Vertex Energy (VTNR) saw its loss widen to $3.20 million, or $0.12 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.40 million, or $0.07 a share.
Revenue during the quarter surged 146.03 percent to $34.77 million from $14.13 million in the previous year period. Gross margin for the quarter period stood at positive 11.70 percent as compared to a negative 1.69 percent for the previous year period. Operating margin for the quarter stood at negative 7.94 percent as compared to a negative 52.20 percent for the previous year period.
Operating loss for the quarter was $2.76 million, compared with an operating loss of $7.38 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $0.10 million.
Benjamin P. Cowart, chairman and chief executive officer of Vertex Energy stated, "We are very pleased with our success in the first quarter as we increased throughput at our facilities, which drove revenues meaningfully higher during the quarter on a sequential basis. Our work towards capturing operating leverage on our assets put us on track to meet goals we set in the beginning of the year despite market setbacks in the first quarter 2017. We believe that the increase in collected volume and the improvements at our refinery are positive indicators of the progress in our business."
Operating cash flow turns positiveVertex Energy has generated cash of $1.22 million from operating activities during the quarter as against cash outgo of $6.86 million in the last year period. The company has spent $1.36 million cash to meet investing activities during the quarter as against cash inflow of $16.30 million in the last year period. It has incurred net capital expenditure of $1.04 million on net basis during the quarter, down 91.34 percent or $10.95 million from year ago period.
The company has spent $1.56 million cash to carry out financing activities during the quarter as against cash outgo of $8.42 million in the last year period.
Cash and cash equivalents stood at $0.01 million as on Mar. 31, 2017, down 99.63 percent or $1.78 million from $1.78 million on Mar. 31, 2016.
Working capital turns positive
Working capital of Vertex Energy has turned positive to $3.89 million on Mar. 31, 2017 from negative $7.70 million on Mar. 31, 2016. Current ratio was at 1.36 as on Mar. 31, 2017, up from 0.59 on Mar. 31, 2016.
Days sales outstanding went down to 17 days for the quarter compared with 32 days for the same period last year.
Days inventory outstanding has decreased to 7 days for the quarter compared with 26 days for the previous year period.
Debt comes downVertex Energy has recorded a decline in total debt over the last one year. It stood at $13.12 million as on Mar. 31, 2017, down 7.39 percent or $1.05 million from $14.17 million on Mar. 31, 2016. Total debt was 16.31 percent of total assets as on Mar. 31, 2017, compared with 17.16 percent on Mar. 31, 2016. Debt to equity ratio was at 0.38 as on Mar. 31, 2017, up from 0.25 as on Mar. 31, 2016. 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
