Comstock Resources, Inc (CRK) saw its loss narrow to $22.93 million, or $1.61 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $56.58 million, or $5.71 a share. Revenue during the quarter surged 45.79 percent to $53.80 million from $36.90 million in the previous year period. Gross margin for the quarter expanded 2089 basis points over the previous year period to 73.95 percent.
Operating income for the quarter was $2.38 million, compared with an operating loss of $56.49 million in the previous year period.
Working capital turns negative
Working capital of Comstock Resources, Inc has turned negative to $16.75 million on Mar. 31, 2017 from positive $77.11 million on Mar. 31, 2016. Current ratio was at 0.78 as on Mar. 31, 2017, down from 2.07 on Mar. 31, 2016. Days sales outstanding went down to 16 days for the quarter compared with 41 days for the same period last year.
Debt comes down
Comstock Resources, Inc has recorded a decline in total debt over the last one year. It stood at $1,051.36 million as on Mar. 31, 2017, down 13.15 percent or $159.23 million from $1,210.58 million on Mar. 31, 2016. Comstock Resources has recorded a decline in long-term debt over the last one year. It stood at $1,051.36 million as on Mar. 31, 2017, down 13.15 percent or $159.23 million from $1,210.58 million on Mar. 31, 2016. Total debt was 121.41 percent of total assets as on Mar. 31, 2017, compared with 111.56 percent on Mar. 31, 2016. 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
