Carrizo Oil & Gas (CRZO) saw its loss narrow to $101.17 million, or $1.72 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $707.65 million, or $13.73 a share. On an adjusted basis, net profit for the quarter was $13.56 million, when compared with $10.35 million in the last year period.
Revenue during the quarter grew 4.65 percent to $111.18 million from $106.24 million in the previous year period. Gross margin for the quarter contracted 93 basis points over the previous year period to 78.16 percent.
However, the adjusted EBITDA for the quarter stood at $91.22 million compared with $113.56 million in the prior year period.
S.P. "Chip" Johnson, IV, Carrizo's president and chief executive officer, commented on the results, "We delivered another strong quarter operationally, with production again exceeding our forecast and operating expenses coming in below our forecast. Financially, we remain in a strong position as we currently have an undrawn revolver and an excellent hedge book that extends into 2017.
Operating cash flow drops significantlyCarrizo Oil & Gas has generated cash of $197.85 million from operating activities during the nine month period, down 30.08 percent or $85.12 million, when compared with the last year period. The company has spent $331.58 million cash to meet investing activities during the nine month period as against cash outgo of $541.20 million in the last year period. It has incurred net capital expenditure of $330.91 million on net basis during the nine month period, down 37.99 percent or $202.77 million from year ago period.
Cash flow from financing activities was $94.04 million for the nine month period, down 62.29 percent or $155.35 million, when compared with the last year period.
Cash and cash equivalents stood at $3.24 million as on Sep. 30, 2016, up 61.43 percent or $1.23 million from $2 million on Sep. 30, 2015.
Working capital remains negative
Working capital of Carrizo Oil & Gas was negative $152.25 million on Sep. 30, 2016 compared with negative $130.81 million on Sep. 30, 2015. Current ratio was at 0.34 as on Sep. 30, 2016, down from 0.57 on Sep. 30, 2015.
Days sales outstanding went down to 54 days for the quarter compared with 60 days for the same period last year.
At the same time, days payable outstanding went down to 263 days for the quarter from 274 for the same period last year.
Debt comes downCarrizo Oil & Gas has recorded a decline in total debt over the last one year. It stood at $1,333.80 million as on Sep. 30, 2016, down 5.55 percent or $78.42 million from $1,412.22 million on Sep. 30, 2015. Carrizo Oil & Gas has recorded a decline in long-term debt over the last one year. It stood at $1,333.80 million as on Sep. 30, 2016, down 5.55 percent or $78.42 million from $1,412.22 million on Sep. 30, 2015. Total debt was 93.90 percent of total assets as on Sep. 30, 2016, compared with 60.92 percent 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
