Jones Energy, Inc. (JONE) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $28.36 million, or $ 0.53 a share in the quarter, against a net profit of $0.64 million, or $0.02 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $2.10 million, or $0.07 a share compared with a net profit of $0.87 million, or $0.03 a share in the last year period. Revenue during the quarter grew 3.29 percent to $39.49 million from $38.23 million in the previous year period. Operating margin for the quarter stood at negative 57.88 percent as compared to a negative 75.09 percent for the previous year period.
Operating loss for the quarter was $22.86 million, compared with an operating loss of $28.71 million in the previous year period.
Jonny Jones, the Company’s Founder, chairman and chief executive officer commented, "2016 was a transformative year for our Company and I am extremely proud of what our team was able to accomplish in challenging circumstances. We were both creative and deliberate in our approach, capturing the opportunity to enter the Merge and cut costs dramatically across the portfolio. The result has made Jones Energy a formidable pure-play Anadarko Basin Company that remains a low-cost leader.” Mr. Jones went on to say, "2017 will be a transitional year for our Company. As we grow our operatorship in the Merge and build out the rig program, I see enormous potential for this new asset in the next few years. I see opportunity to highgrade the portfolio through additional Merge leasing, attractive M&A opportunities, and optimizing our operations. The Cleveland asset will continue to protect our production base, and be a source of steady execution as it competes for capital in today’s environment. Our task in 2017 is execution, and I am confident we can continue to deliver outstanding operational results across our asset base. I believe that our future is bright, and that we remain committed to building our Merge position and executing our goals."
Operating cash flow drops significantly
Jones Energy, Inc. has generated cash of $25.70 million from operating activities during the year, down 62.67 percent or $43.15 million, when compared with the last year. The company has spent $130.86 million cash to meet investing activities during the year as against cash outgo of $168.22 million in the last year. It has incurred net capital expenditure of $263.13 million on net basis during the year, down 15.76 percent or $49.24 million from year ago.
Cash flow from financing activities was $117.91 million for the year, up 9.48 percent or $10.21 million, when compared with the last year.
Cash and cash equivalents stood at $34.64 million as on Dec. 31, 2016, up 58.23 percent or $12.75 million from $21.89 million on Dec. 31, 2015.
Working capital turns negative
Working capital of Jones Energy, Inc. has turned negative to $8.48 million on Dec. 31, 2016 from positive $126.60 million on Dec. 31, 2015. Current ratio was at 0.92 as on Dec. 31, 2016, down from 2.86 on Dec. 31, 2015.
Debt comes down
Jones Energy, Inc. has recorded a decline in total debt over the last one year. It stood at $724.01 million as on Dec. 31, 2016, down 13.57 percent or $113.64 million from $837.65 million on Dec. 31, 2015. Jones Energy has recorded a decline in long-term debt over the last one year. It stood at $724.01 million as on Dec. 31, 2016, down 13.57 percent or $113.64 million from $837.65 million on Dec. 31, 2015. Total debt was 38.37 percent of total assets as on Dec. 31, 2016, compared with 43.06 percent on Dec. 31, 2015. Debt to equity ratio was at 0.81 as on Dec. 31, 2016, down from 0.89 as on Dec. 31, 2015. 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: [email protected]
