This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Quicksilver Resources Announces Filing Of 2012 Financial Report

FORT WORTH, Texas, March 22, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) announced today the company has filed its 2012 Form 10-K.

Net income for the fourth quarter and full-year 2012 as reported today in the company's selected financial information is higher than that reported in the press release issued February 25, 2013. During the preparation of the 2012 financial statements, the company determined that certain hedges did not qualify for hedge accounting at their designation dates. Consequently, the unrealized gains and losses on these derivatives since their designation have been recognized in earnings rather than deferred through other comprehensive income. Further, this treatment disqualifies their inclusion in the computation of the full-cost ceiling. The ceiling impairments also had an effect on the depletion rate in subsequent quarters. All of these factors caused a change in the company's results before income tax and the resulting tax provision. The company also recognized a valuation allowance for its Canadian net deferred tax assets.

The company has retroactively applied the revised accounting treatment for these derivatives, which resulted in restatements in each quarter of 2012 to revenue, impairment, and income taxes; DD&A was restated in the second, third, and fourth quarters of 2012. The restatement also affects the balance sheet for property, plant, and equipment, deferred taxes, AOCI and retained earnings. Details of these changes, including their cash flow effects, are included in the tables following this press release.

All adjustments described above are non-cash. The company is not filing amended quarterly reports on Form 10-Q for each of the interim quarters for 2012 as restated quarterly results are included within the 2012 annual report along with accompanying disclosures. A more complete explanation of the restatement is also included in the foreword to the MD&A section of the 2012 10-K filed today.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs