Gulf Island Fabrication, Inc (GIFI) saw its loss narrow to $3.56 million, or $0.24 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $14.67 million, or $1.01 a share. Revenue during the quarter went up marginally by 0.81 percent to $55.46 million from $55.02 million in the previous year period. Gross margin for the quarter stood at negative 0.31 percent as compared to a negative 31.94 percent for the previous year period. Operating margin for the quarter stood at negative 9.39 percent as compared to a negative 41.10 percent for the previous year period.
Operating loss for the quarter was $5.21 million, compared with an operating loss of $22.61 million in the previous year period.
Operating cash flow improves significantlyGulf Island Fabrication, Inc has generated cash of $14.35 million from operating activities during the year, up 35.20 percent or $3.74 million, when compared with the last year. Cash flow from investing activities was $2.70 million from investing activities during the year as against cash outgo of $6.01 million in the last year. It has incurred net capital expenditure of $0.34 million on net basis during the year, down 94.39 percent or $5.67 million from year ago.
The company has spent $0.71 million cash to carry out financing activities during the year as against cash outgo of $5.86 million in the last year period.
Cash and cash equivalents stood at $51.17 million as on Dec. 31, 2016, up 46.91 percent or $16.34 million from $34.83 million on Dec. 31, 2015.
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