Cypress Energy Partners, L.P. (CELP) has reported an 100.85 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.42 million in the quarter, compared with $0.71 million for the same period last year.
Revenue during the quarter dropped 21.57 percent to $70.41 million from $89.76 million in the previous year period. Gross margin for the quarter expanded 198 basis points over the previous year period to 14.81 percent. Total expenses were 94.03 percent of quarterly revenues, down from 97.01 percent for the same period last year. This has led to an improvement of 298 basis points in operating margin to 5.97 percent.
Operating income for the quarter was $4.20 million, compared with $2.68 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $6.93 million compared with $6.11 million in the prior year period. At the same time, adjusted EBITDA margin improved 304 basis points in the quarter to 9.84 percent from 6.80 percent in the last year period.
Peter C. Boylan III, CELP’s Chairman and Chief Executive Officer stated, "The fourth quarter continued a general trend of sequential improvement in our profitability from our trough in EBITDA in the first quarter of 2016. I am pleased that we continued to diversify our business, despite a difficult two-year industry downturn, adding over 40 new customers in 2016. We are continuing to see the benefits of our cost reductions implemented earlier in 2016 and I would like to thank our employees for their dedication, hard work, and sacrifices."
Debt comes down marginally
Cypress Energy Partners, L.P. has recorded a decline in total debt over the last one year. It stood at $135.70 million as on Dec. 31, 2016, down 2.47 percent or $3.43 million from $139.13 million on Dec. 31, 2015. Cypress Energy Partners, L.P. has recorded a decline in long-term debt over the last one year. It stood at $135.70 million as on Dec. 31, 2016, down 2.47 percent or $3.43 million from $139.13 million on Dec. 31, 2015. Total debt was 81.01 percent of total assets as on Dec. 31, 2016, compared with 72.20 percent on Dec. 31, 2015. Interest coverage ratio improved to 2.50 for the quarter from 1.69 for the same period last year.
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