Philadelphia-based natural gas producer Atlas America, Inc. announced record financial results for its first quarter.

The company posted profits of $6.4 million on revenues of $486.7 million, compared with $10.2 on revenues of $214.9 million last year.

Atlas is the primary unit holder in Atlas Energy Resources, LLC, located in Moon Township. The local subsidiary showed net income of $37.5 million on revenues of $194.6 million, compared with $19.9 million on $105.2 in revenues last year.

Atlas America has historically owned 48 percent of the common units in Atlas Energy Resources. Earlier this week, Atlas America bought an additional 600,000 units, at the market price of $42.

Also under the Atlas banner is Atlas Pipeline Holdings, L.P. a limited partnership in which Atlas American has a 64 percent limited partner interest. The partnership reported a net loss of $2.8 million, compared with net income of $2.7 million a year ago. The company said that the drop was due primarily to noncash losses on derivatives totalling $76.9 million. Total revenues for the quarter were $303.4 million, versus $117.5 million a year ago.

Atlas Pipeline Holdings, L.P. has declared a quarterly dividend of 43 cents per common unit, payable on May 20, to unitholders of record as of May 7.

A third subsidiary, Atlas Pipeline Partners, L.P., reported a net loss of $45.8 million for the first quarter, on revenues of $303.4 million, compared with a $2.5 million gain on revenues of $117.5 million a year ago.

In early afternoon trading, Atlas America shares were priced at $72.59; Atlas Energy Resources, at $42.28; Atlas Pipeline Holdings, at $29.85; Atlas Pipeline Partners, at $43.08.