Velocity Energy Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2010	FY 2009	FY 2008	FY 2007	FY 2006
Period Ending	Mar '11 Mar 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006
Revenue	0.24	0.35	0.18	0.7	2.76	4.58
Revenue Growth (YoY)	-21.77%	90.95%	-73.84%	-74.44%	-39.86%	-
Cost of Revenue	0.2	0.2	0.35	1.08	1.22	1.22
Gross Profit	0.04	0.15	-0.17	-0.37	1.53	3.37
Selling, General & Admin	1.2	1.44	2.38	2.97	0.88	0.22
Other Operating Expenses	0.01	0.01	0.06	0.01	0.01	0.01
Operating Expenses	0.83	1.1	8.25	4.81	1.82	1.73
Operating Income	-0.79	-0.96	-8.42	-5.18	-0.29	1.64
Interest Expense	-1.37	-2.16	-5.25	-1.12	-0.47	-
Other Non Operating Income (Expenses)	-	-	-	0	-	-
EBT Excluding Unusual Items	-2.17	-3.12	-13.66	-6.3	-0.76	1.64
Gain (Loss) on Sale of Assets	-0.97	-0.97	-	-	-	-
Asset Writedown	-	-	-	-	-	-1.33
Other Unusual Items	4.38	4.38	-	-	-	-
Pretax Income	1.25	0.3	-13.66	-6.3	-0.76	0.31
Income Tax Expense	-	-	-	-	0.17	0.12
Net Income	1.25	0.3	-13.66	-6.3	-0.93	0.19
Preferred Dividends & Other Adjustments	-	-	-	-	0.28	-
Net Income to Common	1.25	0.3	-13.66	-6.3	-1.21	0.19
Shares Outstanding (Basic)	6	6	18	26	22	-
Shares Outstanding (Diluted)	6	6	18	26	22	-
Shares Change (YoY)	-49.98%	-64.12%	-32.66%	20.24%	-	-
EPS (Basic)	0.20	0.05	-0.77	-0.24	-0.06	-
EPS (Diluted)	0.20	0.05	-0.77	-0.24	-0.06	-
Free Cash Flow	2.54	2.44	-3.38	-6.06	-4.88	2.92
Free Cash Flow Per Share	0.40	0.39	-0.19	-0.23	-0.22	-
Gross Margin	15.99%	42.15%	-91.78%	-53.07%	55.62%	73.49%
Operating Margin	-331.66%	-271.56%	-4567.06%	-735.41%	-10.38%	35.73%
Profit Margin	520.75%	84.27%	-7413.19%	-894.43%	-43.94%	4.17%
Free Cash Flow Margin	1059.87%	693.61%	-1832.82%	-860.76%	-177.13%	63.60%
EBITDA	-0.73	-0.85	-2.55	-3.35	0.65	3.15
EBITDA Margin	-	-242.08%	-	-	23.66%	68.77%
D&A For EBITDA	0.07	0.1	5.87	1.83	0.94	1.51
EBIT	-0.79	-0.96	-8.42	-5.18	-0.29	1.64
EBIT Margin	-	-271.56%	-	-	-10.38%	35.73%
Effective Tax Rate	-	-	-	-	-	38.00%
Revenue as Reported	0.25	0.37	0.19	0.72	2.92	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.