Clayton Williams Energy, Inc. (CWEI) saw its loss widen to $148.78 million, or $10.62 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.42 million, or $0.77 a share. On the other hand, adjusted net loss for the quarter widened to $35.09 million, or $2.50 a share from a loss of $14.94 million or $1.23 a share, a year ago. Revenue during the quarter went up marginally by 1.57 percent to $55.44 million from $54.58 million in the previous year period. Gross margin for the quarter expanded 630 basis points over the previous year period to 65.57 percent. Operating margin for the quarter stood at negative 23.47 percent as compared to a negative 36.16 percent for the previous year period.
Operating loss for the quarter was $13.01 million, compared with an operating loss of $19.74 million in the previous year period.
Operating cash flow drops significantly
Clayton Williams Energy, Inc. has generated cash of $7.97 million from operating activities during the nine month period, down 85.52 percent or $47.03 million, when compared with the last year period. The company has spent $74.14 million cash to meet investing activities during the nine month period as against cash outgo of $119.27 million in the last year period. It has incurred net capital expenditure of $34.96 million on net basis during the nine month period, down 67.69 percent or $73.23 million from year ago period.
Cash flow from financing activities was $241.39 million for the nine month period, up 436.42 percent or $196.39 million, when compared with the last year period.
Cash and cash equivalents stood at $182.99 million as on Sep. 30, 2016, up 1,993.26 percent or $174.25 million from $8.74 million on Sep. 30, 2015.
Working capital increases sharply
Clayton Williams Energy, Inc. has recorded an increase in the working capital over the last year. It stood at $189.18 million as at Sep. 30, 2016, up 15,482.87 percent or $187.96 million from $1.21 million on Sep. 30, 2015. Current ratio was at 3.04 as on Sep. 30, 2016, up from 1.01 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 179 days for the quarter from 39 days for the last year period. Days sales outstanding went down to 43 days for the quarter compared with 48 days for the same period last year.
Days inventory outstanding has decreased to 64 days for the quarter compared with 159 days for the previous year period. At the same time, days payable outstanding went up to 286 days for the quarter from 246 for the same period last year.
Debt moves up
Clayton Williams Energy, Inc. has witnessed an increase in total debt over the last one year. It stood at $846.51 million as on Sep. 30, 2016, up 12.91 percent or $96.76 million from $749.74 million on Sep. 30, 2015. Clayton Williams Energy has witnessed an increase in long-term debt over the last one year. It stood at $846.51 million as on Sep. 30, 2016, up 12.91 percent or $96.76 million from $749.74 million on Sep. 30, 2015. Total debt was 58.91 percent of total assets as on Sep. 30, 2016, compared with 53.57 percent on Sep. 30, 2015. Debt to equity ratio was at 4.63 as on Sep. 30, 2016, up from 2.16 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
