Net income for the first quarter of 2006 was $3.5 million, which includes a $4.7 million favorable impact for Accounting for Derivative Instruments and Hedging Activities. This compares to a net loss of $6.2 million in the first quarter of 2005, which includes a $3.6 million unfavorable impact for FAS 133.
After adjusting for FAS 133, the net loss for the quarter was $1.2 million, compared to a loss of $2.6 million in the first quarter of 2005, adjusting for similar items. The difference of about $1.4 million includes the effects of increased conversion pricing and production improvements offset by increased natural gas costs of $5.5 million and increased interest expense of $1.1 million.
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