Calgon Carbon Corporation (CCC) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $5.94 million, or $ 0.12 a share in the quarter, against a net profit of $7.72 million, or $0.15 a share in the last year period. Revenue during the quarter grew 5.05 percent to $137.48 million from $130.87 million in the previous year period. Gross margin for the quarter contracted 260 basis points over the previous year period to 31.01 percent. Operating margin for the quarter stood at negative 3.93 percent as compared to a positive 8.21 percent for the previous year period.
Operating loss for the quarter was $5.40 million, compared with an operating income of $10.74 million in the previous year period.
Commenting on the company’s fourth results, Calgon Carbons chairman, president, and chief executive officer Randy Dearth said, "Our legacy Calgon Carbon business ��" led by strong potable water and specialty market sales, and solid mercury removal product volumes ��" delivered fourth quarter sales that were slightly below our expectations, with gross margins (before depreciation and amortization) that were slightly ahead of our expectations. However, costs related to completing the acquisition ��" a majority of which are now behind us ��" significantly burdened our overall results for the quarter."
Working capital declinesCalgon Carbon Corporation has witnessed a decline in the working capital over the last year. It stood at $190.93 million as at Dec. 31, 2016, down 15.92 percent or $36.15 million from $227.08 million on Dec. 31, 2015. Current ratio was at 2.90 as on Dec. 31, 2016, down from 3.82 on Dec. 31, 2015.
Debt increases substantially
Calgon Carbon Corporation has witnessed an increase in total debt over the last one year. It stood at $225 million as on Dec. 31, 2016, up 101.90 percent or $113.56 million from $111.44 million on Dec. 31, 2015. Total debt was 29.02 percent of total assets as on Dec. 31, 2016, compared with 16.97 percent on Dec. 31, 2015. Debt to equity ratio was at 0.59 as on Dec. 31, 2016, up from 0.28 as 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
