On Wednesday, Shares of Linn Co, LLC (NASDAQ:LNCO), gained 4.02% to $12.43.
LinnCo, and LINN Energy, LLC (LINE), declared financial and operating results for the three months ended March 31, 2015.
LINN stated the following first quarter 2015 results:
- Grew average daily production by two percent to about 1,201 MMcfe/d for the first quarter 2015, contrast to the estimated year-end 2014 exit rate of about 1,180 MMcfe/d, while decreasing the budget for total oil and natural gas capital expenditures by about 65 percent for 2015 contrast to 2014;
- Total revenues of about $917 million for the first quarter 2015;
- Improved lease operating expenses by eight percent to about $173 million for the first quarter 2015, contrast to guidance of $189 million (mid-point);
- Net loss of about $339 million, or $1.03 per unit, for the first quarter 2015, which comprises non-cash impairment charges of about $533 million, or $1.61 per unit, and non-cash gains related to changes in fair value of unsettled commodity derivatives of about $149 million, or $0.45 per unit; and
- Shortfall of net cash offered by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors, counting total development of oil and natural gas properties (see Plan 1) of about $37 million for the first quarter 2015.
LinnCo, LLC, through its limited liability company interests in Linn Energy, LLC, focuses on the acquisition and development of oil and natural gas properties in the United States. The company was founded in 2012 and is headquartered in Houston, Texas.
At the end of Wednesday’s trade, Shares of Meritor, Inc. (NYSE:MTOR), jumped 3.97% to $13.35.
Meritor, stated financial results for its second fiscal quarter ended March 31, 2015.
Second-Quarter Highlights
- Sales were $864 million, down $90 million, or 9.4 percent, from the same period last year.
- Net income attributable to Meritor on a GAAP basis was $43 million, contrast to $1 million during the second quarter of fiscal year 2014. Diluted earnings per share from ongoing operations was $0.38, contrast to diluted earnings per share of $0.01 a year ago.
- Adjusted income from ongoing operations was $42 million, or adjusted diluted earnings per share of $0.41, contrast to $24 million, or adjusted diluted earnings per share of $0.24 a year ago, an enhance of 71 percent.
- Adjusted EBITDA was $87 million, contrast to $80 million in the preceding year.
- Adjusted EBITDA margin was 10.1 percent, contrast to 8.4 percent in the second quarter of fiscal year 2014.
- Free cash flow was $27 million in the second quarter of fiscal year 2015, contrast to $9 million in the same period a year ago.
- Company repurchased $31 million of equity and equity-linked securities.
Meritor, Inc. designs, develops, manufactures, sells, markets, distributes, services, and supports integrated systems, modules, and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation, and industrial sectors. It operates through two segments, Commercial Truck & Industrial, and Aftermarket & Trailer.
Applied Micro Circuits Corporation (NASDAQ:AMCC), ended its last trade with 3.88% gain, and closed at $5.35.
Applied Micro Circuits, stated its financial results for the fiscal fourth quarter and full year ended March 31, 2015.
Fiscal Q4 2015 Financial Information
- Merged net revenue of $37.0 million
- GAAP net loss of $15.1 million or $0.19 per share
- Non-GAAP net loss of $5.8 million or $0.07 per share
- Total cash, cash equivalents and short-term investments of about $75.4 million as of March 31, 2015.
Applied Micro Circuits Corporation provides connectivity and computing solutions in the United States and internationally. The company offers X-Gene, a server on a chip product for use in cloud data center, computing, and enterprise applications; and embedded computing products that are applied in control- and data-plane functionality, wireless access points, residential gateways, wireless base stations, storage controllers, network attached storage, network switches and routing products, and multi-function printers.
Finally, Lake Shore Gold Corp. (NYSEMKT:LSG), closed at $0.99, with 3.79% gain.
Lake Shore Gold, declared strong financial and operating results for the first quarter of 2015.
Tony Makuch, President and CEO of Lake Shore Gold, commented: “Record production and improved unit costs contributed to strong growth in revenue, earnings and cash flows from operating activities in Q1/15. Our solid results, combined with favorable market conditions, resulted in a noteworthy enhance in our cash position during the quarter. Turning to exploration, we released very encouraging drill results at our 144 Gap Zone discovery during Q1/15, with additional results being issued earlier this week. Drilling so far this year has been successful in ongoing to expand what is already a large zone, and has identified a wide, high-grade core near the zone’s western boundary.”
“As we look to the remainder of the year, we will make the final payment on our gold-linked note at the end of next month, which will eliminate the remainder of our senior secured debt. We will also continue our aggressive work program at the 144 Gap Zone discovery, and remain on track to release a first resource for the end of 2015 (to be issued in early 2016). Finally, we expect to generate solid operating results over the remainder of the year that, in combination with our strong performance in Q1/15, will position us to achieve our production and cost targets for 2015.”
Lake Shore Gold Corp., a gold mining company, engages in the acquisition, exploration, and development of gold properties in Canada. It also explores for silver ores. The company’s principal properties comprise the Timmins West Complex, which covers an area of about 130 square kilometers located in Timmins, Ontario.
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