Tidewater Inc. (TDW) saw its loss widen to $94.86 million, or $2.01 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $81.79 million, or $1.74 a share.
Revenue during the quarter dropped 12.72 percent to $160.75 million from $184.17 million in the previous year period. Gross margin for the quarter expanded 305 basis points over the previous year period to 48.03 percent. Operating margin for the quarter stood at negative 43.14 percent as compared to a negative 30.71 percent for the previous year period.
Operating loss for the quarter was $69.34 million, compared with an operating loss of $56.57 million in the previous year period.
Operating cash flow drops significantly
Tidewater Inc. has generated cash of $29.82 million from operating activities during the year, down 88.23 percent or $223.54 million, when compared with the last year. Cash flow from investing activities was $14.86 million from investing activities during the year as against cash outgo of $135 million in the last year. It has incurred net capital expenditure of $10.70 million on net basis during the year, down 94.18 percent or $173.09 million from year ago.
The company has spent $16.72 million cash to carry out financing activities during the year as against cash inflow of $481.51 million in the last year period.
Cash and cash equivalents stood at $706.40 million as on Mar. 31, 2017, up 4.12 percent or $27.97 million from $678.44 million on Mar. 31, 2016.
Debt remains almost stable
Tidewater Inc. has recorded a decline in total debt over the last one year. It stood at $2,034.12 million as on Mar. 31, 2017, down 0.56 percent or $11.39 million from $2,045.52 million on Mar. 31, 2016. Tidewater has recorded a decline in short-term debt over the last one year. It stood at $2,034.12 million as on Mar. 31, 2017, down 0.56 percent or $11.39 million from $2,045.52 million on Mar. 31, 2016. Total debt was 48.54 percent of total assets as on Mar. 31, 2017, compared with 40.99 percent on Mar. 31, 2016. Debt to equity ratio was at 1.23 as on Mar. 31, 2017, up from 0.89 as on Mar. 31, 2016.
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