IMPERIAL PETROLEUM, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
1/31/2012 1/31/2011 1/31/2012 1/31/2011
Revenues and other income:
Biodiesel
$ 13,227,815 $ 13,090,859 $ 49,253,214 $ 28,921,186
Biodiesel Government Incentives
24,573 0 416,073 0
Oil and gas
58,618 75,228 133,775 104,179
Other revenue
25,710 29,200 25,710 92,027
Total operating income
$ 13,336,716 $ 13,195,287 $ 49,828,772 $ 29,117,392
Costs and expenses:
Biofuels Direct Costs
12,640,083 $ 12,275,542 46,144,258 $ 25,853,710
Oil and Gas expenses
75,359 240,078 395,981 354,043
General and administrative
2,887,867 731,839 5,795,966 2,037,685
Depreciation, depletion and amortization
200,914 214,070 419,679 427,243
Total costs and expenses
15,804,223 13,461,529 52,755,884 28,672,681
Net Income (Loss) from operations
(2,467,507 ) (266,242 ) (2,927,112 ) 444,711
Other income and (expense):
Interest expense
(888,275 ) (471,483 ) (1,644,961 ) (803,063 )
Interest income
0 0 2,826 0
Other income (expense)
(49,311 ) 481,904 (23,449 ) 791,904
Gain (loss) on sale of assets
(3,876,922 ) 0 (3,876,922 ) 0
Gain (loss) on valuation of derivative liability
217,360 0 306,932 0
Total other income and (expense)
(4,597,148 ) 10,421 (5,235,574 ) (11,159 )
Net income (loss) before income tax
(7,064,655 ) (255,821 ) (8,162,686 ) 433,552
Provision for income taxes
0 0 0 0
Net Income (Loss)
$ (7,064,655 ) $ (255,821 ) $ (8,162,686 ) $ 433,552
NET INCOME/(LOSS) PER SHARE (basic)
$ (0.175 ) $ (0.011 ) $ (0.211 ) $ 0.019
WEIGHTED AVERAGE SHARES OUTSTANDING (basic)
40,432,800 23,825,127 38,743,028 23,162,748
NET INCOME/(LOSS) PER SHARE (diluted)
N/A N/A N/A $ 0.018
WEIGHTED AVERAGE SHARES OUTSTANDING (diluted)
N/A N/A N/A 24,215,020
See Notes to Condensed Consolidated Financial Statements
