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U.S. Energy Corp. Q3 net loss after taxes $23.7 million

Staff writer |
U.S. Energy Corp. reported its third quarter 2015 results ended September 30, 2015. Net loss after taxes was $23.7 million or $0.84 per share basic and diluted.

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This compares to a net loss after taxes of $63,000, or $0.00 per share basic and diluted, during the same period of 2014.

The company recorded a proved property impairment of $21.4 million related to its oil and gas assets, which represents $0.76 of the $0.84 per share loss.

The impairment was primarily due to a decline in the price of oil. There were no proved property impairments recorded during the three months ended September 30, 2014. At September 30, 2015, the company had $3.9 million in cash and cash equivalents.

The company recognized $2.6 million in revenues during the three months ended September 30, 2015 as compared to $9.9 million in revenues during the third quarter of 2015.

The $7.3 million decrease in revenue is primarily due to lower oil and gas sales volumes in the third quarter of 2015 when compared to the third quarter of 2014.

General and administrative expenses decreased by $206,000 during the three months ended September 30, 2015 as compared to general and administrative expenses for the same period of 2014.

Adjusted net loss was $3.5 million during the three months ended September 30, 2015, or $0.13 per basic and diluted share.

Adjusted Net Loss was $774,000 for the three months ended September 30, 2014, or $0.03 per basic and diluted share. Please refer to the reconciliation in this release for additional information about this measure.

Earnings before interest, income taxes, depreciation, depletion and amortization, accretion of discount on asset retirement obligations, non-cash impairments, unrealized derivative gains and losses and non-cash compensation expense (Modified EBITDAX), was a $1.4 million loss for the three months ended September 30, 2015, compared to a $4.6 million gain for the three months ended September 30, 2014.

Modified EBITDAX is a non-GAAP financial measure. Please refer to the reconciliation in this release for additional information about this measure.


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