TransAtlantic Petroleum Ltd (TAT) saw its loss widen to $16.05 million, or $0.34 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.55 million, or $0.14 a share. Revenue during the quarter grew 5.59 percent to $16.44 million from $15.57 million in the previous year period. Gross margin for the quarter expanded 206 basis points over the previous year period to 77.76 percent. Operating margin for the quarter period stood at positive 27.53 percent as compared to a negative 15.98 percent for the previous year period.
Operating income for the quarter was $4.52 million, compared with an operating loss of $2.49 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $9.36 million compared with $8.57 million in the prior year period. At the same time, adjusted EBITDA margin improved 186 basis points in the quarter to 56.93 percent from 55.07 percent in the last year period.
Operating cash flow drops significantly
TransAtlantic Petroleum Ltd has generated cash of $1.86 million from operating activities during the quarter, down 71.44 percent or $ 4.65 million, when compared with the last year period. Cash flow from investing activities was $13.41 million for the quarter as against cash outgo of $8.96 million in the last year period.
The company has spent $11.38 million cash to carry out financing activities during the quarter as against cash outgo of $2.61 million in the last year period.
Cash and cash equivalents stood at $15.30 million as on Mar. 31, 2017, up 554.13 percent or $12.96 million from $2.34 million on Mar. 31, 2016.
Working capital turns positive
Working capital of TransAtlantic Petroleum Ltd has turned positive to $1.13 million on Mar. 31, 2017 from negative $40.76 million on Mar. 31, 2016. Current ratio was at 1.02 as on Mar. 31, 2017, up from 0.51 on Mar. 31, 2016.
Days sales outstanding went down to 117 days for the quarter compared with 124 days for the same period last year.
At the same time, days payable outstanding went down to 259 days for the quarter from 363 for the same period last year.
Debt comes down significantly
TransAtlantic Petroleum Ltd has recorded a decline in total debt over the last one year. It stood at $30.08 million as on Mar. 31, 2017, down 56.22 percent or $38.62 million from $68.69 million on Mar. 31, 2016. Total debt was 17.46 percent of total assets as on Mar. 31, 2017, compared with 28.10 percent on Mar. 31, 2016. Debt to equity ratio was at 0.69 as on Mar. 31, 2017, down from 1.22 as on Mar. 31, 2016.
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