American Midstream Partners (AMID) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $5.54 million, or $ 0.14 a share in the quarter, against a net loss of $121.58 million, or $4.16 a share in the last year period.
Revenue during the quarter surged 38.46 percent to $67.29 million from $48.60 million in the previous year period. Gross margin for the quarter expanded 1267 basis points over the previous year period to 78.04 percent.
Operating loss for the quarter was $8.13 million, compared with an operating loss of $123.48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $33.49 million compared with $20.40 million in the prior year period. At the same time, adjusted EBITDA margin improved 779 basis points in the quarter to 49.77 percent from 41.99 percent in the last year period.
"The Partnership had an active year announcing approximately $400 million of growth projects and acquisitions, which accelerated scale across our platform with Adjusted EBITDA increasing approximately 90% versus last year," said Lynn Bourdon, president and chief executive officer. "We continue to execute on the growth and expansion of our core businesses with positive developments in all of our geographic areas. With the ability to produce strong operational and financial results, we are poised to drive ongoing success into 2017 by executing on our strategy of acquiring or building attractive assets that build upon our core businesses."
Operating cash flow falls marginallyAmerican Midstream Partners has generated cash of $40.24 million from operating activities during the year, down 1.71 percent or $0.70 million, when compared with the last year. The company has spent $552.32 million cash to meet investing activities during the year as against cash outgo of $171.69 million in the last year.
Cash flow from financing activities was $515.02 million for the year, up 295.39 percent or $384.76 million, when compared with the last year.
Cash and cash equivalents stood at stood at $2.94 million as at Dec. 31, 2016.
Debt increases substantiallyAmerican Midstream Partners has witnessed an increase in total debt over the last one year. It stood at $1,063 million as on Dec. 31, 2016, up 101.54 percent or $535.56 million from $527.44 million on Dec. 31, 2015. Total debt was 67.94 percent of total assets as on Dec. 31, 2016, compared with 59.17 percent 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: editor@irisindia.net
