PDO Pyramid Oil reports Earnings - Stock Up 13% 8-13-08

Pyramid Oil ( PDO ) just came out with Earnings at 9am...just a few mintues ago here on 8-13-08.

Earnings again look incredible. Keep in mind during the quarter the company did a 5/4 stock split that is not accounted for on most stock charts.

Pyramid Oil PDO earned .24 cents per share vs .10 a year ago or 154% increase....revenue was 2.1 million vs 1.1 a year ago.

Last quarter PDO earned .22 cents per share vs .02 a year ago! ( these are numbers pre split, keep this in mind! )

Technical Analysis: PDO has resistance at $13...a close over this level would be very bullish....strong support at $9

Highlights:

Second quarter revenue increased 91% to $2.1 million from $1.1 million in last year's second quarter. Approximately 93% of the increase resulted from higher oil and gas prices, which increased by approximately $57.19 per equivalent barrel of oil versus last year's second quarter. Operating income increased by 226% to $1.2 million versus $362,000 in the second quarter a year ago. Net income improved by 154% to $908,000, or $0.24 per diluted share ($0.19 per diluted share after a 5-for-4 stock split that became effective July 7, 2008) from $357,000, or $0.10 per diluted share ($0.08 per diluted share, post split) in the second quarter last year.
Through six months, Pyramid reported revenue of $3.7 million, up 92% versus revenue of $1.9 million in the same period a year ago. Operating income increased 372% to $1.9 million from $406,000 in the six-month period last year. Net income increased 320% to $1.7 million, or $0.47 per diluted share ($0.37 per diluted share, post split) from $415,000, or $0.11 per diluted share ($0.09 per diluted share, post split) in the 2007 six-month period.

John Alexander, president and CEO, said, "Our strong second quarter performance helped fuel solid cash flow from operations, which through six months had increased 183% to $1.7 million versus the comparable period last year. We expect to elevate our oil and gas production rates during the second half of the year, and are therefore optimistic about our prospects for continued strong top- and bottom-line financial results."