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SMALL BUSINESS
Arena Resources 3Q profit falls on lower prices
AP
TULSA, Okla. -Arena Resources Inc., an oil and natural gas exploration company, said Thursday its third-quarter profit declined sharply as commodity prices plummeted.
But the earnings still beat Wall Street estimates and its shares rose in midday trading.
Quarterly earnings fell 55 percent to $12.1 million, or 31 cents per share, from $26.9 million, or 69 cents per share, in the prior-year period.
Analysts surveyed by Thomson Reuters forecast profit of 27 cents per share.
Sales dropped 47 percent to $36.1 million from $68.4 million a year earlier. Analysts projected revenue of $34 million.
Arena said revenue fell due to significant decreases in commodity prices and a slight decrease in oil production. That was partially offset by higher natural gas volumes.
Shares rose $1.66, or 4.1 percent, to $42.22 in afternoon trading. The stock has ranged from $17.63 to $44.25 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-05 12:50:50
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