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NEW AMERICA REVISITED Gas Gear Maker Restates Financials, Hires New CFO.(THE NEW AMERICA)(NEW AMERICA REVISITED)
Byline: GERRY MIRIELLO
Hanover Compressor Co. (New America, March 9) on Tuesday cut its outlook for last year's fourth quarter and 2002. It also named a new chief financial officer and will restate results from the start of 2000.
The natural gas compression services firm expects to earn 16 cents to 21 cents a share for the quarter. Analysts called for 39 cents. Hanover sees earnings of $1.40 to $1.50 for the current year, below Wall Street views for $1.67.
Despite the bad news, its shares jumped 14% to 16.02 Tuesday.
Just two months ago, Hanover defended its accounting and tried to downplay comparisons to bankrupt energy trader Enron Corp. The Securities and Exchange Commission is looking into its deal to build, own and run gas compression and processing operations off the coast of Nigeria.
Hanover owned 25% of the joint venture, known as Hampton Roads, until it bought the rest in February. The venture was formed in September 2000. Sales from that deal have forced the firm to cut 2000 net income and sales 6% and earnings per share 12.5%.
Net income for 2001 will be nearly 13% lower. For the first three quarters of 2001, Hanover said it was restating $25.1 million, or 3% of total revenue.
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