AXAS Misses by 2 Cents; Misses on Revenues

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Net loss for the quarter ended March 31, 2011 was $10.0 million, or $0.12 per share, compared to net income of $11.2 million, or $0.15 per share, for the same period in 2010. Adjusted net income, excluding unrealized losses on derivative contracts, for the quarter ended March 31, 2011 was $959,000, or $0.01 per share, compared to adjusted net loss, excluding unrealized gains on derivative contracts, of $513,000, or $0.01 per share, for the same period in 2010.