Abraxas Petroleum Corporation (AXAS) saw its loss narrow to $3.26 million, or $0.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $52.37 million, or $0.50 a share. On the other hand, adjusted net loss for the quarter widened to $3.31 million, or $0.02 a share from a loss of $2.73 million or $0.03 a share, a year ago.
Revenue during the quarter dropped 13.07 percent to $13.98 million from $16.08 million in the previous year period. Gross margin for the quarter expanded 3119 basis points over the previous year period to 98.63 percent.
Operating loss for the quarter was $4.95 million, compared with an operating loss of $63.44 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.94 million compared with $10.04 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2714 basis points in the quarter to 35.33 percent from 62.47 percent in the last year period.
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