EXCO Resources, Inc. (XCO) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $50.94 million, or $ 0.18 a share in the quarter, against a net loss of $354.52 million, or $1.30 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $5.75 million, or $0.02 a share from a loss of $10.62 million or $0.04 a share, a year ago.
Revenue during the quarter dropped 14.73 percent to $77.19 million from $90.52 million in the previous year period. Gross margin for the quarter contracted 579 basis points over the previous year period to 47.42 percent.
Operating income for the quarter was $4.14 million, compared with an operating loss of $363.98 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $25.45 million compared with $61.53 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3500 basis points in the quarter to 32.98 percent from 67.98 percent in the last year period.
Operating cash flow turns negative
EXCO Resources, Inc. has spent $3.74 million cash to meet operating activities during the nine month period as against cash inflow of $126.86 million in the last year period.
The company has spent $56.15 million cash to meet investing activities during the nine month period as against cash outgo of $255.85 million in the last year period. It has incurred net capital expenditure of $59.21 million on net basis during the nine month period, down 78.06 percent or $210.71 million from year ago period.
Cash flow from financing activities was $51.18 million for the nine month period, down 50.41 percent or $52.03 million, when compared with the last year period.
Cash and cash equivalents stood at $3.53 million as on Sep. 30, 2016, down 82.77 percent or $16.98 million from $20.51 million on Sep. 30, 2015.
Working capital remains negative
Working capital of EXCO Resources, Inc. was negative $131.11 million on Sep. 30, 2016 compared with negative $79.78 million on Sep. 30, 2015. Current ratio was at 0.46 as on Sep. 30, 2016, down from 0.72 on Sep. 30, 2015.
Days sales outstanding went up to 107 days for the quarter compared with 104 days for the same period last year.
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
