Paragon Offshore plc (PGNPQ) saw its loss narrow to $63.62 million, or $0.72 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1,084.84 million, or $12.46 a share. On an adjusted basis, net loss for the quarter was $63.62 million, when compared with $0.33 million in the last year period. Revenue during the quarter plunged 66.10 percent to $125.08 million from $368.97 million in the previous year period. Gross margin for the quarter contracted 1601 basis points over the previous year period to 25.76 percent.
Operating loss for the quarter was $29.51 million, compared with an operating loss of $1,105.34 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $20.76 million compared with $141.33 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2170 basis points in the quarter to 16.60 percent from 38.30 percent in the last year period.
Operating cash flow drops significantly
Paragon Offshore plc has generated cash of $244.64 million from operating activities during the nine month period, down 36.75 percent or $142.11 million, when compared with the last year period. The company has spent $79.08 million cash to meet investing activities during the nine month period as against cash outgo of $158.69 million in the last year period.
The company has spent $59.16 million cash to carry out financing activities during the nine month period as against cash inflow of $448.12 million in the last year period.
Cash and cash equivalents stood at $879.96 million as on Sep. 30, 2016, up 20.06 percent or $147 million from $732.96 million on Sep. 30, 2015.
Working capital increases
Paragon Offshore plc has recorded an increase in the working capital over the last year. It stood at $913.84 million as at Sep. 30, 2016, up 10.26 percent or $85.02 million from $828.82 million on Sep. 30, 2015. Current ratio was at 5.48 as on Sep. 30, 2016, up from 3.38 on Sep. 30, 2015.
Days sales outstanding went up to 182 days for the quarter compared with 86 days for the same period last year.
Debt comes down significantly
Paragon Offshore plc has recorded a decline in total debt over the last one year. It stood at $209.16 million as on Sep. 30, 2016, down 91.99 percent or $2,401.27 million from $2,610.42 million on Sep. 30, 2015. Total debt was 9.64 percent of total assets as on Sep. 30, 2016, compared with 105.49 percent on Sep. 30, 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
