CARBO Ceramics Inc. (CRR) saw its loss narrow to $15.20 million, or $0.57 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $50.04 million, or $2.17 a share.
Revenue during the quarter plunged 48.81 percent to $29.06 million from $56.77 million in the previous year period. Gross margin for the quarter stood at negative 70.53 percent as compared to a negative 26.82 percent for the previous year period.
Operating loss for the quarter was $29.32 million, compared with an operating loss of $76.58 million in the previous year period.
Chief executive officer Gary Kolstad commented, "We are pleased with the 44% sequential revenue growth we experienced in the fourth quarter. We also continue to be excited about our new technology sales, which increased over the course of the year. As we look forward into 2017, we expect to see strong double-digit growth in our new technology sales. With the improving industry activity outlook, and with continued commodity price support, we are looking forward to improving trends in our business, which we expect will have a positive effect on EBITDA."
Debt comes down
CARBO Ceramics Inc. has recorded a decline in total debt over the last one year. It stood at $80.40 million as on Dec. 31, 2016, down 8.63 percent or $7.60 million from $88 million on Dec. 31, 2015. Total debt was 11.11 percent of total assets as on Dec. 31, 2016, compared with 10.52 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.13 as on Dec. 31, 2016, when compared with the last year.
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