Niska Gas Storage Partners LLC reported net income of $50.0 million in the fourth quarter of fiscal 2010, which ended 3/31/2010. The company earned $8.0 million in the same quarter of 2009.
Full year fiscal 2010 net income was reported by the company at $53.2 million, compared to $108.8 million in fiscal 2009. Niska Gas Storage Partners LLC said that the sharp drop in earnings in fiscal 2010 was due to a one time deferred tax charge of $45.1 million related to a Canadian tax issue.
Niska Gas Storage Partners LLC reported sales of $270.5 million in fiscal 2010, compared to $252.2 million in fiscal 2009. Fiscal fourth quarter revenue also increased on a year over year basis from $40.6 million in the fourth quarter of fiscal 2009 to $120.8 million in the recently ended quarter.
Dave Pope, the CEO of Niska Gas Storage Partners LLC, said, “We are extremely pleased with our results for the fourth quarter and full fiscal year Our complimentary revenue strategies allowed us to effectively optimize our storage capacity and maximize revenues on top of the stable base of our long-term firm storage contracts.”
Niska Gas Storage Partners LLC owns or operates under contract 185.5 Bcf of natural gas storage capacity in North America. The company owns the AECO hub, and the Wild Goose and Salt Plains facilities.
For more information on the company, go to www.niskapartners.com
Let us hear your thoughts below: