BNK Petroleum Inc. reported a wider fourth quarter loss due to the costs associated with abandoning two Polish oil fields.
The Camarillo oil exploration and production company posted a net loss of $57.7 million (-36 cents a share) for the quarter ended Dec. 31, compared to a loss of $11 million (-8 cents) for the same quarter a year earlier. Revenue grew 20 percent to $5.5 million.
Analysts on average expected income of $7.6 million (5 cents) on revenue of $9.4 million, according to Thomson Financial Network.
The company said it plans to give up its interest in the Trzebielino and Bytow oil fields in Poland and concentrate its resources on the Slupsk field in the northern part of the country. The company cited “the difficult oil and gas price environment we are currently in” as a reason for the decision.
Excluding the impact of the special charges, the company would have reported net income of $2.6 million (2 cents) for the fourth quarter.
The company announced its results after market close Thursday. Shares closed down 7 cents, or about 11 percent, on Friday to 55 cents in over-the-counter trading.
Mission Valley Bancorp’s board has approved the first-ever dividend payment to stockholders.
The Sun Valley bank declared a dividend of 5 cents a share that will be paid on or about March 27 to shareholders of record as of March 16.
“We are very pleased to pay this cash dividend to our common shareholders. The bank’s strong capital position and continued solid earnings performance has allowed us the opportunity to enhance shareholder value through our first payment of a cash dividend,” said Chief Exeutive Tamara Gurney in a prepared statement.
The bank, which has two branches in Santa Clarita Valley, serves small and medium-sized businesses.
Shares closed flat at $6.20 on the over-the-counter market.
A 168,000-square-foot industrial building in Sun Valley that houses a multinational food corporation has been acquired by a San Francisco real estate investment trust.
Prologis bought the 7.7-acre property at 9545 San Fernando Road from a private seller. The building is fully leased to Sugar Foods Corp., which has occupied it for more than 30 years. Its lease next comes up for renewal in 2018.
The Class A industrial building near the 5 and 118 freeway interchange was constructed in 1978 and features 24-foot minimum clearance, loading areas, a large truck yard and sprinklers.
Because the eastern San Fernando Valley submarket has a 1.3 percent industrial vacancy rate, the building commands premium rent, said CBRE Group Vice Chairman Barbara Emmons, who represented both sides of the deal.
Also participating in the deal were CBRE Vice Chairman Darla Longo, Vice President Rebecca Perlmutter Finkel and Senior Vice Presidents Greg Geraci and David Harding.