Comstock Resources, Inc. (CRK) reported a first-quarter net loss of $24.5 million or $0.52 per share, compared to a net income of $1.4 million or $0.03 per share in the comparable quarter last year.
The results for the latest quarter included a loss from derivative financial instruments of $8.8 million and a gain of a gain of $7.9 million from sales of marketable securities. Results for the three months ended March 31, 2012 include included an unrealized loss from derivative financial instruments of $10.2 million and a gain of $26.6 million on sale of marketable securities.
On average, 18 analysts polled by Thomson Reuters expected the company to lose $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
Oil and gas sales for the quarter dropped to $111.31 million from $118.41 million last year, while eleven analysts had a consensus revenue estimate of $105.57 million for the quarter.
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