Eclipse Resources Corporation (ECR) saw its loss narrow to $63.31 million, or $0.23 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $813.87 million, or $3.66 a share. On the other hand, adjusted net loss for the quarter narrowed to $5.71 million, or $0.02 a share from a loss of $41.09 million or $0.18 a share, a year ago.
Revenue during the quarter grew 27.32 percent to $83.88 million from $65.88 million in the previous year period. Gross margin for the quarter expanded 895 basis points over the previous year period to 60.83 percent.
Operating loss for the quarter was $6.86 million, compared with an operating loss of $845.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $41.26 million compared with $31.31 million in the prior year period. At the same time, adjusted EBITDA margin improved 166 basis points in the quarter to 49.19 percent from 47.53 percent in the last year period.
Benjamin W. Hulburt, chairman, president and chief executive officer, commented on the Company's fourth quarter and full year 2016 results, "During the fourth quarter, we were able to once again set record production levels for the Company while keeping our per unit operating expenses below our previously announced guidance range. This now marks the ninth consecutive reporting period in which the Company has met or exceeded its production and operating expense guidance, representing every reporting period the Company had since our initial public offering in June of 2014."
Working capital drops significantly
Eclipse Resources Corporation has witnessed a decline in the working capital over the last year. It stood at $109 million as at Dec. 31, 2016, down 29.92 percent or $46.54 million from $155.54 million on Dec. 31, 2015. Current ratio was at 1.78 as on Dec. 31, 2016, down from 2.37 on Dec. 31, 2015.
Debt comes down
Eclipse Resources Corporation has recorded a decline in total debt over the last one year. It stood at $492.28 million as on Dec. 31, 2016, down 6.63 percent or $34.97 million from $527.25 million on Dec. 31, 2015. Eclipse Resources Corporation has recorded a decline in long-term debt over the last one year. It stood at $492.28 million as on Dec. 31, 2016, down 6.63 percent or $34.97 million from $527.25 million on Dec. 31, 2015. Total debt was 41.10 percent of total assets as on Dec. 31, 2016, compared with 41.63 percent on Dec. 31, 2015. Debt to equity ratio was at 0.90 as on Dec. 31, 2016, up from 0.85 as on Dec. 31, 2015.
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