Miller Energy Loss Widens

(RTTNews) - Miller Energy Resources Inc. (MILL) Tuesday reported fourth-quarter net loss to common shares of $13 million or $0.31 per share, compared with a net loss of $8.4 million or $0.20 per share a year ago.

On average, three analysts polled by Thomson Reuters estimated a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter slid 13% to $7.7 million from $8.9 million last year. Analysts had consensus revenue estimate of $11.60 million.

The company said the lower revenues resulted from RU-7 being offline due to a pump failure and related workover, a normal decline curve from its WMRU field, and fluctuations in shipping schedules.

Total operating costs for the quarter grew 38 percent to $22.5 million, mainly due to workover costs for RU-1 and RU-7.