(RTTNews) - Friday, The Crosstex Energy companies, Crosstex Energy LP (XTEX: News ) and Crosstex Energy Inc. (XTXI: News ), revealed financial results for the third quarter with both reporting a profit for the period. Helped by a huge gains from assets sale, Crosstex Energy, L.P. reported a swing to third quarter profit from loss last year, while Crosstex Energy, Inc.'s third quarter profit surged.

Crosstex Energy Inc.

Crosstex Energy Inc. said its net income attributable to the company surged to $15.47 million or $0.33 per share from $540 thousand or $0.01 per share in the year earlier period.

The net income for the third quarter 2009 included a gain from sale of discontinued operations of $84.83 million.

Loss from continuing operations for the quarter widened to $17.13 million from $11.73 million in the same period last year, impacted by the huge drop in revenues from Crosstex Energy LP.

Commenting on the third quarter performance, Barry Davis, Crosstex President and Chief Executive Officer said, "Despite a difficult operating environment, we've increased our cash flows by implementing additional operating efficiencies and reducing costs. We remain committed to optimizing our core assets in the Barnett and Haynesville shales, as well as our natural gas liquids processing business. We are confident we will be able to capitalize on increased drilling activity as the economy continues to improve."

"After paying down $550 million of debt through asset sales and with the operations improvements we have implemented, we believe we are well positioned to access the capital markets to refinance our existing debt," Davis added.

Crosstex Energy LP
Dallas, Texas-based Crosstex Energy LP's net income attributable to its limited partners for the third quarter was $73.51 million or $1.44 per common unit compared with net loss attributable to its limited partners of $11.05 million or $0.24 per common unit for the year-ago period.

The third quarter 2009 net income included a $97.4 million gain on the sale of the partnership's Alabama, Mississippi and south Texas assets.

Excluding general partner interest the company's net income attributable to Crosstex Energy LP was $74.19 million compared with net loss of $5.24 million a year earlier.

On average, four analysts polled by Thomson Reuters expected the company to report loss of $0.32 per share for the third quarter. Analysts' estimates typically exclude special items.

The partnership's loss from continuing operations widened to $19.32 million from $11.43 million in the same period last year, impacted by the huge drop in revenues.

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