Cheniere Energy Inc. (AMEX: LNG) shares jumped 25% to $7.86 today, recovering from a 20% loss yesterday on word the company filed a lawsuit against hedge fund Centerbridge Partners, which asserts that one of Cheniere�s subsidiaries is in default on its senior debt notes.
The company yesterday posted its fourth-quarter results,� reporting a wider loss for the fourth quarter, resulting from the expenses incurred by the liquefied natural gas terminal operator in its plan to transform the Sabine Pass LNG terminal into a bi-directional facility.
The company reported a quarter net loss of $(86.1 million) or $(1.51) per share, an increase from the net loss of $(23.2 million) or $(0.44) per share for the year-ago quarter. This quarter�s results included a loss on early extinguishment of debt of $49.3 million. The adjusted net loss for the quarter was $(36.8 million) or $(0.64) per share.
Income from operations for the quarter was $26.5 million, down from $42.3 million a year ago.
Fourth-quarter revenues dropped to $75.5 million from $85.6 million last year. LNG terminal revenues increased $3.7 million for the quarter to $70.4 million. The marketing and trading revenues decreased $14.0 million for the quarter, due to a recapture in the year-ago period of previous lower of cost or market LNG inventory charge. LNG terminal and pipeline development expenses increased $5.1 million for the quarter due to expenses related to the proposed liquefaction project being developed at the Sabine Pass LNG terminal.
For the full year, the company reported a net loss of $(76.2 million), or $(1.37) per share as compared to a net loss of $(161.5 million), or $(3.13) per share for the corresponding period in 2009. �Adjusting for the gain on the sale of equity method investment of $128.3 million and a loss on the early extinguishment of debt of $50.3 million, the net loss for the year would have been $154.2 million, or $2.77 per share. The company reported income from operations of $104.6 million for the year as compared to income of $23.5 million for the comparable periods in 2009.
The company�s focus is to safely operate its assets and monetize the 2.0 Bcf/d of regasification capacity reserved at the Sabine Pass LNG receiving terminal and the transportation capacity of the Creole Trail pipeline and to develop other LNG terminal and pipeline related projects.
The company stock has traded in the range of $2.28 and $10.53 during the past 52 weeks. The company�s market cap is $581.83 million.
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