Eclipse Resources Corporation (ECR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $26.85 million, or $ 0.10 a share in the quarter, against a net loss of $45.53 million, or $0.20 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $4.84 million, or $0.02 a share compared with a net loss of $15.06 million, or $0.07 a share in the last year period.
Revenue during the quarter surged 105.34 percent to $101.86 million from $49.61 million in the previous year period. Gross margin for the quarter expanded 1746 basis points over the previous year period to 65.42 percent.
Operating income for the quarter was $14.23 million, compared with an operating loss of $50.61 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $50.21 million compared with $20.40 million in the prior year period. At the same time, adjusted EBITDA margin improved 816 basis points in the quarter to 49.29 percent from 41.13 percent in the last year period.
Benjamin W. Hulburt, chairman, president and chief executive officer, commented on the Company's first quarter 2017 results, "This was another tremendous quarter for us as we continued our track record of exceeding production expectations, while expanding our operating margin by keeping our per unit operating expenses and our general & administrative expenses low. This now marks the tenth consecutive reporting period in which the Company has met or exceeded its production and operating expense guidance, continuing our streak representing every single reporting period since our initial public offering in June of 2014. Considering the catalysts we discussed at our analyst day early in the year, we are tracking at or better than planned and remain excited for continued operational improvement and value enhancements from our assets."
Working capital drops significantly
Eclipse Resources Corporation has witnessed a decline in the working capital over the last year. It stood at $82.93 million as at Mar. 31, 2017, down 37.09 percent or $48.88 million from $131.81 million on Mar. 31, 2016. Current ratio was at 1.72 as on Mar. 31, 2017, down from 2.75 on Mar. 31, 2016.
Days sales outstanding went down to 27 days for the quarter compared with 41 days for the same period last year.
At the same time, days payable outstanding went up to 110 days for the quarter from 100 for the same period last year.
Debt comes down marginally
Eclipse Resources Corporation has recorded a decline in total debt over the last one year. It stood at $492.96 million as on Mar. 31, 2017, down 3.34 percent or $17.03 million from $510 million on Mar. 31, 2016. Eclipse Resources Corporation has recorded a decline in long-term debt over the last one year. It stood at $492.96 million as on Mar. 31, 2017, down 3.34 percent or $17.03 million from $510 million on Mar. 31, 2016. Total debt was 41.07 percent of total assets as on Mar. 31, 2017, compared with 43.47 percent on Mar. 31, 2016. Debt to equity ratio was at 0.84 as on Mar. 31, 2017, down from 0.88 as 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
