Fortune Petroleum Revises Earnings Sharply Lower

Fortune Petroleum, an Agoura Hills oil and gas concern, revised its earnings sharply lower for the third quarter of 1989.

Citing a recalculation of its depletion, depreciation and amortization figures, Fortune said it earned $4,000 in the quarter that ended Sept. 30, instead of the $34,000 profit it originally reported. The company’s year-earlier loss of $26,000 was unchanged, as was its revenue, which climbed to $230,000 from $194,000 a year earlier.

For the first nine months of 1989, Fortune posted a revised loss of $36,000, instead of the $6,000 loss it initially reported. The company did not revise its year-earlier loss of $34,000, nor did it alter its nine-month revenue, which rose to $734,000 from $651,000.