Forest Oil Profit Surges

Comparable revenue rises 15%.
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Forest Oil

(FST)

said its third-quarter earnings rose significantly from the year-ago period.

The Denver-based natural gas producer earned $76.9 million, or $1.21 a share, in the quarter, compared with $3.3 million, or 5 cents a share, a year ago. Adjusted for items, earnings were $29.7 million, or 48 cents a basic share, in the quarter, compared with $35.3 million, or 57 cents a basic share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 48 cents a share.

Third-quarter revenue fell 24.4% from a year ago to $202.8 million as against analysts' expectation of $200.5 million. Excluding the spin-off operations, third-quarter revenue rose 15.4% from a year ago.

Oil and gas sales revenue increased 16% to $200.9 million on increased sales volumes.

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