Quarterly Financial Data (Unaudited)
|12 Months Ended|
Jun. 30, 2015
|Quarterly Financial Information Disclosure [Abstract]|
|Quarterly Financial Data (Unaudited)||
Note 21 - Quarterly Financial Data (Unaudited)
The following table summarizes the unaudited quarterly financial data, including continuing (loss) income before income taxes, net (loss) income, and net (loss) income per common share for the fiscal years ended:
(1) The benchmark oil price, WTI declined significantly in the third quarter.
(2) During the fourth quarter, the company recorded an impairment of its proved oil and gas properties of $17.4 million.
(3) During the third quarter, a downward revision in the contingent consideration payable resulted in other income of $1.9 million.
(4)Loss from continuing operations increased in the fourth quarter due to the impairment of proved oil and gas properties mentioned previously, and an other-than-temporary impairment of $14.9 million related to the Company's investment in Central.
(1) A downward revision of the contingent consideration payable during the fourth quarter of fiscal year 2014 resulted in $1.9 million of other income associated with our NP segment, refer to Note 7 - Fair Value Measurements for further details.
(2) During the third quarter the Company sold its Palm Valley and Dingo gas fields to Central (see Note 2 - Sale of Amadeus Basin Assets). The transaction resulted in a gain on disposal of discontinued operations, net of tax in the amount of $30.0 million.
The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.
Reference 1: http://www.xbrl.org/2003/role/presentationRef