Revenue during the quarter grew 17.31 percent to $18.67 million from $15.92 million in the previous year period. Gross margin for the quarter contracted 214 basis points over the previous year period to 75.92 percent.

Operating income for the quarter was $0.18 million, compared with an operating loss of $16.05 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $9.39 million compared with $9.46 million in the prior year period. At the same time, adjusted EBITDA margin contracted 916 basis points in the quarter to 50.28 percent from 59.45 percent in the last year period.

The company has spent $8.52 million cash to meet investing activities during the year as against cash outgo of $31.68 million in the last year.

The company has spent $7.35 million cash to carry out financing activities during the year as against cash outgo of $40.25 million in the last year period.

Cash and cash equivalents stood at $10.03 million as on Dec. 31, 2016, up 76.04 percent or $4.33 million from $5.70 million on Dec. 31, 2015.

Debt comes down significantly
Transatlantic Petroleum has recorded a decline in total debt over the last one year. It stood at $38.75 million as on Dec. 31, 2016, down 41.53 percent or $27.52 million from $66.27 million on Dec. 31, 2015. Total debt was 19.73 percent of total assets as on Dec. 31, 2016, compared with 22.48 percent on Dec. 31, 2015. Debt to equity ratio was at 1.01 as on Dec. 31, 2016, down from 1.12 as on Dec. 31, 2015.