Contango Oil & Gas FY12 Profit Declines

8/31/2012 12:51 PM ET

Contango Oil & Gas Co. (MCF: Quote) posted fiscal 2012 net income attributable to common stock of $58.4 million, or $3.79 per share, compared to $65.0 million, or $4.14 per share in the comparable quarter last year.

The company said that fiscal 2012 results included a loss of nearly $0.8 million, or $0.05 per share, attributable to discontinued operations from the sale of its Conterra company and Rexer Assets. This compares to a gain from discontinued operations for the year ended June 30, 2011 of about $0.6 million, or $.04 per share, related to the sale of its Joint Venture Assets with Conterra Company, Rexer assets and the distribution of Contango ORE, Inc.

Total revenues for the period dropped to $179.27 million from $201.72 million last year.

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by RTT Staff Writer

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