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.
This January, 2010, photo shows Aqua-Chem President and CEO David Gensterblum in his plant where they build water purification units for a variety of applications. Aqua-Chem made the 2013 Inc. 5000 rankings.
Knoxville area companies had another strong showing on this year’s Inc. 5000. Fifteen area companies made the 2013 list released this week.
The Inc. list ranks the fastest-growing private companies in the country based on percentage revenue growth for the most recent three years.
Digital marketing company Pyxl Inc. was the highest ranked among local companies and the 19th fastest-growing company in Tennessee.
“We believe our growth and success is a testament to our dedicated and hard working team and the partnerships we have built with our incredible clients. With continued innovation and diligence we envision even more growth and expansion in our future,” Pyxl President Josh Phillips said in a news release.
Pyxl, which designs and develops custom websites, web applications and mobile apps, had 299 percent growth in the previous three years with $2.8 million in revenues in 2012.
Local Inc. 5000 companies represent a variety of industries, including advertising, restaurant supply, employee staffing, trucking, digital security, manufacturing and rehabilitation services.
In order of their ranking, the other area companies on the 2013 Inc. 5000 are (unless noted companies are based in Knoxville): KaTom Restaurant Supply, Kodak; M Force Staffing; StaffSource; Best Drivers, Alcoa; Tillman Companies; Strategic Consulting Services, Oak Ridge; Functional Pathways; Sword & Shield Enterprise Security; DesignSensory; Wintellect; BrakeQuip, Alcoa; Aqua-Chem; Securities Services Network and Saratoga Technologies.
More than 80 Tennessee companies made the rankings, including 24 based in East Tennessee.
Click here for the full Inc. 5000 list.
Boat sales declined, but Brunswick Corp. still had a strong first quarter.
The parent company of Knoxville-based Sea Ray Boats and Brunswick Boat Group reported earnings from continuing operations of $54.9 million, or 59 cents per diluted share. That was up from $47 million, or 51 cents per diluted share in the first quarter of 2012.
Excluding discontinued operations, the company said it earned 76 cents per diluted share, an increase of 24 cents from the prior year.
Analysts are looking for media company E.W. Scripps to report a turnaround from a year ago when it releases its third quarter financial statement on Friday.
Scripps, the parent company of the Knoxville News Sentinel and the Memphis Commercial Appeal, is expected to report a profit of about 9 cents per share compared to a loss of 9 cents per share in the third quarter last year.
Revenues are projected to be up about 27 percent to $214 million for the quarter.
Oil and natural gas company Tengasco Inc.’s stock has been downgraded by TheStreet Ratings from buy to hold.
The Knoxville-based company’s weak cash flow overshadows its revenue and profit growth, TheStreet, a digital financial media company, said today.
“The revenue growth came in higher than the industry average of 11.9%. Since the same quarter one year prior, revenues rose by 35.6%. This growth in revenue does not appear to have trickled down to the company’s bottom line, displaying stagnant earnings per share,” TheStreet reported.