Bloomberg News

Niska Gas Storage Declines on Third-Quarter Loss: Houston Mover

February 03, 2012

Feb. 2 (Bloomberg) -- Niska Gas Storage Partners LLC, which owns and operates natural-gas storage assets in North America, declined after reporting a third-quarter net loss that included a $250 million goodwill impairment charge.

Niska fell 67 cents, or 6.9 percent, to $8.98 on the New York Stock Exchange. The shares have declined 17 percent this week and 55 percent in the past year. Niska is based in Houston.

The third-quarter net loss was $213.6 million, or $3.07 a share. Revenue rose to $89.9 million from $45.6 million. The goodwill impairment charge was taken because of deteriorating market conditions, Niska said.

The company also announced a cash distribution of 35 cents a share payable Feb. 16 and a continued suspension of the distribution on its subordinated units.

--Editors: Richard Stubbe, Margot Habiby

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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