St. Mary Swings To Net Loss

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On May 4, 2009, St. Mary Land & Exploration(SM Quote) reported that for Q1 FY09 it swung to a net loss of $87.62 million or $1.41 per share from a net profit of $94.97 million or $1.48 per share a year ago. Adjusted net loss for the quarter was $448,000 or $0.01 per share compared to a profit of $72.96 million or $1.14 per share. The latest quarterly results missed the most recent consensus estimate of $0.15 per share.

Total operating revenues and other income plunged 45.0% to $199.22 million from $362.10 million, hurt by lower average realized prices. Oil and gas production revenue dropped 58.0% to $130.42 million from $310.43 million. Meanwhile, the company lost $599,000 on the sale of proved properties. Marketed gas system revenues were down 29.7% to $13.78 million from $19.60 million in Q1 FY08. ...