Operating loss for the six months ended December 31, 2004 was $(682,291) as compared to the Company's loss of $(1,251,401) for the quarter ended December 31, 2003. This operating loss for the six months was directly related to the volatile market pricing, increased costs related to the explosion and fire in Newton, New Jersey on March 14, 2003, and the continuing losses of the Company's PriceEnergy subsidiary.
The three months ended December 31, 2004, the beginning of the heating season, had a profit of $53,881 as compared to a prior year loss of $(592,202) for the comparative three months. Net loss for the six months ended December 31, 2004 was $(819,018) as compared to the same period for the previous year's loss of $(2,103,492). This net loss for the six months was related to lower volumes due to the warm temperatures in the first quarter ended September 30th.