Great Lakes Dredge Dock Corporation (GLDD) saw its loss widen to $6.98 million, or $0.11 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.84 million, or $0.01 a share. Revenue during the quarter dropped 4.15 percent to $213.40 million from $222.64 million in the previous year period. Gross margin for the quarter contracted 261 basis points over the previous year period to 10.35 percent. Operating margin for the quarter stood at negative 0.89 percent as compared to a positive 2.94 percent for the previous year period.
Operating loss for the quarter was $1.91 million, compared with an operating income of $6.54 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.58 million compared with $22.21 million in the prior year period. At the same time, adjusted EBITDA margin contracted 455 basis points in the quarter to 5.43 percent from 9.98 percent in the last year period.
Interim chief executive officer and Chief Financial Officer Mark Marinko stated, "In 2016, the Company executed well on our domestic dredging contracts, particularly on our rivers lakes projects. Our performance was offset by a major decline in international work due to a smaller market in 2016 that impacted the entire international dredging industry as well as the absence of the Suez Canal project, which contributed robust revenue and contract margin in 2015. We were pleased to have our internationally-based vessels utilized during the second half of the year, however the contracts were not at the margin of recent international projects.
Working capital increases marginallyGreat Lakes Dredge Dock Corporation has recorded an increase in the working capital over the last year. It stood at $127.39 million as at Dec. 31, 2016, up 2.70 percent or $3.35 million from $124.04 million on Dec. 31, 2015. Current ratio was at 1.71 as on Dec. 31, 2016, up from 1.60 on Dec. 31, 2015.
Debt moves up
Great Lakes Dredge Dock Corporation has witnessed an increase in total debt over the last one year. It stood at $392.87 million as on Dec. 31, 2016, up 10.11 percent or $36.07 million from $356.80 million on Dec. 31, 2015. Total debt was 43.97 percent of total assets as on Dec. 31, 2016, compared with 39.57 percent on Dec. 31, 2015. 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
