Approach Resources Inc. Reports Results for Fourth Quarter and Year End 2009
Approach Resources Inc. (NASDAQ: AREX – News) today reported financial and operating results for the fourth quarter and year ended December 31, 2009. Highlights for the year ended December 31, 2009 include: Production of 8,808 MMcfe Net loss of $5.2 million, or $0.25 per diluted share Adjusted net income (non-GAAP) of $3.3 million, or $0.16 per diluted share EBITDAX (non-GAAP) of $36.7 million, or $1.75 per diluted share Long-term debt-to-capital ratio and liquidity of 13% and $85.4 million, respectively
Production for 2009 totaled 8,808 MMcfe (24.1 MMcfe/d), compared to 8,755 MMcfe (23.9 MMcfe/d) produced in 2008. Production for 2009 was 72% natural gas and 28% oil and NGLs, compared 81% natural gas and 19% oil and NGLs in 2008. [Read the full article]
Smithfield Foods Inc., the nation’s largest hog producer and pork processor, reports its third-quarter earnings Thursday.
WHAT TO WATCH FOR: Any improvement in Smithfield’s performance, outside the company’s packaged meat division.
Smithfield has been relying on its branded products — like Ekrich and Patrick Cudahy — to offset weakness in fresh pork and hog sales. The company is restructuring its business to focus more on higher-margin branded products, but that effort will be hindered as long as pork sales overall take a beating.
Pork profits have been dragged down by weak demand, overproduction and relatively high feed costs. It’s the combination of factors that battered other meat companies, and drove poultry giant Pilgrim’s Pride into bankruptcy and eventual purchase by Brazilian meatpacker JBS SA. [Read the full article]
Morgan Stanley Insured Municipal Income Trust today declared a monthly income dividend of $.0725 per share from tax-free income. RECORD DATE PAYABLE DATE 03/19/10 03/26/10
Morgan Stanley Insured Municipal Income Trust is a closed-end diversified management investment company investing primarily in tax-exempt Municipal Obligations which are covered by insurance guarantees with respect to timely payment of principal and interest thereon. [Read the full article]
Morgan Stanley Municipal Income Opportunities Trust today declared a monthly income dividend of $.035 per share from tax-free income. RECORD DATE PAYABLE DATE 03/19/10 03/26/10
Morgan Stanley Municipal Income Opportunities Trust is a closed-end diversified management investment company investing principally in non-rated Municipal Obligations. [Read the full article]