Core Laboratories N V (CLB) has reported 49.92 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $16.73 million, or $0.38 a share in the quarter, compared with $33.40 million, or $0.78 a share for the same period last year.
Revenue during the quarter dropped 27.26 percent to $143.48 million from $197.26 million in the previous year period. Gross margin for the quarter contracted 926 basis points over the previous year period to 25.32 percent. Total expenses were 85.02 percent of quarterly revenues, up from 76.27 percent for the same period last year. That has resulted in a contraction of 876 basis points in operating margin to 14.98 percent.
Operating income for the quarter was $21.49 million, compared with $46.82 million in the previous year period.
Operating cash flow drops significantlyCore Laboratories N V has generated cash of $108.68 million from operating activities during the nine month period, down 35.98 percent or $61.09 million, when compared with the last year period. The company has spent $10.50 million cash to meet investing activities during the nine month period as against cash outgo of $34.62 million in the last year period.
The company has spent $103.46 million cash to carry out financing activities during the nine month period as against cash outgo of $140.04 million in the last year period.
Cash and cash equivalents stood at $17.22 million as on Sep. 30, 2016, down 6.73 percent or $1.24 million from $18.46 million on Sep. 30, 2015.
Working capital declines
Core Laboratories N V has witnessed a decline in the working capital over the last year. It stood at $91.81 million as at Sep. 30, 2016, down 22.30 percent or $26.35 million from $118.16 million on Sep. 30, 2015. Current ratio was at 1.98 as on Sep. 30, 2016, up from 1.95 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 73 days for the quarter from 80 days for the last year period. Days sales outstanding went up to 89 days for the quarter compared with 76 days for the same period last year.
Days inventory outstanding has decreased to 16 days for the quarter compared with 33 days for the previous year period. At the same time, days payable outstanding went up to 32 days for the quarter from 30 for the same period last year.
Debt comes down significantlyCore Laboratories N V has recorded a decline in total debt over the last one year. It stood at $206.36 million as on Sep. 30, 2016, down 51.78 percent or $221.64 million from $428 million on Sep. 30, 2015. Core Laboratories N V has recorded a decline in long-term debt over the last one year. It stood at $206.36 million as on Sep. 30, 2016, down 51.78 percent or $221.64 million from $428 million on Sep. 30, 2015. Total debt was 36.71 percent of total assets as on Sep. 30, 2016, compared with 67.39 percent on Sep. 30, 2015. Interest coverage ratio deteriorated to 8.36 for the quarter from 13.49 for the same period last year. 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
