GMX Resources Inc. (GMXR) reported third quarter net loss applicable to common stock of $3.94 million or $0.19 per share, compared to net income applicable to common stock of $8.48 million or $0.50 per share last year. The company noted that the prior year results were adjusted for retrospective application of FASB ASC 470-20 "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion."
Adjusted net income applicable to common stock was $1.6 million or $0.08 per share for the quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share. Analysts' estimates typically exclude special items.
Oil and gas sales declined to $23.08 million from $36.4 million in the prior year quarter. Ten analysts estimated revenues of $22.38 million.
For comments and feedback: editorial@rttnews.com