Alta Mesa Holdings, LP (C403) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $26.57 million in the quarter, against a net profit of $93.08 million in the last year period.
Revenue during the quarter plunged 70.94 percent to $58.03 million from $199.72 million in the previous year period. Gross margin for the quarter contracted 2821 basis points over the previous year period to 59.47 percent. Operating margin for the quarter stood at negative 14.85 percent as compared to a positive 55.11 percent for the previous year period.
Operating loss for the quarter was $8.62 million, compared with an operating income of $110.07 million in the previous year period.
Operating cash flow drops significantly
Alta Mesa Holdings, LP has generated cash of $7.47 million from operating activities during the nine month period, down 94.24 percent or $122.19 million, when compared with the last year period.
The company has spent $147.77 million cash to meet investing activities during the nine month period as against cash outgo of $182.67 million in the last year period. It has incurred net capital expenditure of $147.77 million on net basis during the nine month period, down 28.70 percent or $59.48 million from year ago period.
Cash flow from financing activities was $139.64 million for the nine month period, up 138.92 percent or $81.19 million, when compared with the last year period.
Cash and cash equivalents stood at $8.20 million as on Sep. 30, 2016, up 20.81 percent or $1.41 million from $6.79 million on Sep. 30, 2015.
Working capital drops significantly
Alta Mesa Holdings, LP has witnessed a decline in the working capital over the last year. It stood at $27.46 million as at Sep. 30, 2016, down 79.03 percent or $103.47 million from $130.94 million on Sep. 30, 2015. Current ratio was at 1.24 as on Sep. 30, 2016, down from 2.37 on Sep. 30, 2015.
Days sales outstanding went up to 65 days for the quarter compared with 48 days for the same period last year.
Debt moves up
Alta Mesa Holdings, LP has witnessed an increase in total debt over the last one year. It stood at $887.55 million as on Sep. 30, 2016, up 5.66 percent or $47.55 million from $840 million on Sep. 30, 2015. Alta Mesa Holdings has witnessed an increase in long-term debt over the last one year. It stood at $887.55 million as on Sep. 30, 2016, up 5.66 percent or $47.55 million from $840 million on Sep. 30, 2015. Total debt was 113.78 percent of total assets as on Sep. 30, 2016, compared with 91.59 percent on Sep. 30, 2015.
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