Quicksilver Resources Inc. (KWK) Monday reported a substantial loss of $1.10 billion or $6.47 per share for the fourth quarter versus net income of $23.53 million or $0.14 per share in the same period last year. Adjusted net loss for the quarter was $2.39 million or $0.01 per share compared to an adjusted net income of $371 thousand a year ago.
The company noted that fourth-quarter 2012 results reflected a $1.2 billion non-cash ceiling test impairment, of which 63% was attributable to a change in accounting policy, while the remaining 37% of the impairment was attributable to reserve revisions related to price, performance and the reclassification of existing proved undeveloped reserves in 2012 owing to a reduction in drilling activity, amid depressed natural gas and NGL prices, added Quicksilver.
Meanwhile, revenues for the three-month period dipped to $179.07 million from $223.09 million in the same quarter a year earlier.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share, while eleven analysts expected revenues of $168.69 million for the quarter. Analysts' estimates typically exclude special items.
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