Canada-based Comaplex Minerals Corp. (CMF.TO) on Tuesday reported an 88% fall in profit for the fourth quarter from a year ago, hurt by lower revenues at its mineral as well as oil and gas divisions. The company recorded a 5% decline in average daily production for the quarter compared to a year ago, while average realized prices for natural gas liquids declined 14% from the prior-year period.
For the fourth quarter, the company's net income was C$0.33 million, or C$0.01 per share, compared to net income of C$2.85 million, or C$0.06 per share, in the same period of the prior year.
Cash flow from operations for the latest quarter was C$0.34 million, or C$0.01 per share, compared to negative cash flow from operations of C$76 thousand, or breakeven per share, in the prior-year quarter.
Revenues for the company's mineral division for the quarter declined to C$0.15 million from C$0.28 million in the same period last year, while revenue for the oil and gas division declined to C$0.817 million from C$0.818 million in the prior-year quarter.
Interest for the mineral division declined to C$0.15 million from C$0.22 million in the prior-year quarter, due primarily to decreased cash balances as the company continued its capital funding of the Meliadine West and East projects. The mineral production royalty, which is a flat fee for each tonne of ore produced through a mill in Quebec, was nil for the latest quarter as the operator of the mill went into CCAA protection.
Revenue from the company's petroleum and natural gas properties before royalties was C$0.854 million for the quarter, compared to C$0.846 million a year ago. Investment income for the quarter was C$0.16 million compared to C$0.18 million in the previous-year quarter.
Oil and gas production for the quarter averaged 195 barrels of oil equivalent per day, or BOE, down from 207 BOE in the previous-year quarter.
Production of natural gas declined to 904 MCF per day in the quarter from 995 MCF in the same period of the prior year. Production of natural gas liquids increased to 44 barrels per day from 41 barrels per day in the prior-year period.
Average realized prices for natural gas for the quarter increased to C$7.15 per MCF from C$6.19 per MCF in the prior-year period, while average realized prices for natural gas liquids declined 14% to C$62.98 per barrel from C$73.55 per barrel a year ago.
For fiscal year 2008, the company's net income was C$2.12 million, or C$0.04 per share, down compared to C$2.37 million, or C$0.05 per share, in the prior year.
The decline in net income for the year was due to lower future income tax benefit, a loss on investments and increased operating and general administration costs.
Cash flow from operations for the year was C$2.25 million, or C$0.04 per share, compared to C$2.11 million, or C$0.05 per share, in the prior year.
Revenues for the mineral division declined to C$0.81 million from C$1.07 million in the previous year. Revenues for the oil and gas division increased to C$3.47 million from C$3.03 million in the prior year due to higher commodity prices for natural gas and a foreign exchange gain.
Production for the year averaged 181 BOE per day, compared to 206 BOE per day in the previous year.
In Tuesday's regular trading session on the Toronto Stock Exchange, CMF.TO is trading at C$3.16, down C$0.24 or 7.06% on a volume of 400 shares. In the past 52 weeks, the company's stock has been trading in a range of $1.07-$6.50.
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