NET INCOME -2.7 6.9 48.6 121.7
NET INCOME TO COMMON
-12.6 -39.3 48.6 121.7
INCLUDING EXTRA ITEMS
NET INCOME TO COMMON
-12.6 -39.3 48.6 121.7
EXCLUDING EXTRA ITEMS
Financial Statements for ATP Oil & Gas Corp.
(ATPG)
ATP Oil & Gas Corp. may have more financial risk than other companies in the
Oil, Gas and Consumable Fuels industry as it is one of the most highly
leveraged. Its Debt to Total Capital ratio stands at 81.20%. Additionally, an
examination of near-term assets and liabilities shows that there are not
enough liquid assets to satisfy current obligations. Cash Collection is a strong
suit as the company is more effective than most in the industry. As of the end
of 2008, its uncollected receivables totaled $93.9M, which, at the current
sales rate provides a Days Receivables Outstanding of 69.41.
Currency in As of: Jan Jan 02 Jan 02 Jan 02 4-Year
Millions of U.S. 02 2007 2008 2009 Trend
Dollars 2006 Reclassified Reclassified
Assets
Cash and Equivalents 65.6 182.6 199.4 215.0
TOTAL CASH AND SHORT
65.6 182.6 199.4 215.0
TERM INVESTMENTS
Accounts Receivable 83.6 105.0 127.9 93.9
TOTAL RECEIVABLES 83.6 105.0 127.9 93.9
Deferred Tax Assets, Current -- 1.1 84.1 39.2
Restricted Cash 12.2 27.5 14.0 --
Other Current Assets 4.5 11.1 17.2 27.3
TOTAL CURRENT ASSETS 165.8 327.3 442.7 375.4

3. Gross Property Plant and
900.5 1,540.4 2,557.8 2,817.5
Equipment
-271.
Accumulated Depreciation -443.7 -726.4 -944.8
9
NET PROPERTY PLANT AND
628.6 1,096.7 1,831.4 1,872.7
EQUIPMENT
Deferred Tax Assets, Long
4.0 -- -- --
Term
Deferred Charges, Long Term 17.9 13.3 19.9 13.5
Other Long-Term Assets 7.4 9.7 13.2 14.1
TOTAL ASSETS 823.8 1,447.1 2,307.1 2,275.6
LIABILITIES & EQUITY
Accounts Payable 144.7 195.8 270.6 277.9
Current Portion of Long-Term
12.2 32.7 12.2 10.5
Debt/Capital Lease
Current Portion of Capital
8.7 23.7 -- --
Lease Obligations
Other Current Liabilities, Total8.4 21.3 63.0 50.5
TOTAL CURRENT LIABILITIES165.2 249.8 345.8 338.9
Long-Term Debt 337.5 1,062.5 1,391.8 1,356.1
Capital Leases 34.4 -- -- --
Unearned Revenue, Non-
-- -- -- 59.2
Current
Deferred Tax Liability Non-
-- 11.8 85.3 102.0
Current
Other Non-Current Liabilities 69.1 87.1 174.4 103.0
TOTAL LIABILITIES 606.3 1,411.1 1,997.3 1,959.3
TOTAL PREFERRED EQUITY 184.9 -- -- --
Common Stock 0.0 0.0 0.0 0.0
Additional Paid in Capital 149.3 151.5 388.3 400.3
-101.
Retained Earnings -140.7 -92.1 29.6
3
Treasury Stock -0.9 -0.9 -0.9 -0.9
Comprehensive Income and
-14.4 26.0 14.6 -112.8
Other
TOTAL COMMON EQUITY 32.7 35.9 309.9 316.3
TOTAL EQUITY 217.5 35.9 309.9 316.3
TOTAL LIABILITIES AND
823.8 1,447.1 2,307.1 2,275.6
EQUITY
Financial Statements for ATP Oil & Gas Corp.
(ATPG)
Currency in As of: Jan Jan 02 Jan 02 Jan 02 4-Year
Millions of U.S. 02 2007 2008 2009 Trend

4. Dollars 2006 Reclassified Reclassified
NET INCOME -2.7 6.9 48.6 121.7
Depreciation & Amortization 64.1 169.7 247.4 246.4
Amortization of Goodwill and
3.2 8.1 12.1 15.6
Intangible Assets
Impairment of Oil, Gas, &
-- 19.5 34.3 125.1
Mineral Properties
DEPRECIATION &
67.3 197.3 293.8 387.1
AMORTIZATION, TOTAL
Amortization of Deferred
4.2 -- -- --
Charges
(Gain) Loss from Sale of
-2.7 -- -- -119.2
Asset
Other Operating Activities 1.9 50.7 34.3 65.3
Change in Accounts
-43.1 -24.9 -42.8 32.5
Receivable
Change in Accounts Payable 23.2 20.4 -2.2 49.7
Change in Other Working
-4.5 -3.3 -9.5 -2.0
Capital
CASH FROM OPERATIONS 43.6 258.5 329.4 547.0
-421.
Capital Expenditure -577.4 -849.8 -917.7
4
Sale of Property, Plant, and
19.8 -- 0.7 471.8
Equipment
-414.
CASH FROM INVESTING -590.7 -835.1 -432.0
1
Long-Term Debt Issued 176.9 728.5 574.5 1,639.8
TOTAL DEBT ISSUED 176.9 728.5 574.5 1,639.8
-1,680.
Long Term Debt Repaid -4.8 -25.3 -268.2
2
-1,680.
TOTAL DEBT REPAID -4.8 -25.3 -268.2
2
Issuance of Common Stock 4.5 5.0 229.7 0.0
Other Financing Activities -10.5 -24.6 -14.1 -28.9
CASH FROM FINANCING 335.5 448.0 521.8 -69.3
Foreign Exchange Rate
-2.2 1.2 0.8 -30.1
Adjustments
NET CHANGE IN CASH -37.2 117.0 16.9 15.5