Bonanza Creek Energy, Inc. (BCEI) saw its loss narrow to $34.90 million, or $0.71 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $112.30 million, or $2.25 a share. On the other hand, adjusted net loss for the quarter widened to $17.36 million, or $0.35 a share from a loss of $3.62 million or $0.07 a share, a year ago. Revenue during the quarter plunged 31.63 percent to $49.32 million from $72.15 million in the previous year period. Gross margin for the quarter expanded 216 basis points over the previous year period to 74.12 percent.
Operating loss for the quarter was $22.88 million, compared with an operating loss of $202.34 million in the previous year period.
Operating cash flow drops significantly
Bonanza Creek Energy, Inc. has generated cash of $30.58 million from operating activities during the nine month period, down 82.38 percent or $142.95 million, when compared with the last year period. The company has spent $68.22 million cash to meet investing activities during the nine month period as against cash outgo of $386.20 million in the last year period.
Cash flow from financing activities was $149.73 million for the nine month period, down 36.40 percent or $85.68 million, when compared with the last year period.
Cash and cash equivalents stood at $133.43 million as on Sep. 30, 2016, up 426.85 percent or $108.10 million from $25.33 million on Sep. 30, 2015.
Working capital remains negative
Working capital of Bonanza Creek Energy, Inc. was negative $925.12 million on Sep. 30, 2016 compared with negative $23.38 million on Sep. 30, 2015. Current ratio was at 0.16 as on Sep. 30, 2016, down from 0.88 on Sep. 30, 2015.
Days sales outstanding went down to 44 days for the quarter compared with 51 days for the same period last year.
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