Abraxas Petroleum Corp. Reports Profit In Q4

(RTTNews) - Abraxas Petroleum Corp. (AXAS), a crude oil and natural gas production company, Wednesday reported a net profit for the fourth quarter, compared with a net loss in the same period last year, supported by revenue growth. However, the company also reported adjusted loss per basic share that remained flat year-over-year.

For the fourth quarter, the company reported a net profit of $26.99 million or $0.29 per basic share, which compares with a net loss of $11.87 million or $0.13 per basic share reported for the same period last year.

Excluding certain items, the company reported a loss of $2.34 million, narrower than the loss of $3.17 million reported a year earlier. Loss per basic share remained flat $0.03.

On average, eight analysts polled by Thomson-Reuters expected the company to report a profit $0.04 for the quarter. Analysts' estimates typically exclude special items.

For the three months to December, adjusted EBITDA increased to $8.24 million from $6.62 million a year ago.

Revenues for the 3-month period increased to $22.55 million from $19.07 million a year earlier.

Separately, the company raised its production guidance for 2014 to 5,200 - 5,300 boepd from the prior projected guidance of 4,900 - 5,100 boepd.