Yuma Energy (YUMA) Tops Q2 EPS by 5c; Suspends Series A Preferred Dividend

Yuma Energy (NYSE: YUMA) reported Q2 EPS of $0.00, $0.05 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $8.54 million versus the consensus estimate of $6 million.

The company commented, Our lenders are currently in the process of their borrowing base review. In connection with our quarterly reporting, we anticipate that we will not be in compliance with the trailing four quarter funded debt to EBITDA financial ratio covenant under its senior credit facility at September 30, 2015. Given the uncertainty related to the borrowing base review, and due to the current depressed commodity price environment, management and the Board of Directors have decided to suspend the dividends on our Series A Preferred Stock until such time as the Company has sufficient liquidity to restore the dividend payment. We are currently working on several possible remedies, including, but not limited to, refinancing our debt, a sale of equity, and possible joint ventures or mergers.

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