Atlantic Power Corporation (AT) saw its loss narrow to $4.40 million, or $0.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $86.70 million, or $0.72 a share. Revenue during the quarter dropped 5.08 percent to $93.40 million from $98.40 million in the previous year period.
Operating income for the quarter was $13.30 million, compared with an operating loss of $104.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $42.30 million compared with $50.40 million in the prior year period. At the same time, adjusted EBITDA margin contracted 593 basis points in the quarter to 45.29 percent from 51.22 percent in the last year period.
"During 2016, we refinanced our existing term loan and revolver with a larger $700 million term loan and a $200 million revolver, both with extended maturity dates. We also paid down $288 million of debt, ending the year with a reduction in consolidated debt of approximately $22 million, net of the term loan upsizing. Since year end 2013, we have reduced consolidated debt by more than $800 million and improved our maturity profile considerably. We also made further progress in reducing our interest payments and corporate overhead costs, which are now $60 million and $31 million lower than 2013 levels, respectively," said James J. Moore, Jr., president and chief executive officer of Atlantic Power. "In addition, we have lowered our share count by 6.6% since December 2015 by repurchasing and canceling approximately 8.1 million common shares at an average price of $2.42 per share."
Operating cash flow improves significantlyAtlantic Power Corporation has generated cash of $111.80 million from operating activities during the year, up 27.92 percent or $24.40 million, when compared with the last year. The company has spent $0.50 million cash to meet investing activities during the year as against cash inflow of $320.90 million in the last year.
The company has spent $98.10 million cash to carry out financing activities during the year as against cash outgo of $445.80 million in the last year period.
Cash and cash equivalents stood at $85.60 million as on Dec. 31, 2016, up 18.23 percent or $13.20 million from $72.40 million on Dec. 31, 2015.
Working capital drops significantly
Atlantic Power Corporation has witnessed a decline in the working capital over the last year. It stood at $14 million as at Dec. 31, 2016, down 79.41 percent or $54 million from $68 million on Dec. 31, 2015. Current ratio was at 1.09 as on Dec. 31, 2016, down from 1.74 on Dec. 31, 2015.
Debt comes down marginally
Atlantic Power Corporation has recorded a decline in total debt over the last one year. It stood at $961.50 million as on Dec. 31, 2016, down 1.51 percent or $14.70 million from $976.20 million on Dec. 31, 2015. Total debt was 66 percent of total assets as on Dec. 31, 2016, compared with 56.85 percent on Dec. 31, 2015. Debt to equity ratio was at 3.36 as on Dec. 31, 2016, up from 2.24 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
