Ring Energy (REI) Misses Q4 EPS by 7c

Ring Energy (NYSE: REI) reported Q4 EPS of $0.07, $0.07 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $52.23 million versus the consensus estimate of $52 million.

Mr. Randy Broaddrick, Vice President and Chief Financial Officer, commented, “On February 22, 2020, the Company submitted an 8K filing to the Securities and Exchange Commission (“SEC”) regarding a correction to the Company financials for the first three quarters of 2019. The correction was the result of an error in the calculation / recording of the excess tax benefit related to the Company’s equity-based compensation. As this is a non-cash tax entry, the adjustment has no effect on cash flows, pre-tax earnings, liquidity, EBITDA or future operations. As a result, the Company not only achieved its primary goal of becoming cash flow neutral by year end, it surpassed it by becoming cash flow positive by approximately $4 million. We are extremely proud of this accomplishment and will continue to operate within generated cash flow while diligently working to reduce our outstanding debt.”

For earnings history and earnings-related data on Ring Energy (REI) click here.

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