ZaZa Energy Corp. (ZAZA) Tuesday reported a net loss for the third-quarter, on significant reduction in revenue, and higher operating costs compared to the prior year. Revenue was impacted by the absence of pre-tax income of $197 million recorded last year
For the three-month period, the company reported net loss of $20.63 million or $0.20 per share, compared with net income of $133.83 million or $1.02 per share last year. The company reported an operating loss of $14.11 million, compared with an operating income of $176.88 million a year ago.
ZaZa reported total revenues and other income from continuing operations of $1.10 million compared with $199.18 million a year before. This decline was primarily related to other income of $197 million recorded last year, and comprises the gain on the termination of the agreements with the company's former JV partner in conjunction with the division of assets.
Loss from continuing operations was $20.65 million compared to a Income of $147.41 million last year.
The company also announced today that it expects to file a universal shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission.
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