Synergy Resources Corp. (SYRG: Quote), Wednesday, surged to a profit for the second quarter compared to a loss last year, as revenues soared 206 percent. The company attributed the significant growth to increased production from its new wells and a provision for income tax benefit.
The Platteville, Colorado-based company reported a second-quarter net profit of $6.12 million, compared to a net loss of $11.74 million last year. The results includes $3.24 million tax benefit, mean while the prior year loss include a hefty $12.42 million other expenses. On a per share basis, the company recorded $0.12 on 49 million shares outstanding, compared to a loss of $0.55 on 21.49 million shares.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter almost trippled to $6.22 million from $2.03 million in the prior-year quarter. Three analysts were looking for revenue of $6.14 million for the quarter.
by RTT Staff Writer
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