Miller Energy Resources reported today a fourth-quarter loss of $13.1 million, more than half its loss for the full 2013 fiscal year.
The net loss attributable to common stockholders equaled 31 cents diluted share, up from a loss of $8.4 million, or 20 cents per share, in the 2012 fourth-quarter, the Knoxville-based oil and natural gas company said.
Revenues for the quarter ended April 30 tumbled 13 percent to $7.7 million, compared to $8.9 million in the same period the prior year.
The company attributed the 4Q loss to a pump failure knocking one of its wells offline, fluctuating shipping schedules and other reasons.
For fiscal 2013, revenues dropped 2 percent to $34.8 million and the net loss was $25.5 million, or 60 cents per share.
Despite rising loses, CEO Scott Boruff put a positive spin on the Knoxville company’s outlook for the coming months.
“While our revenues remained relatively constant in fiscal 2013 as compared to the prior year, we achieved several operational milestones late in the fiscal year and subsequent to year end,” Boruff said in a news release.” In fiscal 2014, we expect to see a substantial increase in revenues with significant contributions from our newest oil well, RU-2A, and our newest gas wells, RU-3 and RU-4. … Based on current production levels we expect that RU-2A will increase revenue by more than $10 million per quarter and add $8 million per quarter to free cash flow.”
As revenues have declined in recent months, the company has tapped investors for increased funding. Miller has raised more than $32 million in three preferred stock sales this calendar year alone.
Miller has exploration and production operations in Alaska and East Tennessee.