Tag Archives: loss

Miller Energy loses $9M despite higher revenue

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources platform in Cook Inlet, Alaska.

Revenues were up, but Miller Energy Resources Inc. lost more than $9 million in the quarter ended July 31, the Knoxville-based oil and natural gas company reported Monday.
Net loss attributable to common stockholders was $9.4 million, or 22 cents per diluted share, for the company’s first quarter of fiscal 2014. That compares to a profit of $200,000 in the same period a year ago.
Revenues for the recently ended quarter rose more than 56 percent to $13 million from $8.4 million in the first fiscal quarter the prior year. Revenues were up on increased production and higher oil prices. Average realized oil prices rose 5 percent to $104.57 per barrel in the first quarter compared with $99.59 in the prior year period.
The revenue increase was off set by a 44 percent increase in costs and direct expenses and  “an increase in interest expense due to higher debt balances and less interest capitalized; and a loss on commodity derivatives,” the company said.
Despite swinging to a first-quarter loss, Miller CEO Scott Boruff gave an upbeat outlook based on increased production.
“We are continuing to see major increases in production in Alaska. In the second half of the first quarter, we brought our RU-2A well online, which has been our highest producing oil well to date. … (Contributing)  $4.1 million to our revenues for the quarter,” Boruff said in a statement.
Progress also is being made on bringing other oil and gas wells into production, Boruff said.
Miller Energy is an oil and natural gas exploration, production and drilling company with operations in Alaska’s Cook Inlet and in Tennessee’s Appalachian Basin.

Miller Energy posts $13.1M 4Q loss

Miller Energy Resources platform in Cook Inlet, Alaska.

Miller Energy Resources platform in Cook Inlet, Alaska.

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.

 

Xinergy shareholders say ‘no’ to CEO stock options

0516_kclo_ipad_coal.JPG

Xinergy shareholders on Wednesday endorsed management’s
nominees for the company’s board of directors, but defeated resolutions that
would have awarded CEO Matt Goldfarb options to buy more than a half-million
shares of company stock.

Goldfarb easily held onto his  board seat, but the 32.1 percent of
shareholder votes withheld from the CEO were easily the largest such “no” votes
for director candidates, according to a news release.

Directors Stephen Loukas and Jay Thornton were relected with
votes at 21.7 percent and 18 percent of withheld votes, respectively.

Two separate resolutions that would have given Goldfarb
stock options were rejected by shareholders.

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Tough 1Q produces opposite results for Knox energy companies

Oil and gas

A pair of Knoxville based energy companies this week both reported
decreased sales in the first quarter, but one still scratched out a profit
while the other swung to a loss.

Oil company Tengasco reported a profit of $978,000, or 2
cents per share, while coal producer Xinergy said it lost $1.9 million, or 3
cents per share.

Tengasco’s earnings for the first three months of 2012 were a
slight improvement from a profit of $954,000, or 2 cents per share in the same
period a year ago.

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Ruby Tuesday expected to report loss

 

Ruby Tuesday

Ruby Tuesday

Restaurant chain Ruby Tuesday Inc. reports earnings today after the markets close. According to a Motley Fool report, analysts expect the Maryville-based company to report an increase in revenue, but a loss of about 6 cents per share.

ALCOA

ALCOA

Aluminum company Alcoa Inc., which has a major manufacturing plant in Blount County, reports Monday. Analysts expectations are mixed. Alcoa is traditionally the first of the major companies to release its quarterly report.

 

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