Penn Virginia Corporation (PVA) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $28.41 million, or $ 1.88 a share in the quarter, against a net loss of $1.86 million, or $0.12 a share in the last year period.
Revenue during the quarter grew 8.36 percent to $35.38 million from $32.65 million in the previous year period. Total expenses were 66.29 percent of quarterly revenues, down from 68.60 percent for the same period last year. This has led to an improvement of 231 basis points in operating margin to 33.71 percent.
Operating income for the quarter was $11.93 million, compared with $10.25 million in the previous year period.
Operating cash flow drops significantlyPenn Virginia Corporation has generated cash of $9.47 million from operating activities during the quarter, down 65.18 percent or $ 17.73 million, when compared with the last year period. The company has spent $18.07 million cash to meet investing activities during the quarter as against cash outgo of $4.92 million in the last year period.
Cash flow from financing activities was $4.97 million for the quarter as against cash outgo of $29.51 million in the last year period.
Cash and cash equivalents stood at $3.13 million as on Mar. 31, 2017, down 53.68 percent or $3.63 million from $6.76 million on Mar. 31, 2016.
Working capital remains negative
Working capital of Penn Virginia Corporation was negative $10.88 million on Mar. 31, 2017 compared with negative $1,188.95 million on Mar. 31, 2016. Current ratio was at 0.80 as on Mar. 31, 2017, up from 0.09 on Mar. 31, 2016.
Days sales outstanding went down to 61 days for the quarter compared with 128 days for the same period last year.
Debt comes down significantlyPenn Virginia Corporation has recorded a decline in total debt over the last one year. It stood at $30 million as on Mar. 31, 2017, down 97.51 percent or $1,172.49 million from $1,202.49 million on Mar. 31, 2016. Long-term debt stood at $30 million as on Mar. 31, 2017. Total debt was 9.73 percent of total assets as on Mar. 31, 2017, compared with 257.77 percent on Mar. 31, 2016. Interest coverage ratio improved to 22.17 for the quarter from 15.51 for the same period last year. 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
