Rex Energy Corporation (REXX) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $2.68 million, or $ 0.02 a share in the quarter, against a net loss of $60.14 million, or $1.11 a share in the last year period. On an adjusted basis, net loss from Continuing Operations for the quarter was $5.55 million, when compared with $12.70 million in the last year period.
Revenue during the quarter surged 102.72 percent to $52.07 million from $25.69 million in the previous year period. Gross margin for the quarter expanded 3963 basis points over the previous year period to 44.43 percent.
Operating income for the quarter was $3.22 million, compared with an operating loss of $32.48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $15.58 million compared with $6.94 million in the prior year period. At the same time, adjusted EBITDA margin improved 291 basis points in the quarter to 29.91 percent from 27 percent in the last year period.
Working capital remains negative
Working capital of Rex Energy Corp was negative $46.42 million on Mar. 31, 2017 compared with negative $19.40 million on Mar. 31, 2016. Current ratio was at 0.44 as on Mar. 31, 2017, down from 0.81 on Mar. 31, 2016.
Days sales outstanding went down to 39 days for the quarter compared with 78 days for the same period last year.
At the same time, days payable outstanding went down to 116 days for the quarter from 150 for the same period last year.
Debt comes down
Rex Energy Corp has recorded a decline in total debt over the last one year. It stood at $754.59 million as on Mar. 31, 2017, down 7.18 percent or $58.39 million from $812.98 million on Mar. 31, 2016. Total debt was 86 percent of total assets as on Mar. 31, 2017, compared with 76.42 percent on Mar. 31, 2016. Debt to equity ratio was at 56.95 as on Mar. 31, 2017, up from 7.63 as on Mar. 31, 2016.
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