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Stock Market & Financial Investment News

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March 15, 2013
17:40 EDTKWKQuicksilver Resources says restatement to increase FY12 net income by $133M
Quicksilver Resources disclosed in a regulatory filing that derivatives, previously recognized as hedges, needed statement to reflect the changes in fair value in earnings. The estimated aggregate impact to 2012 income (before income taxes was to improve that amount by $199M and to reduce the income tax benefit by $66M, which yield an overall increase to net income of $133M. None of these matters impact the previously reported totals for cash flows from operating activities, investing activities or financing activities. None of the matters impact compliance with the financial covenants associated with the company's senior secured credit facility. Effective December 31, 2012, the company discontinued the use of hedge accounting on all its derivatives.
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