Stillwater Mining Company (SWC) has reported 36.10 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $6.02 million, or $0.05 a share in the quarter, compared with $4.42 million, or $0.04 a share for the same period last year. On an adjusted basis, net profit for the quarter was $7.12 million, when compared with $4.42 million in the last year period.

Revenue during the quarter grew 25.24 percent to $215.40 million from $171.98 million in the previous year period. Gross margin for the quarter expanded 511 basis points over the previous year period to 9.53 percent. Total expenses were 95.03 percent of quarterly revenues, down from 99.92 percent for the same period last year. This has led to an improvement of 489 basis points in operating margin to 4.97 percent.

Operating income for the quarter was $10.70 million, compared with $0.13 million in the previous year period.

Commenting on the fourth quarter and full-year 2016 results, Mick McMullen, the Company's president and chief executive officer stated, "We are proud to announce today that Stillwater has again achieved all annual guidance targets. These achievements during 2016 are significant as they have been accomplished in conjunction with another record safety performance and simultaneous progress on the Blitz project throughout the year. The Company improved on its previous safety record, achieved just last year, with a 14.2% safety incidence rate improvement for 2016. In addition, the Company achieved a recycling record, processing 668,300 ounces of palladium, platinum and rhodium during 2016."

The company has spent $100.09 million cash to meet investing activities during the year as against cash outgo of $174.95 million in the last year. It has incurred net capital expenditure of $88.47 million on net basis during the year, down 17.35 percent or $18.58 million from year ago.

The company has spent $2.27 million cash to carry out financing activities during the year as against cash outgo of $68.42 million in the last year period.

Cash and cash equivalents stood at $123.24 million as on Dec. 31, 2016, down 16.36 percent or $24.10 million from $147.34 million on Dec. 31, 2015.

Working capital remains almost stable
Stillwater Mining Company has recorded an increase in the working capital over the last year. It stood at $527.01 million as at Dec. 31, 2016, up 0.77 percent or $4.03 million from $522.98 million on Dec. 31, 2015. Current ratio was at 7.04 as on Dec. 31, 2016, down from 8.68 on Dec. 31, 2015.

Debt moves up 
Stillwater Mining Company has witnessed an increase in total debt over the last one year. It stood at $274.81 million as on Dec. 31, 2016, up 7.45 percent or $19.05 million from $255.76 million on Dec. 31, 2015. Total debt was 20.71 percent of total assets as on Dec. 31, 2016, compared with 19.95 percent on Dec. 31, 2015. Debt to equity ratio was at 0.30 as on Dec. 31, 2016, up from 0.28 as on Dec. 31, 2015. Interest coverage ratio improved to 2.50 for the quarter from 0.03 for the same period last year.