EXCO Resources, Inc. (XCO) saw its loss narrow to $34.70 million, or $0.12 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $65.60 million, or $0.24 a share. On an adjusted basis, net loss for the quarter was $1.90 million, when compared with $10.46 million in the last year period.
Revenue during the quarter grew 11.90 percent to $78.93 million from $70.54 million in the previous year period. Gross margin for the quarter expanded 1438 basis points over the previous year period to 44.56 percent.
Operating income for the quarter was $12.60 million, compared with an operating loss of $240.82 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.07 million compared with $47.08 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3371 basis points in the quarter to 33.03 percent from 66.74 percent in the last year period.
Operating cash flow turns negative
EXCO Resources, Inc. has spent $0.41 million cash to meet operating activities during the year as against cash inflow of $134.03 million in the last year.
The company has spent $55.01 million cash to meet investing activities during the year as against cash outgo of $300.83 million in the last year. It has incurred net capital expenditure of $66.08 million on net basis during the year, down 79.21 percent or $251.72 million from year ago.
Cash flow from financing activities was $52.24 million for the year, down 60.64 percent or $80.50 million, when compared with the last year.
Cash and cash equivalents stood at $9.07 million as on Dec. 31, 2016, down 25.96 percent or $3.18 million from $12.25 million on Dec. 31, 2015.
Working capital remains negative
Working capital of EXCO Resources, Inc. was negative $147.75 million on Dec. 31, 2016 compared with negative $103.12 million on Dec. 31, 2015. Current ratio was at 0.43 as on Dec. 31, 2016, down from 0.59 on Dec. 31, 2015.
Debt comes down marginally
EXCO Resources, Inc. has recorded a decline in total debt over the last one year. It stood at $1,308.54 million as on Dec. 31, 2016, down 4.51 percent or $61.74 million from $1,370.28 million on Dec. 31, 2015. Total debt was 197.84 percent of total assets as on Dec. 31, 2016, compared with 143.62 percent on Dec. 31, 2015.
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