Forum Energy Technologies, Inc. (FET) saw its loss narrow to $12.50 million, or $0.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $163.60 million, or $1.81 a share. On the other hand, adjusted net loss for the quarter widened to $15 million, or $0.16 a share from a loss of $10.90 million or $0.12 a share, a year ago.
Revenue during the quarter dropped 24.99 percent to $147.10 million from $196.10 million in the previous year period. Operating margin for the quarter stood at negative 16.86 percent as compared to a negative 96.18 percent for the previous year period.
Operating loss for the quarter was $24.80 million, compared with an operating loss of $188.60 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $20.80 million compared to operating loss of $7.80 million in prior year period.
Cris Gaut, Forum's chairman and chief executive officer, remarked, "We are beginning to see the impact of increased U.S. land activity on our business, and this was the driver of the improved revenue and orders we saw in the fourth quarter. Forum's fourth quarter 2016 revenue saw growth in each product line except for Subsea and was the first sequential increase in revenue since the severe downturn began in the third quarter 2014."
Operating cash flow drops significantly
Forum Energy Technologies, Inc. has generated cash of $64.30 million from operating activities during the year, down 58.76 percent or $91.60 million, when compared with the last year.
The company has spent $10.70 million cash to meet investing activities during the year as against cash outgo of $91.30 million in the last year.
Cash flow from financing activities was $86.20 million for the year as against cash outgo of $26.90 million in the last year period.
Cash and cash equivalents stood at $234.40 million as on Dec. 31, 2016, up 114.65 percent or $125.20 million from $109.20 million on Dec. 31, 2015.
Working capital increases
Forum Energy Technologies, Inc. has recorded an increase in the working capital over the last year. It stood at $608.80 million as at Dec. 31, 2016, up 7.51 percent or $42.54 million from $566.26 million on Dec. 31, 2015. Current ratio was at 5.29 as on Dec. 31, 2016, up from 4.74 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Forum Energy Technologies, Inc. remained almost stable for the quarter at $396.80 million, when compared with the last year period. Total debt was 21.59 percent of total assets as on Dec. 31, 2016, compared with 21.01 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.32 as on Dec. 31, 2016, when compared with the last year.
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