Advanced Emissions Solutions, Inc. (ADES) has reported a 98.54 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $8.69 million, or $0.39 a share in the quarter, compared with $4.38 million, or $0.20 a share for the same period last year.
Revenue during the quarter plunged 66.95 percent to $7.39 million from $22.36 million in the previous year period. Gross margin for the quarter contracted 128 basis points over the previous year period to 19.53 percent. Operating margin for the quarter stood at negative 50.22 percent as compared to a negative 14.81 percent for the previous year period.
Operating loss for the quarter was $3.71 million, compared with an operating loss of $3.31 million in the previous year period.
L. Heath Sampson, president and chief executive officer of ADES commented, "The results of our first quarter of the new year reflect significant progress in executing our reinvigorated business model, exemplified by our strong financial performance with $8.7 million in consolidated net income. In addition to strong growth in our chemicals business, the first quarter was also highlighted by a large increase in our cash position, which now is at $28.4 million compared to $13.2 million at the end of 2016."
Operating cash flow remains negative
Advanced Emissions Solutions, Inc. has spent $2.82 million cash to meet operating activities during the quarter as against cash outgo of $1.86 million in the last year period.
Cash flow from investing activities was $13.03 million for the quarter, up 629.73 percent or $11.25 million, when compared with the last year period.
The company has spent $0.18 million cash to carry out financing activities during the quarter as against cash outgo of $3.66 million in the last year period.
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