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CorEnergy Infrastructure Trust, Inc (TTO) has reported 126.16 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.67 million, or $0.56 a share in the quarter, compared with $3.39 million, or $0.20 a share for the same period last year. Revenue during the quarter went down marginally by 0.81 percent to $22.08 million from $22.26 million in the previous year period.
Cost of revenue went down marginally by 1.96 percent or $0.03 million during the quarter to $1.34 million. Gross margin for the quarter expanded 7 basis points over the previous year period to 93.95 percent.
Total expenses were $10.40 million for the quarter, down 28.72 percent or $4.19 million from year-ago period. Operating margin for the quarter expanded 1845 basis points over the previous year period to 52.88 percent.
Operating income for the quarter was $11.67 million, compared with $7.66 million in the previous year period.
Other income during the quarter was $5.01 million, down 1.74 percent or $0.09 million from year-ago period.
“When comparing the financial performance of CorEnergy in the first quarters of 2016 and 2017, despite the vastly different energy markets at those time periods, we are able to clearly see the consistency of our business model,” said CorEnergy Chief executive officer Dave Schulte. “Our team is actively assessing asset acquisitions which will further diversify those stable cash flows and augment our growth potential. In recent weeks, CorEnergy has positioned itself to act on such opportunities by raising capital in the preferred market and paying down the outstanding balance on our revolver.”
Operating cash flow declines
CorEnergy Infrastructure Trust, Inc has generated cash of $15.57 million from operating activities during the quarter, down 6.86 percent or $ 1.15 million, when compared with the last year period. Cash flow from investing activities was $0.03 million for the quarter as against cash outgo of $0.08 million in the last year period.
The company has spent $12.12 million cash to carry out financing activities during the quarter as against cash outgo of $18.40 million in the last year period.
Cash and cash equivalents stood at $11.38 million as on Mar. 31, 2017, down 11.47 percent or $1.47 million from $12.85 million on Mar. 31, 2016.
Receivables increase substantially
Net receivables were at $22.09 million as on Mar. 31, 2017, up 45.15 percent or $6.87 million from year-ago. Accounts payable stood at $4.35 million as on Mar. 31, 2017.
Investments stood at $8.56 million as on Mar. 31, 2017, up 25.24 percent or $1.73 million from year-ago.
Total assets went down marginally by 2.99 percent or $20.02 million to $649.35 million on Mar. 31, 2017. On the other hand, total liabilities were at $217.09 million as on Mar. 31, 2017, down 6.24 percent or $14.44 million from year-ago.
Return on assets moved up 63 basis points to 1.77 percent in the quarter. At the same time, return on equity moved up 100 basis points to 1.53 percent in the quarter.
Debt comes down marginally
Total debt was at $198.43 million as on Mar. 31, 2017, down 4.94 percent or $10.30 million from year-ago. Shareholders equity stood at $432.26 million as on Mar. 31, 2017, down 1.27 percent or $5.58 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.46 percent in the quarter.
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