Frank's International N.V. (FI) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $66.19 million, or $ 0.30 a share in the quarter, against a net profit of $7.44 million, or $0.04 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $39.27 million, or $0.18 a share compared with a net profit of $20.41 million, or $0.10 a share in the last year period. Revenue during the quarter plunged 46.80 percent to $107.98 million from $202.98 million in the previous year period. Operating margin for the quarter stood at negative 56.37 percent as compared to a positive 4.05 percent for the previous year period.
Operating loss for the quarter was $60.87 million, compared with an operating income of $8.21 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.95 million compared with $64.38 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2713 basis points in the quarter to 4.59 percent from 31.72 percent in the last year period.
Douglas Stephens, Frank’s International’s president and chief executive officer said, "In the face of a very challenging year for our industry and thus for Frank’s, we maintain one of the strongest financial positions in the oil service industry with net cash of more than $300 million. I’m very pleased with our continued focus on providing our customers with safe, reliable and quality service during a difficult 2016."
Operating cash flow turns negative
Frank's International N.V. has spent $10.83 million cash to meet operating activities during the year as against cash inflow of $427.76 million in the last year. The company has spent $178.92 million cash to meet investing activities during the year as against cash outgo of $174.69 million in the last year.
The company has spent $96.76 million cash to carry out financing activities during the year as against cash outgo of $141.21 million in the last year period.
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