Frank’s International N.V. (FI) saw its loss widen to $26.66 million, or $0.12 a share for the quarter ended Mar. 31, 2017. Frank's International (FI) saw its loss widen to $26.66 million in the quarter ended compared with $0.77 million a year ago. On an adjusted basis, net loss for the quarter was $25.68 million, when compared with $0.12 million in the last year period. Revenue during the quarter dropped 27.86 percent to $110.73 million from $153.49 million in the previous year period. Gross margin for the quarter contracted 1216 basis points over the previous year period to 33.21 percent. Operating margin for the quarter stood at negative 33.06 percent as compared to a negative 1.88 percent for the previous year period.
Operating loss for the quarter was $36.61 million, compared with an operating loss of $2.88 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.54 million compared with $33.66 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2055 basis points in the quarter to 1.39 percent from 21.93 percent in the last year period.
Operating cash flow turns negative
Frank's International has spent $9.44 million cash to meet operating activities during the quarter as against cash inflow of $46.16 million in the last year period. The company has spent $7.24 million cash to meet investing activities during the quarter as against cash outgo of $7.82 million in the last year period.
The company has spent $18.05 million cash to carry out financing activities during the quarter as against cash outgo of $31.19 million in the last year period.
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