Frank’s International N.V. (FI) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $36.98 million, or $ 0.21 a share in the quarter, against a net profit of $16.56 million, or $0.11 a share in the last year period. Revenue during the quarter plunged 56.18 percent to $105.11 million from $239.88 million in the previous year period. Gross margin for the quarter contracted 1289 basis points over the previous year period to 42.69 percent. Operating margin for the quarter stood at negative 46.55 percent as compared to a positive 16.30 percent for the previous year period.
Operating loss for the quarter was $48.93 million, compared with an operating income of $39.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $3.08 million compared with $73.40 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 2.93 percent for the quarter compared to 30.60 percent in the last year period.
“In recent months, we have made a strategic investment in the future growth of Frank’s through acquisition and moved forward with implementing additional cost reductions to protect the Company’s strong balance sheet in the near-term.” said Gary Luquette, the Company’s President and Chief Executive Officer.
Operating cash flow drops significantly
Frank's International has generated cash of $27.85 million from operating activities during the nine month period, down 90.57 percent or $267.54 million, when compared with the last year period. The company has spent $17.36 million cash to meet investing activities during the nine month period as against cash outgo of $163.97 million in the last year period.
The company has spent $79.83 million cash to carry out financing activities during the nine month period as against cash outgo of $117.24 million in the last year period.
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