Niska Gas Storage Partners Posts Q4 Loss

(RTTNews) - Niska Gas Storage Partners LLC (NKA)reported a net loss for the fourth quarter ended March 31, 2015 of $43.2 million or $1.12 per unit, compared to net income of $4.3 million or $0.12 per unit for the year-ago quarter.

The latest quarter results include inventory impairment charges of $21.6 million.

Revenue for the fourth quarter was a negative 6.9 million, compared to $87.5 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per unit on revenue of $38.95 million for the fourth quarter. Analysts' estimates typically exclude special items.

Niska said its Board of Directors has determined that a continued suspension of its quarterly distribution is appropriate and, accordingly, no distribution will be paid with respect to the fiscal quarter ended March 31, 2015.