Stone Energy Corporation (SGY) saw its loss narrow to $116.41 million in the quarter ended compared with $318.66 million, a year ago. On an adjusted basis, net loss for the quarter was $27.34 million, when compared with net profit $2.07 million in the last year period.
Revenue during the quarter went up marginally by 2.36 percent to $113.11 million from $110.50 million in the previous year period. Gross margin for the quarter contracted 792 basis points over the previous year period to 70.47 percent.
Operating loss for the quarter was $90.23 million, compared with an operating loss of $342.76 million in the previous year period.
Working capital turns positive
Working capital of Stone Energy Corporation has turned positive to $132.41 million on Dec. 31, 2016 from negative $8.80 million on Dec. 31, 2015. Current ratio was at 1.93 as on Dec. 31, 2016, up from 0.94 on Dec. 31, 2015.
Debt comes down significantly
Stone Energy Corporation has recorded a decline in total debt over the last one year. It stood at $352.78 million as on Dec. 31, 2016, down 66.75 percent or $708.17 million from $1,060.96 million on Dec. 31, 2015. Short-term debt stood at $0.41 million as on Dec. 31, 2016. Total debt was 30.96 percent of total assets as on Dec. 31, 2016, compared with 75.24 percent on Dec. 31, 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
