This is our short term rating system that serves as a timeliness indicator for stocks over the next 1 to 3 months. How good is it? See rankings and related performance below.
|Zacks Rank||Definition||Annualized Return|
Zacks Rank Education - Learn more about the Zacks Rank
Zacks Rank Home - All Zacks Rank resources in one place
Zacks Premium - The only way to get access to the Zacks Rank
DUMA: First quarter revenue in line with expectationsDecember 27, 2012 | Comments : 0 Recommended this article: (0)
This page is temporarily not available. Please check later as it should be available shortly. If you have any questions, please email customer support at email@example.com or call 800-767-3771 ext. 9339.
DUMA: First quarter revenue in line with expectations
By Ian Gilson, CFA
On December 26, 2012 Duma Energy (OTC BB:(DUMA)) announced its first fiscal quarter 2013 results. Revenue was $2.0 million versus our $2.1 million estimate and lease operating expense was $1.1 million, the same as our estimate. Oil production was slightly below our estimate of 20.0 thousand barrels. Gas production was close to that produced last year but well below the 4Q12 level. Overall pricing increased from 4Q12 levels.
Operating earnings per share were below our estimate of $0.2 million at $0.4 million. Non operating income includes gains and losses on for sale securities, changes in derivative warrant liabilities and acquisition related costs. We adjust the operating EPS by these amounts as well. The net result was a loss of $0.04 per share as compared to our estimate of a loss of $0.01 a share.
The first quarter included a non-cash charge of $37.2 million. When Duma acquired its interest in NEI (and the Namibia concession) the deal included 22.41 million shares to be paid to the sellers when certain milestones were achieved over the next 10 years. The estimated fair value of these shares was $31.6 million. Other shares included in the NEI charge were valued at $5.6 million. In the 1Q13 a charge of $4.4 million was recognized from the issuance of stock to SPE Navigation. We have treated these charges as non-reoccurring and excluded them from operating earnings per share.
For additional research on small-cap stocks, please visit scr.zacks.com.
To become a subscriber to Zacks SCR and receive SCR blogs and research reports emailed directly to your inbox, please visit our Subscribe page.
Please login to Zacks.com or register to post a comment.