Xinergy takes loss in first quarter as its South Fork project gets closer to completion

摘要

Knoxville-based Xinergy said it had a net loss of $1.9 million during the first quarter compared to net income of $1.7 million during the first quarter of 2012. "Against a backdrop of continuing broader market weakness, Xinergy made substantial progress during the first quarter towards moving our world-class South Fork project closer to completion, while maintaining a disciplined approach towards cost containment and balance sheet liquidity," said Matt Goldfarb, Xinergy's CEO. "With South Fork anticipated to ramp production this summer, we are very pleased with unit cost trends realized late in the first quarter and early in the second quarter."