Copano Energy, a midstream energy company, has reported net income of $14.5 million, or $0.25 per unit on a diluted basis, for the first quarter of 2008, a 67% increase, compared to net income of $8.7 million, or $0.20 per unit on a diluted basis, for the same period of 2007.
The company reported revenue of $401.7 million for the first quarter of 2008, a 90% increase, compared to $211 million for the same period of 2007. Adjusted EBITDA for the first quarter of 2008 was $43.6 million, an 86% increase, compared to $23.5 million for the same period of 2007.
Copano’s operating segment gross margin increased 93% compared to the first quarter of 2007. Total segment gross margin, which includes the results of Copano’s hedging program, increased 60% to $61.3 million for the first quarter of 2008 from $38.3 million for the same period of 2007.
John Eckel, chairman and CEO of Copano, said: We are pleased to report significant year-over-year increases in our key operating and financial performance measures, including net income and adjusted EBITDA, reflecting continued volume growth and favorable commodity price conditions.