Basic Energy Services (BAS) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $141.94 million, or $ 3.15 a share in the quarter, against a net loss of $55.18 million, or $1.36 a share in the last year period.
Revenue during the quarter dropped 3.42 percent to $155.53 million from $161.04 million in the previous year period. Gross margin for the quarter contracted 213 basis points over the previous year period to 13.39 percent. Operating margin for the quarter stood at negative 59.81 percent as compared to a negative 42.27 percent for the previous year period.
Operating loss for the quarter was $93.02 million, compared with an operating loss of $68.07 million in the previous year period.
"We are pleased to have emerged late last year from of a restructuring and recapitalization process with a solid financial foundation from which we expect to continue to strengthen our business.," said Roe Patterson, chief executive officer. "We are proud of our employees for their hard work and dedication making this a successful process. With steadfast assistance from our customers, vendors and various other stakeholders we were able to navigate the restructuring process smoothly and timely. While no restructuring process is ever a desired outcome for any company, we now have a healthier financial position that will allow us to continue providing our customers with industry-leading expertise and safe, efficient services."
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