Gulfport Energy Corporation (GPOR) saw its loss narrow to $157.30 million, or $1.25 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $388.21 million, or $3.59 a share.
Revenue during the quarter dropped 16 percent to $193.69 million from $230.57 million in the previous year period. Gross margin for the quarter contracted 545 basis points over the previous year period to 74.70 percent.
Operating loss for the quarter was $158 million, compared with an operating loss of $529.08 million in the previous year period.
Michael G. Moore, chief executive officer, commented, "Gulfport had a solid third quarter across the board, demonstrating our commitment to deliver on expectations. I am very proud of the continued hard work and commitment of all teams across the organization who came together to deliver these strong results and am encouraged by our momentum as we head into 2017."
Working capital increases sharply
Gulfport Energy Corporation has recorded an increase in the working capital over the last year. It stood at $200.45 million as at Sep. 30, 2016, up 179.11 percent or $128.63 million from $71.82 million on Sep. 30, 2015. Current ratio was at 1.59 as on Sep. 30, 2016, up from 1.20 on Sep. 30, 2015.
Days sales outstanding went up to 51 days for the quarter compared with 31 days for the same period last year.
Debt remains almost stable
Total debt of Gulfport Energy Corporation remained almost stable for the quarter at $961.27 million, when compared with the last year period. Total debt was 31.25 percent of total assets as on Sep. 30, 2016, compared with 22.89 percent on Sep. 30, 2015. Debt to equity ratio was at 0.56 as on Sep. 30, 2016, up from 0.34 as on Sep. 30, 2015.
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