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Utah's FX Energy reports more revenue but bigger 2011 loss

Published March 13, 2012 9:48 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

FX Energy Inc. said it lost $28.5 million, 57 cents a share, during its 2011 fiscal year, compared with a loss in 2010 of $800,000, or 2 cents per share.

The Salt Lake City-based oil and gas exploration company with extensive land holdings in Poland noted that its 2011 results included a noncash foreign exchange loss of $23.4 million, compared with the $4.2 million in the prior fiscal year.

For 2011, FX Energy reported record oil and gas production equal to the equivalent of 4.4 million cubic feet of natural gas per day. In 2010, the company's total was 3.8 million cubic feet per day.

Revenue for 2011 was $35.4 million, compared with $25 million a year earlier.

"Our increasing production, coupled with upward pressure on natural gas prices in Poland, points to higher revenue and cash flows for 2012," said Clay Newton, vice president of finance.

For the fourth quarter of 2011, the company reported a loss of $10.1 million, or 19 cents per share, compared with a loss of $1.8 million, or 4 cents per share, during the same quarter of 2010.

Fourth-quarter results were negatively impacted by $7.6 million in noncash foreign exchange losses, while noncash foreign exchange losses reduced the 2010 fourth quarter results by only $1.4 million.