HNR earnings this AM:
Harvest Natural Resources Announces 2012 Third Quarter Results
Press Release: Harvest Natural Resources – 3 hours ago
Symbol Price
HNR 8.46
HOUSTON, Nov. 9, 2012 /PRNewswire/ -- Harvest Natural Resources, Inc. (HNR) today announced 2012 third quarter net income and provided an operational update.
Harvest reported third quarter net income of approximately $5.8 million, or $0.15 per diluted share, compared to earnings of $7.7 million, or $0.20 per diluted share, for the same period last year. The third quarter 2012 results included exploration charges of $1.5 million, or $0.04 per diluted share, and $1.1 million, or $0.03 per diluted share, for transaction costs incurred related to the pending sale of our 32 percent interest in Petrodelta. Additionally, during the third quarter, Harvest incurred $1.0 million, or $0.02 per diluted share, in debt conversion expense and $0.6 million, or $0.02 per diluted share, in discontinued operations related to income taxes. Excluding the exploration charges, transaction costs, debt conversion expense, and discontinued operations charges, third quarter 2012 earnings would have been $10.0 million, or $0.26 per diluted share.
Petrodelta reported net income during the third quarter of $45.7 million, as reported under International Financial Report Standards (IFRS), compared to $57.0 million for the same period in 2011. Petrodelta's decrease in net income for the quarter was primarily due to higher operational costs of $14.2 million resulting from a 30 percent increase in salaries and related benefits retroactive to October 2011. Harvest's 32 percent share of Petrodelta's net income for the third quarter as reported under U.S. GAAP was $16.2 million, compared to $14.8 million, for the same period one year ago.
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