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:
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First
Quarter
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Second
Quarter
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Third
Quarter
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Fourth
Quarter
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June 30, 2015 |
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(In thousands, except per share data) |
Fiscal year ended June 30, 2015 |
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Revenue from oil production (1)
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$ |
1,590 |
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$ |
1,265 |
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$ |
688 |
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$ |
916 |
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$ |
4,459 |
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Total operating expenses (2)
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$ |
4,280 |
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$ |
4,153 |
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$ |
4,863 |
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$ |
21,459 |
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$ |
34,755 |
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Continuing operations: |
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Loss from continuing operations attributable to Magellan Petroleum Corporation(3)(4)
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$ |
(2,627 |
) |
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$ |
(2,715 |
) |
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$ |
(2,115 |
) |
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$ |
(35,543 |
) |
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$ |
(43,000 |
) |
Net loss per basic common share outstanding |
$(0.54) |
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$(0.55) |
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$(0.45) |
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$(6.29) |
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$(7.83) |
Net loss per diluted common share outstanding |
$(0.54) |
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$(0.55) |
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$(0.45) |
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$(6.29) |
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$(7.83) |
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Attributable to common stockholders: |
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Net loss |
$ |
(3,057 |
) |
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$ |
(3,145 |
) |
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$ |
(2,552 |
) |
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$ |
(35,986 |
) |
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$ |
(44,740 |
) |
Net loss per basic common share outstanding |
$(0.54) |
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$(0.55) |
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$(0.45) |
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$(6.29) |
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$(7.83) |
Net loss per diluted common share outstanding |
$(0.54) |
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$(0.55) |
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$(0.45) |
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$(6.29) |
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$(7.83) |
(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.
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First
Quarter
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Second
Quarter
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Third
Quarter
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Fourth
Quarter
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June 30, 2014 |
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(In thousands, except per share data) |
Fiscal year ended June 30, 2014 |
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Revenue from oil production |
$ |
2,134 |
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$ |
1,633 |
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$ |
1,907 |
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$ |
1,927 |
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$ |
7,601 |
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Total operating expenses |
$ |
5,737 |
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$ |
4,193 |
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$ |
4,927 |
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$ |
5,092 |
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$ |
19,949 |
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Continuing operations: |
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Loss from continuing operations (1)
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$ |
(3,681 |
) |
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$ |
(2,610 |
) |
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$ |
(3,072 |
) |
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$ |
(679 |
) |
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$ |
(10,042 |
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Net loss per basic common share outstanding |
$(0.72) |
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$(0.53) |
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$(0.62) |
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$(0.20) |
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$(2.07) |
Net loss per diluted common share outstanding |
$(0.72) |
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$(0.53) |
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$(0.62) |
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$(0.20) |
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$(2.07) |
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Attributable to common stockholders: |
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Net (loss) income (2)
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$ |
(5,250 |
) |
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$ |
(4,533 |
) |
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$ |
24,089 |
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$ |
(493 |
) |
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$ |
13,813 |
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Net (loss) income per basic common share outstanding |
$(0.93) |
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$(0.80) |
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$4.25 |
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$(0.08) |
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$2.44 |
Net (loss) income per diluted common share outstanding |
$(0.93) |
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$(0.80) |
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$4.25 |
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$(0.08) |
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$2.44 |
(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.
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