Bristow Group Inc. (BRS) saw its loss narrow to $29.80 million, or $0.85 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $47.13 million, or $1.21 a share. On an adjusted basis, net loss for the quarter stood at $12.31 million, or $0.35 a share compared with a net profit of $1.27 million, or $0.04 a share in the last year period. Revenue during the quarter dropped 20.01 percent to $357.47 million from $446.91 million in the previous year period. Gross margin for the quarter contracted 771 basis points over the previous year period to 17.50 percent. Operating margin for the quarter stood at negative 7.52 percent as compared to a negative 6.68 percent for the previous year period.
Operating loss for the quarter was $26.88 million, compared with an operating loss of $29.83 million in the previous year period.
"While our results continue to be impacted by the challenges facing the oil and gas industry, we have been successful on a number of fronts, including generating positive cash flow, reducing and deferring capital expenditures and amending our bank group facilities in order to improve our business in fiscal 2017 and beyond," said Bristow Group president and chief executive officer Jonathan Baliff. "We continue to be laser focused on safety, liquidity and improving cash generation through revenue and cost savings."
Operating cash flow drops significantly
Bristow Group Inc. has generated cash of $28.04 million from operating activities during the first half, down 51.87 percent or $30.22 million, when compared with the last year period. The company has spent $90.05 million cash to meet investing activities during the first six months as against cash outgo of $130.88 million in the last year period. It has incurred net capital expenditure of $90.05 million on net basis during the first six months, down 31.20 percent or $40.84 million from year ago period.
Cash flow from financing activities was $57.13 million for the first six months, down 45.30 percent or $47.31 million, when compared with the last year period.
Cash and cash equivalents stood at $100.67 million as on Sep. 30, 2016, down 27.75 percent or $38.67 million from $139.34 million on Sep. 30, 2015.
Working capital drops significantly
Bristow Group Inc. has witnessed a decline in the working capital over the last year. It stood at $126.66 million as at Sep. 30, 2016, down 49.91 percent or $126.21 million from $252.88 million on Sep. 30, 2015. Current ratio was at 1.32 as on Sep. 30, 2016, down from 1.66 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 47 days for the quarter from 63 days for the last year period. Days sales outstanding went up to 60 days for the quarter compared with 50 days for the same period last year.
Days inventory outstanding has decreased to 20 days for the quarter compared with 41 days for the previous year period. At the same time, days payable outstanding went up to 33 days for the quarter from 28 for the same period last year.
Debt moves up
Bristow Group Inc. has witnessed an increase in total debt over the last one year. It stood at $1,221.55 million as on Sep. 30, 2016, up 21.74 percent or $218.17 million from $1,003.38 million on Sep. 30, 2015. Total debt was 38.20 percent of total assets as on Sep. 30, 2016, compared with 31.35 percent on Sep. 30, 2015. Debt to equity ratio was at 0.86 as on Sep. 30, 2016, up from 0.65 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
