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Forest Oil swings to 1Q loss as investments lose value

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May 6, 2008

DENVER—Natural gas and oil producer Forest Oil Corp. said Monday it swung to a first-quarter loss because of declines in the value of derivatives and investments and unfavorable exchange rates.

The company reported a loss of $4.7 million, or 5 cents per share, compared with income of $6.9 million, or 11 cents per share, in the year-ago period.

Forest recorded unrealized losses of $152.1 million. Excluding the derivative, investment and foreign exchange losses, the company said it earned $92.7 million, or $1.06 per share.

Analysts predicted the company would earn 88 cents per share, according to a survey by Thomson Financial. Analyst forecasts typically exclude one-time items.

Revenue increased to $376.5 million from $182.6 million. Analysts predicted revenue of $354.8 million.

Forest shares rose 94 cents to close at $60.72.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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