American Midstream Partners, LP (AMID) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.48 million, or $ 0.22 a share in the quarter, against a net loss of $4.66 million, or $0.48 a share in the last year period.
Revenue during the quarter grew 14.70 percent to $63.82 million from $55.64 million in the previous year period. Gross margin for the quarter expanded 241 basis points over the previous year period to 74.86 percent. Operating margin for the quarter stood at negative 4.26 percent as compared to a negative 2.74 percent for the previous year period.
Operating loss for the quarter was $2.72 million, compared with an operating loss of $1.52 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $35.79 million compared with $15.83 million in the prior year period. At the same time, adjusted EBITDA margin improved 2763 basis points in the quarter to 56.08 percent from 28.45 percent in the last year period.
"The Partnership experienced another strong quarter driven by the Gulf Coast acquisitions and solid performance from our Transmission segment with Adjusted EBITDA increasing approximately 126% over the prior year quarter," said Lynn Bourdon III, chairman, president and chief executive officer. "We will continue to execute on the growth and performance of the business through the evolving energy climate. With the ability to produce strong operational and financial results, we are poised to drive ongoing success in our core business and future endeavors."
Operating cash flow improves
American Midstream Partners, LP has generated cash of $36.33 million from operating activities during the nine month period, up 14.85 percent or $4.70 million, when compared with the last year period.
The company has spent $192.86 million cash to meet investing activities during the nine month period as against cash outgo of $152.31 million in the last year period.
Cash flow from financing activities was $161.41 million for the nine month period, up 34.31 percent or $41.23 million, when compared with the last year period.
Debt increases substantially
American Midstream Partners, LP has witnessed an increase in total debt over the last one year. It stood at $730.44 million as on Sep. 30, 2016, up 43.60 percent or $221.79 million from $508.65 million on Sep. 30, 2015. Short-term debt stood at $730.44 million as on Sep. 30, 2016. Total debt was 60.91 percent of total assets as on Sep. 30, 2016, compared with 50.59 percent on Sep. 30, 2015.
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