Ultra Petroleum Corp has reported a 96.15 percent jump in profit for the quarter ended Sep. 30, 2014. The company has earned $125.36 million, or $0.81 a share in the quarter, compared with $63.91 million, or $0.41 a share for the same period last year.
Revenue during the quarter surged 30.47 percent to $288.61 million from $221.20 million in the previous year period. Gross margin for the quarter contracted 78 basis points over the previous year period to 91.89 percent. Total expenses were 58.79 percent of quarterly revenues, down from 61.66 percent for the same period last year. This has led to an improvement of 287 basis points in operating margin to 41.21 percent.
Operating income for the quarter was $118.94 million, compared with $84.82 million in the previous year period.
Cash Flow
Ultra Petroleum Corp has generated cash of $515.16 million from operating activities during the nine month period, up 57.51 percent or $188.09 million, when compared with the last year period.
The company has spent $1,464.87 million cash to meet investing activities during the nine month period as against cash outgo of $353.14 million in the last year period. It has incurred net capital expenditure of $4.51 million on net basis during the nine month period, up 6,342.86 percent or $4.44 million from year ago period.
Cash flow from financing activities was $940.44 million for the nine month period, up 5,220.42 percent or $922.76 million, when compared with the last year period. It has borrowed net of $956 million through debt. It has spent net of $2.24 million on repurchase of common stocks.
Cash and cash equivalents stood at $1.40 million as on Sep. 30, 2014, down 69.15 percent or $3.13 million from $4.53 million on Sep. 30, 2013.
Working Capital
Working capital of Ultra Petroleum Corp was negative $237.58 million on Sep. 30, 2014 compared with negative $243.85 million on Sep. 30, 2013. Current ratio was at 0.37 as on Sep. 30, 2014, up from 0.28 on Sep. 30, 2013.
Days sales outstanding went up to 38 days for the quarter compared with 22 days for the same period last year.
Debt Level
Ultra Petroleum Corp has witnessed an increase in total debt over the last one year. It stood at $3,426 million as on Sep. 30, 2014, up 84.19 percent or $1,566 million from $1,860 million on Sep. 30, 2013.
Total debt was 85.57 percent of total assets as on Sep. 30, 2014, compared with 89.90 percent on Sep. 30, 2013. Debt to equity ratio was at 659.10 as on Sep. 30, 2014, up from 4.94 as on Sep. 30, 2013. Interest coverage ratio improved to 4.02 for the quarter from 3.37 for the same period last year.