Parker Drilling Company (PKD) saw its loss widen to $48.93 million, or $0.39 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $35.65 million, or $0.29 a share. On the other hand, adjusted net loss for the quarter widened to $41.28 million, or $0.33 a share from a loss of $23.32 million or $0.19 a share, a year ago.
Revenue during the quarter plunged 36.79 percent to $94.02 million from $148.75 million in the previous year period. Gross margin for the quarter stood at negative 20.95 percent as compared to a negative 2.33 percent for the previous year period. Operating margin for the quarter stood at negative 32.11 percent as compared to a negative 13.93 percent for the previous year period.
Operating loss for the quarter was $30.19 million, compared with an operating loss of $20.72 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $5.24 million compared with $28.58 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1364 basis points in the quarter to 5.57 percent from 19.21 percent in the last year period.
"Our fourth quarter results were in line with our expectations in the face of ongoing market challenges. We continue our efforts to maximize results and aggressively pursue opportunities across all of our business lines," said Gary Rich, the Company's chairman, president and chief executive officer.
Working capital declines
Parker Drilling Company has witnessed a decline in the working capital over the last year. It stood at $183.40 million as at Dec. 31, 2016, down 20.48 percent or $47.22 million from $230.62 million on Dec. 31, 2015. Current ratio was at 2.78 as on Dec. 31, 2016, up from 2.69 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Parker Drilling Company remained almost stable for the quarter at $576.33 million, when compared with the last year period. Long-term debt of Parker Drilling Company remained almost stable for the quarter at $576.33 million, when compared with the last year period. Total debt was 52.22 percent of total assets as on Dec. 31, 2016, compared with 41.75 percent on Dec. 31, 2015. Debt to equity ratio was at 1.70 as on Dec. 31, 2016, up from 1.01 as on Dec. 31, 2015.
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