(RTTNews) - Monday after the bell, Oil and natural gas company St. Mary Land & Exploration Co. (SM: News ), reported a loss for the third quarter versus a profit last year, as fall in oil and gas prices pushed revenues down 42% for the period. Excluding items, the company's earnings ,however, came in ahead of street expectations.

Denver, Colorado- based St. Mary's reported a net loss of $4.41 million or $0.07 per share for the third quarter, compared with net income of $86.99 million or $1.38 per share for the same period last year.

During the quarter, the company recognized a pre-tax non-cash charge of $6.8 million as a result of the increase in the Net Profits Plan liability, compared to a benefit of $34.9 million in the third quarter of 2008.

Excluding special items, the company's non-GAAP net income fell to $14.7 million or $0.23 per share, from $75.48 million or $1.20 per share in the comparable period one-year ago. On average, 13 analysts polled by Thomson Reuters expected the company to report profit of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues and other income decreased to $185.79 million from $324.09 million a year ago, falling short of Wall street expectations of $186.90 million for the quarter. Revenues suffered from lower oil and gas prices for the period, which declined 38% year-on-year to $6.86 per Million Cubic Feet Equivalent or MCFE net of hedging from $11.01 per MCFE.

Quarterly production was 26.4 Billion Cubic Feet Equivalent or BCFE, down from 27.7 BCFE reported year-ago. Average realized prices, excluding hedging activities, were 66% lower at $3.37 per Million Cubic Feet of natural gas and 45% lesser at $61.93 per barrel of oil during the quarter.
Total operating expenses were higher at $185.33 million compared with $179.76 million, led by exploration charges which rose $5 million from last year, reflecting higher levels of geological and geophysical spending, including seismic and increased technical staff

The company recognized a pre-tax non-cash charge of $6.8 million as a result of the increase in the Net Profits Plan liability, compared to a benefit of $34.9 million last year. Income form operations declined to $457 thousand from $144 million in the year-ago period.

For the nine months, the company reported net loss of $100.36 million or $1.61 per share, compared with net income of $214.44 million or $3.39 per share last year. Adjusted net income was lower at $29.16 million or $0.47 per share, than $235.47 million or $3.72 in the same period one-year ago. Total revenues for the nine-month period declined to $590.21 million from $1.04 billion last year.

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