TransAtlantic Petroleum Ltd. (TAT) has reported an 138.05 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $11.67 million, or $0.25 a share in the quarter, compared with $4.90 million, or $0.12 a share for the same period last year.
Revenue during the quarter dropped 9.15 percent to $16.66 million from $18.34 million in the previous year period. Gross margin for the quarter contracted 402 basis points over the previous year period to 75.41 percent. Operating margin for the quarter period stood at positive 5.95 percent as compared to a negative 13.55 percent for the previous year period.
Operating income for the quarter was $0.99 million, compared with an operating loss of $2.48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $12.84 million compared with $16.38 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1228 basis points in the quarter to 77.06 percent from 89.34 percent in the last year period.
N. Malone Mitchell, 3rd, the Company's chief executive officer and the chairman of its Board of Directors, stated, "We are pleased to complete the Series A Preferred Shares offering. With this transaction, the previously announced new term loan, and our entry into a share purchase agreement for the sale of Thrace Basin Natural Gas (Turkiye) Company (which is expected to close late 2016 or early 2017), we have completed the steps necessary to strengthen our company. We now look forward to resuming our corporate focus on the profitable expansion of our production and operations."
Operating cash flow drops significantly
TransAtlantic Petroleum Ltd. has generated cash of $19.61 million from operating activities during the nine month period, down 62.92 percent or $33.27 million, when compared with the last year period.
Cash flow from investing activities was $2.70 million for the nine month period as against cash outgo of $23.60 million in the last year period.
The company has spent $7.84 million cash to carry out financing activities during the nine month period as against cash outgo of $13.89 million in the last year period.
Working capital remains negative
Working capital of TransAtlantic Petroleum Ltd. was negative $54.13 million on Sep. 30, 2016 compared with negative $33.71 million on Sep. 30, 2015. Current ratio was at 0.51 as on Sep. 30, 2016, down from 0.65 on Sep. 30, 2015.
Days sales outstanding went up to 159 days for the quarter compared with 149 days for the same period last year.
At the same time, days payable outstanding went down to 598 days for the quarter from 897 for the same period last year.
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