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VAALCO Energy, Inc. (EGY) saw its loss narrow to $15.60 million, or $0.27 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $33.67 million, or $0.58 a share.
Revenue during the quarter dropped 16.59 percent to $14.64 million from $17.55 million in the previous year period.
Operating income for the quarter was $2.86 million, compared with an operating loss of $30.95 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.24 million compared with $7.31 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1269 basis points in the quarter to 28.96 percent from 41.66 percent in the last year period.
Cary Bounds, VAALCO's chief operating officer and Interim chief executive officer commented: "We have recently taken several strategic steps to narrow our operational focus, reduce costs and enhance shareholder value. We intend to concentrate on our production activities in Gabon and continue to seek low risk, discovered resource opportunities in West Africa or other similar areas internationally. Our plan to acquire an additional interest in the Etame permit is a good example of the first step in that process. We also decided to exit Angola and discontinue all operations in that country. In addition, we decided to sell the majority of our small remaining interests in the U.S."
Operating cash flow turns negative
VAALCO Energy, Inc. has spent $0.04 million cash to meet operating activities during the nine month period as against cash inflow of $37.52 million in the last year period.
Cash flow from investing activities was $1.66 million for the nine month period as against cash outgo of $66.32 million in the last year period.
The company has spent $0.09 million cash to carry out financing activities during the nine month period as against cash inflow of $0.45 million in the last year period.
Cash and cash equivalents stood at $26.88 million as on Sep. 30, 2016, down 33.95 percent or $13.82 million from $40.70 million on Sep. 30, 2015.
Working capital turns negative
Working capital of VAALCO Energy, Inc. has turned negative to $8.46 million on Sep. 30, 2016 from positive $15.94 million on Sep. 30, 2015. Current ratio was at 0.83 as on Sep. 30, 2016, down from 1.28 on Sep. 30, 2015.
Days sales outstanding went down to 129 days for the quarter compared with 155 days for the same period last year.
Debt comes down marginally
VAALCO Energy, Inc. has recorded a decline in total debt over the last one year. It stood at $14.38 million as on Sep. 30, 2016, down 4.11 percent or $0.62 million from $15 million on Sep. 30, 2015. Short-term debt stood at $6.25 million as on Sep. 30, 2016. Total debt was 18.39 percent of total assets as on Sep. 30, 2016, compared with 7.69 percent on Sep. 30, 2015. Debt to equity ratio was at 4.48 as on Sep. 30, 2016, up from 0.14 as on Sep. 30, 2015.
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