Atwood Oceanics, Inc. (ATW) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $28.86 million, or $ 0.37 a share in the quarter, against a net profit of $122.44 million, or $1.89 a share in the last year period. Revenue during the quarter plunged 43.41 percent to $167.71 million from $296.35 million in the previous year period. Gross margin for the quarter contracted 799 basis points over the previous year period to 61.67 percent. Operating margin for the quarter stood at negative 8.37 percent as compared to a positive 48.97 percent for the previous year period.
Operating loss for the quarter was $14.04 million, compared with an operating income of $145.12 million in the previous year period.
Operating cash flow drops significantly
Atwood Oceanics, Inc has generated cash of $193.26 million from operating activities during the first half, down 49.16 percent or $186.89 million, when compared with the last year period. The company has spent $154.45 million cash to meet investing activities during the first six months as against cash outgo of $169.49 million in the last year period.
Cash flow from financing activities was $250.97 million for the first six months as against cash outgo of $97.83 million in the last year period.
Cash and cash equivalents stood at $435.21 million as on Mar. 31, 2017, up 91.88 percent or $208.40 million from $226.81 million on Mar. 31, 2016.
Working capital increases
Atwood Oceanics, Inc has recorded an increase in the working capital over the last year. It stood at $581.89 million as at Mar. 31, 2017, up 14.34 percent or $72.99 million from $508.90 million on Mar. 31, 2016. Current ratio was at 12.18 as on Mar. 31, 2017, up from 6.32 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 108 days for the quarter from 143 days for the last year period. Days sales outstanding went up to 92 days for the quarter compared with 78 days for the same period last year.
Days inventory outstanding has decreased to 71 days for the quarter compared with 115 days for the previous year period. At the same time, days payable outstanding went up to 55 days for the quarter from 50 for the same period last year.
Debt comes down
Atwood Oceanics, Inc has recorded a decline in total debt over the last one year. It stood at $1,298.07 million as on Mar. 31, 2017, down 18.62 percent or $296.95 million from $1,595.02 million on Mar. 31, 2016. Atwood Oceanics has recorded a decline in long-term debt over the last one year. It stood at $1,298.07 million as on Mar. 31, 2017, down 18.62 percent or $296.95 million from $1,595.02 million on Mar. 31, 2016. Total debt was 27.06 percent of total assets as on Mar. 31, 2017, compared with 32.99 percent on Mar. 31, 2016. Debt to equity ratio was at 0.38 as on Mar. 31, 2017, down from 0.51 as on Mar. 31, 2016.
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