Stone Energy Corporation (SGY) saw its loss narrow to $89.64 million in the quarter ended compared with $291.96 million, a year ago. On an adjusted basis, net loss for the quarter was $41.46 million, when compared with $8.44 million in the last year period.
Revenue during the quarter dropped 28.57 percent to $94.43 million from $132.20 million in the previous year period. Gross margin for the quarter expanded 287 basis points over the previous year period to 70.76 percent.
Operating loss for the quarter was $72.13 million, compared with an operating loss of $297.21 million in the previous year period.
Working capital turns negativeWorking capital of Stone Energy Corporation has turned negative to $159.77 million on Sep. 30, 2016 from positive $27.43 million on Sep. 30, 2015. Current ratio was at 0.62 as on Sep. 30, 2016, down from 1.15 on Sep. 30, 2015. Days sales outstanding went up to 65 days for the quarter compared with 44 days for the same period last year.
At the same time, days payable outstanding went up to 193 days for the quarter from 177 for the same period last year.
Debt increases substantiallyStone Energy Corporation has witnessed an increase in total debt over the last one year. It stood at $1,404.72 million as on Sep. 30, 2016, up 33.51 percent or $352.54 million from $1,052.18 million on Sep. 30, 2015. Short-term debt stood at $292.80 million as on Sep. 30, 2016. Total debt was 113.70 percent of total assets as on Sep. 30, 2016, compared with 58.57 percent on Sep. 30, 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
