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Callon Petroleum Company (CPE) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $21.14 million, or $ 0.14 a share in the quarter, against a net loss of $111.80 million, or $1.72 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $12.92 million, or $0.09 a share compared with $3.12 million or $0.05 a share, a year ago.
Revenue during the quarter surged 62.98 percent to $55.93 million from $34.32 million in the previous year period. Gross margin for the quarter expanded 315 basis points over the previous year period to 82.19 percent.
Operating income for the quarter was $16.65 million, compared with an operating loss of $83.91 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $43.39 million compared with $30.19 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1040 basis points in the quarter to 77.58 percent from 87.98 percent in the last year period.
"Our strong recent well results combined with the longer term performance of our production base enable us to continue our track record of sustained production growth within a restrained capital program," commented Fred Callon, chairman and chief executive officer.
Operating cash flow declines
Callon Petroleum Company has generated cash of $49.89 million from operating activities during the nine month period, down 10.16 percent or $5.64 million, when compared with the last year period.
The company has spent $401.83 million cash to meet investing activities during the nine month period as against cash outgo of $178.20 million in the last year period.
Cash flow from financing activities was $676.60 million for the nine month period, up 447.30 percent or $552.98 million, when compared with the last year period.
Cash and cash equivalents stood at $325.88 million as on Sep. 30, 2016, up 16,855.52 percent or $323.96 million from $1.92 million on Sep. 30, 2015.
Working capital turns positive
Working capital of Callon Petroleum Company has turned positive to $262.67 million on Sep. 30, 2016 from negative $31.60 million on Sep. 30, 2015. Current ratio was at 3.11 as on Sep. 30, 2016, up from 0.65 on Sep. 30, 2015.
Days sales outstanding went down to 75 days for the quarter compared with 99 days for the same period last year.
Debt comes down significantly
Callon Petroleum Company has recorded a decline in total debt over the last one year. It stood at $290.08 million as on Sep. 30, 2016, down 27.30 percent or $108.92 million from $399 million on Sep. 30, 2015. Callon Petroleum Co has recorded a decline in long-term debt over the last one year. It stood at $290.08 million as on Sep. 30, 2016, down 27.30 percent or $108.92 million from $399 million on Sep. 30, 2015. Total debt was 18.99 percent of total assets as on Sep. 30, 2016, compared with 46.14 percent on Sep. 30, 2015. Debt to equity ratio was at 0.26 as on Sep. 30, 2016, down from 1.09 as on Sep. 30, 2015.
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