Bonanza Creek Energy, Inc. (BCEI) saw its loss widen to $94.28 million, or $1.91 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $47.24 million, or $0.96 a share. On an adjusted basis, net loss for the quarter was $0.16 million, when compared with $22.42 million in the last year period.
Revenue during the quarter grew 18.98 percent to $52.56 million from $44.17 million in the previous year period. Gross margin for the quarter expanded 1465 basis points over the previous year period to 75.97 percent. Operating margin for the quarter stood at negative 3.99 percent as compared to a negative 84.45 percent for the previous year period.
Operating loss for the quarter was $2.10 million, compared with an operating loss of $37.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.32 million compared with $18.54 million in the prior year period. At the same time, adjusted EBITDA margin improved 811 basis points in the quarter to 50.08 percent from 41.97 percent in the last year period.
Operating cash flow drops significantly
Bonanza Creek Energy, Inc. has generated cash of $15.65 million from operating activities during the quarter, down 41 percent or $ 10.88 million, when compared with the last year period.
The company has spent $3.95 million cash to meet investing activities during the quarter as against cash outgo of $37.89 million in the last year period.
The company has spent $0.34 million cash to carry out financing activities during the quarter as against cash inflow of $208.62 million in the last year period.
Cash and cash equivalents stood at $91.94 million as on Mar. 31, 2017, down 57.94 percent or $126.66 million from $218.60 million on Mar. 31, 2016.
Working capital turns negative
Working capital of Bonanza Creek Energy, Inc. has turned negative to $160.05 million on Mar. 31, 2017 from positive $172.75 million on Mar. 31, 2016. Current ratio was at 0.44 as on Mar. 31, 2017, down from 2.50 on Mar. 31, 2016.
Days sales outstanding went down to 22 days for the quarter compared with 61 days for the same period last year.
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