Intrepid Potash Inc. (IPI) saw its loss narrow to $16.57 million, or $0.22 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $518.26 million, or $6.85 a share. On the other hand, adjusted net loss for the quarter narrowed to $14.48 million, or $0.19 a share from a loss of $20.08 million or $0.26 a share, a year ago. Revenue during the quarter went down marginally by 1.47 percent to $42.19 million from $42.82 million in the previous year period. Gross margin for the quarter stood at negative 16.60 percent as compared to a negative 66.46 percent for the previous year period.
Operating loss for the quarter was $16.15 million, compared with an operating loss of $361.93 million in the previous year period.
"2016 was a transitional year for Intrepid, as we streamlined our business to focus on lower-cost solar potash and our specialty Trio® product and revised our debt instruments to better support our current operations," said Intrepids Executive chairman, president and chief executive officer Bob Jornayvaz. "The improved selling environment for potash that began towards the end of the third quarter has continued, as we saw healthy demand and improved pricing during the fourth quarter."
Operating cash flow turns negativeIntrepid Potash Inc. has spent $18.27 million cash to meet operating activities during the year as against cash inflow of $22.69 million in the last year. Cash flow from investing activities was $32.51 million from investing activities during the year as against cash outgo of $79.58 million in the last year.
The company has spent $19.08 million cash to carry out financing activities during the year as against cash outgo of $1.40 million in the last year period.
Cash and cash equivalents stood at $4.46 million as on Dec. 31, 2016, down 52.04 percent or $4.84 million from $9.31 million on Dec. 31, 2015.
Debt comes down
Intrepid Potash Inc. has recorded a decline in total debt over the last one year. It stood at $133.43 million as on Dec. 31, 2016, down 10.74 percent or $16.05 million from $149.48 million on Dec. 31, 2015. Intrepid Potash has recorded a decline in long-term debt over the last one year. Total debt was 24.67 percent of total assets as on Dec. 31, 2016, compared with 23.34 percent on Dec. 31, 2015. Debt to equity ratio was at 0.37 as on Dec. 31, 2016, up from 0.35 as 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
