Ev Energy Partners Lp (EVEP) saw its loss widen to $19.23 million, or $0.38 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.84 million, or $0.20 a share. Revenue during the quarter surged 34.06 percent to $51.37 million from $38.32 million in the previous year period. Gross margin for the quarter expanded 945 basis points over the previous year period to 49.38 percent. Operating margin for the quarter stood at negative 38.84 percent as compared to a negative 94.21 percent for the previous year period.
Operating loss for the quarter was $19.95 million, compared with an operating loss of $36.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.02 million compared with $43.76 million in the prior year period.
"Reducing leverage and operating costs continues to be our focus, and we are pleased with our progress this year. As announced last week, we completed our fall borrowing base redetermination and appreciate the continued support from our bank group in reaffirming our borrowing base of $450 million. We currently have $281 million drawn on our credit facility and have over $177 million of liquidity between balance sheet cash and available borrowing base capacity. We believe this is a sufficient amount of capital to meet all of our near term needs," said Michael Mercer, president and chief executive officer.
Operating cash flow drops significantlyEv Energy Partners Lp has generated cash of $26.52 million from operating activities during the nine month period, down 77.68 percent or $92.30 million, when compared with the last year period. The company has spent $8.99 million cash to meet investing activities during the nine month period as against cash inflow of $522.83 million in the last year period It has incurred net capital expenditure of $11.85 million on net basis during the nine month period, down 85.75 percent or $71.30 million from year ago period.
The company has spent $31.97 million cash to carry out financing activities during the nine month period as against cash outgo of $610.05 million in the last year period.
Cash and cash equivalents stood at $5.98 million as on Sep. 30, 2016, down 85 percent or $33.88 million from $39.86 million on Sep. 30, 2015.
Working capital drops significantly
Ev Energy Partners Lp has witnessed a decline in the working capital over the last year. It stood at $11.41 million as at Sep. 30, 2016, down 87.26 percent or $78.15 million from $89.55 million on Sep. 30, 2015. Current ratio was at 1.24 as on Sep. 30, 2016, down from 2.89 on Sep. 30, 2015.
Days sales outstanding went down to 65 days for the quarter compared with 68 days for the same period last year.
Debt moves up
Ev Energy Partners Lp has witnessed an increase in total debt over the last one year. It stood at $613.80 million as on Sep. 30, 2016, up 22.89 percent or $114.33 million from $499.47 million on Sep. 30, 2015. Ev Energy Partners Lp has witnessed an increase in long-term debt over the last one year. Total debt was 34.75 percent of total assets as on Sep. 30, 2016, compared with 28.73 percent on Sep. 30, 2015. 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
