Arc Logistics Partners (ARCX) has reported a 23.72 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2.46 million in the quarter, compared with $3.23 million for the same period last year.
Revenue during the quarter went down marginally by 0.54 percent to $25.92 million from $26.07 million in the previous year period. Total expenses were 84.17 percent of quarterly revenues, up from 80.92 percent for the same period last year. That has resulted in a contraction of 325 basis points in operating margin to 15.83 percent.
Operating income for the quarter was $4.10 million, compared with $4.97 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.28 million compared with $13.51 million in the prior year period. At the same time, adjusted EBITDA margin contracted 60 basis points in the quarter to 51.21 percent from 51.81 percent in the last year period.
Operating cash flow declines
Arc Logistics Partners has generated cash of $11.54 million from operating activities during the quarter, down 7.80 percent or $ 0.98 million, when compared with the last year period.
The company has spent $2.56 million cash to meet investing activities during the quarter as against cash outgo of $13.72 million in the last year period.
The company has spent $11.81 million cash to carry out financing activities during the quarter as against cash inflow of $2.21 million in the last year period.
Cash and cash equivalents stood at $1.76 million as on Mar. 31, 2017, down 74.42 percent or $5.13 million from $6.89 million on Mar. 31, 2016.
Working capital drops significantly
Arc Logistics Partners has witnessed a decline in the working capital over the last year. It stood at $0.47 million as at Mar. 31, 2017, down 86.27 percent or $2.98 million from $3.46 million on Mar. 31, 2016. Current ratio was at 1.03 as on Mar. 31, 2017, down from 1.23 on Mar. 31, 2016.
Days sales outstanding went down to 35 days for the quarter compared with 36 days for the same period last year.
Debt moves up marginally
Arc Logistics Partners has witnessed an increase in total debt over the last one year. It stood at $249.50 million as on Mar. 31, 2017, up 3.82 percent or $9.19 million from $240.31 million on Mar. 31, 2016. Arc Logistics Partners has witnessed an increase in long-term debt over the last one year. It stood at $249.50 million as on Mar. 31, 2017, up 3.82 percent or $9.19 million from $240.31 million on Mar. 31, 2016. Total debt was 38.82 percent of total assets as on Mar. 31, 2017, compared with 36.64 percent on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.55 for the quarter from 2.10 for the same period last year.
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