Atwood Oceanics, Inc. (ATW) has reported a 97.18 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $4.25 million, or $0.07 a share in the quarter, compared with $150.69 million, or $2.32 a share for the same period last year.
Revenue during the quarter plunged 48.05 percent to $188.68 million from $363.18 million in the previous year period. Gross margin for the quarter contracted 840 basis points over the previous year period to 58.96 percent. Total expenses were 92.70 percent of quarterly revenues, up from 50.81 percent for the same period last year. That has resulted in a contraction of 4189 basis points in operating margin to 7.30 percent.
Operating income for the quarter was $13.77 million, compared with $178.63 million in the previous year period.
Operating cash flow improves marginally
Atwood Oceanics, Inc. has generated cash of $625.01 million from operating activities during the year, up 3.43 percent or $20.72 million, when compared with the last year.
The company has spent $202.94 million cash to meet investing activities during the year as against cash outgo of $452.42 million in the last year. It has incurred net capital expenditure of $202.94 million on net basis during the year, down 54.25 percent or $240.68 million from year ago.
The company has spent $390.62 million cash to carry out financing activities during the year as against cash outgo of $117.96 million in the last year period.
Cash and cash equivalents stood at $145.43 million as on Sep. 30, 2016, up 27.59 percent or $31.44 million from $113.98 million on Sep. 30, 2015.
Debt comes down significantly
Atwood Oceanics, Inc. has recorded a decline in total debt over the last one year. It stood at $1,227.92 million as on Sep. 30, 2016, down 26.83 percent or $450.35 million from $1,678.27 million on Sep. 30, 2015. Atwood Oceanics has recorded a decline in long-term debt over the last one year. It stood at $1,227.92 million as on Sep. 30, 2016, down 26.83 percent or $450.35 million from $1,678.27 million on Sep. 30, 2015. Total debt was 27.05 percent of total assets as on Sep. 30, 2016, compared with 34.90 percent on Sep. 30, 2015. Debt to equity ratio was at 0.38 as on Sep. 30, 2016, down from 0.57 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 0.76 for the quarter from 14.26 for the same period last year.
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