Atlas Energy Inc. (ATLS), Friday reported a wider loss for the fourth quarter, reflecting lower revenues and a hefty impairment charge. On an adjusted basis, the company reported a profit, which increased from the previous year.
The Moon Township, Pennsylvania-based company's net loss attributable to common shareholders widened to $85.28 million or $1.09 per share from $28.91 million or $0.74 per share in the prior-year period.
Results for the quarter include non-recurring merger costs of $1.36 million, asset impairment of $156.36 million and non-cash stock compensation expense of $2.25 million.
Adjusted net income attributable to common shareholders for the quarter rose to $15.84 million or $0.20 per share from $6.38 million or $0.16 per share in the year-ago period.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $442.33 million from $515.37 million in the comparable period last year.
Revenues from gas and oil declined to $70.28 million from $75.43 million a year ago. Well construction and completion revenues increased to $114.81 million from $71.57 million in the previous year. Transmission, gathering and processing revenues were $260.38 million, up from $165.85 million last year.
Administration and oversight revenues rose to $5.97 million from $3.99 million in the comparable quarter a year ago. Well services revenues increased to $5.28 million from $5.12 million last year.
Loss on asset sales were $741,000, compared to $32,000 in the previous year. Loss on mark-to-market derivatives was $19.76 million, compared to a gain of $193.86 million in the prior-year quarter. Interest expense increased to $45.66 million from $37.53 million last year.
For the fiscal year 2009, net loss widened to $71.98 million or $1.46 per share from $6.16 million or $0.15 per share in the previous year. Adjusted net income for the year was $40.75 million or $0.81 per share, compared to $37.12 million or $0.89 per share last year. Total revenues for the year declined to $1.59 billion from $2.10 billion a year ago.
Analysts estimated earnings of $1.06 per share, on revenues of $1.51 billion for the full year 2009.
ATLS is currently trading at $32.81, up 0.66 or 2.05%, on a volume of 0.67 million shares on the Nasdaq.
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