Bonanza Creek Energy, Inc. (BCEI) saw its loss narrow to $67.33 million, or $1.37 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $573.66 million, or $12.08 a share. On the other hand, adjusted net loss for the quarter widened to $27.94 million, or $0.57 a share from a loss of $8.44 million or $0.17 a share, a year ago.
Revenue during the quarter dropped 17.12 percent to $47.27 million from $57.03 million in the previous year period. Gross margin for the quarter contracted 4253 basis points over the previous year period to 29.40 percent.
Operating loss for the quarter was $48.42 million, compared with an operating loss of $624.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $14.55 million compared with $67.07 million in the prior year period.
Operating cash flow drops significantly
Bonanza Creek Energy, Inc. has generated cash of $14.56 million from operating activities during the year, down 93.56 percent or $211.46 million, when compared with the last year.
The company has spent $67.40 million cash to meet investing activities during the year as against cash outgo of $452.57 million in the last year.
Cash flow from financing activities was $112.06 million for the year, down 54.32 percent or $133.24 million, when compared with the last year.
Cash and cash equivalents stood at $80.56 million as on Dec. 31, 2016, up 277.51 percent or $59.22 million from $21.34 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Bonanza Creek Energy, Inc. was negative $958.04 million on Dec. 31, 2016 compared with negative $15.90 million on Dec. 31, 2015. Current ratio was at 0.11 as on Dec. 31, 2016, down from 0.88 on Dec. 31, 2015.
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