Halcon Resources Corporation (HK) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $189.35 million, or $ 1.69 a share in the quarter, against a net loss of $540 million, or $4.72 a share in the last year period. Revenue during the quarter surged 66.69 percent to $135.60 million from $81.35 million in the previous year period. Gross margin for the quarter expanded 1526 basis points over the previous year period to 75.97 percent.
Operating income for the quarter was $256.70 million, compared with an operating loss of $592.38 million in the previous year period.
Operating cash flow improves significantly
Halcon Resources Corporation has generated cash of $45.56 million from operating activities during the quarter, up 32.54 percent or $11.19 million, when compared with the last year period. The company has spent $289.56 million cash to meet investing activities during the quarter as against cash outgo of $117.76 million in the last year period. It has incurred capital expenditure of $289.56 million on net basis during the quarter, up 147.39 percent or $172.51 million from year ago period.
Cash flow from financing activities was $306.13 million for the quarter, up 264.62 percent or $222.17 million, when compared with the last year period.
Cash and cash equivalents stood at $62.16 million as on Mar. 31, 2017, up 622.50 percent or $53.55 million from $8.60 million on Mar. 31, 2016.
Working capital drops significantly
Halcon Resources Corporation has witnessed a decline in the working capital over the last year. It stood at $36 million as at Mar. 31, 2017, down 84.08 percent or $190.22 million from $226.22 million on Mar. 31, 2016. Current ratio was at 1.22 as on Mar. 31, 2017, down from 2.06 on Mar. 31, 2016.
Days sales outstanding went down to 102 days for the quarter compared with 175 days for the same period last year.
Debt comes down significantly
Halcon Resources Corporation has recorded a decline in total debt over the last one year. It stood at $940.57 million as on Mar. 31, 2017, down 67.34 percent or $1,938.94 million from $2,879.52 million on Mar. 31, 2016. Ram Energy Resources has recorded a decline in long-term debt over the last one year. It stood at $940.57 million as on Mar. 31, 2017, down 67.34 percent or $1,938.94 million from $2,879.52 million on Mar. 31, 2016. Total debt was 51.28 percent of total assets as on Mar. 31, 2017, compared with 101.09 percent on Mar. 31, 2016.
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