July 15--Shares of Miller Energy Resources fell sharply on Tuesday, after the company reported that losses grew in its most recent quarter.
The Knoxville-based oil and gas company reported a net loss attributable to common shareholders of $17.2 million, or $0.38 per diluted share, in the quarter ended April 30, compared with a loss of $13.1 million in the same quarter a year ago.
Miller's stock fell by 6.7 percent on Tuesday, to $5.40 a share.
In a news release, Miller said the losses were primarily related to noncash charges, including the loss on debt extinguishment from a refinancing and changes in the fair value of its derivatives, due to an increase in commodity prices.
In a conference call with analysts on Tuesday, John Brawley, Miller's CFO, said the net loss was not a good metric for judging the company, since it was impacted by large noncash expenses.
The company said total revenues for the fourth quarter increased 33 percent to $22.1 million, compared with $16.6 million for the third quarter, and average daily net production for fiscal 2014 increased 157 percent compared with fiscal 2013.
"We more than doubled our production and our revenue, including a fourth quarter top line of $22.1 million, representing the highest quarterly revenue in company history," CEO Scott Boruff said in a statement.
Based in Knoxville, Miller Energy focuses on oil and natural gas exploration, production and drilling.
In June, the company announced it would sell its Tennessee oil and natural gas wells and focus on expanding its exploration and production operations in Alaska.
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