Fourth Quarter Results
Total revenues for the fourth quarter ended April 30, 2013 decreased 13% to $7.7 million, compared to $8.9 million for the same quarter in fiscal year 2012. The decrease resulted from RU-7 being offline due to a pump failure and a related workover, a normal decline curve from our WMRU field, and fluctuations in our shipping schedules.
Total operating costs and expenses increased 38% to $22.5 million for the fourth quarter ended April 30, 2013, compared with $16.3 million for the same quarter in fiscal year 2012, primarily due to workover costs for RU-1 and RU-7, slightly offset by a decrease in general and administrative expenses, primarily due to lower stock-based compensation expense and state production tax credits (which are recorded as a reduction to general and administrative expenses).
The Company recorded a net loss attributable to common stockholders of $13.1 million, or $0.31 per diluted share, for the fourth quarter ended April 30, 2013, compared to a loss of $8.4 million, or $0.20 per diluted share for the same period in fiscal year 2012.
Fiscal Year Results
Total revenues for the fiscal year ended April 30, 2013 were $34.8 million compared to $35.4 million for fiscal 2012. The Company produced and sold 317,606 BOE compared with 371,843 BOE in fiscal year 2012. The year-over-year decline in production was primarily attributed to RU-1 and RU-7 not being online for a portion of fiscal 2013.
Oil revenues decreased 8% to $29.4 million in fiscal 2013 and accounted for 98% of total oil and gas revenues. The average realized oil price in 2013 was $101.53 per barrel, 9% higher than the average realized oil price in 2012 of $93.10 per barrel. Natural gas average realized prices were relatively flat at $3.52 per mcf in 2013 compared with $3.47 per mcf in 2012.
Total operating costs and expenses increased 11% to $67.2 million from $60.5 million in fiscal year 2012. Oil and gas operating costs increased $9.8 million to $24.7 million primarily due to higher costs associated with drilling activities on the Osprey offshore platform and workover costs incurred on RU-1 and RU-7. General and administrative expenses decreased 23% to $22.8 million due to lower stock-based compensation and employee benefits expenses. Depreciation, depletion and amortization remained constant at $13.2 million compared to $13.3 million in fiscal 2012.
The Company recorded a net loss attributable to common stockholders of $25.5 million, or $0.60 per diluted share, compared with a loss of $19.5 million, or $0.48 per diluted share, for the same period in fiscal year 2012.
Miller had approximately $2.6 million of cash and cash equivalents and $17.7 million of restricted cash at April 30, 2013. Total debt outstanding was $57.6 million at April 30, 2013 compared to $24.1 million at April 30, 2012. The Company invested $37.9 million in capital expenditures during the year ended April 30, 2013 compared to $34.0 million a year ago. Management has access to sufficient capital to fund the Company's drilling and working capital needs for fiscal 2014.
Investor Conference Call
Mr. Scott Boruff, CEO of Miller Energy and Mr. David Voyticky, President and Acting CFO, will host its fourth quarter and full year 2013 earnings call. To attend the call, please use the dial in information below. When prompted, ask for the "Miller Energy Resources Q4 2013 conference call."
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