Quicksilver 4Q profit higher than first reported

FORT WORTH, Texas (AP) -- Quicksilver Resources Inc. said Monday that its fiscal fourth-quarter and full-year net income and revenue came in higher than the natural gas producer first reported in February.

The company said that as it was preparing its final documents for the year, it determined that certain hedges did not qualify for hedge accounting at their designation dates. As a result, the unrealized gains and losses on these derivatives have been recognized in earnings rather than deferred. The accounting change had a ripple effect on other parts of its financial statement and on its other quarters.

Quicksilver said that after making the adjustments, it determined it had a loss of $548 million, or $3.22 per share, for the quarter on revenue of $224 million. It earned 5 cents per share on an adjusted basis. That compares with its report in February of a net loss of $1.1 billion, or $6.47 per share, on revenue of $179.1 million for the period. It reported an adjusted loss of a penny per share at the time.

Analysts at the time expected net income of a penny per share and $173 million in revenue, according to FactSet

Quicksilver said it now measures its net loss for the year at $2.35 billion, or $13.83 per share, on revenue of $709 million. It had a loss of 5 cents per share for the year on an adjusted basis. Previously, the company reported a net loss of $2.49 billion, or $14.61 per share, for the year on revenue of $670.8 million. It had previously reported a loss of 27 cents per share for the year on an adjusted basis.

Shares of the Fort Worth, Texas, company rose 9 cents, or 4 percent, to $2.31 in after-hours trading.