Gulfport Energy Corporation (GPOR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $154.46 million, or $ 0.91 a share in the quarter, against a net loss of $242.27 million, or $2.17 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $53.86 million, or $0.32 a share compared with $15.15 million or $0.14 a share, a year ago. Revenue during the quarter surged 112.16 percent to $333 million from $156.96 million in the previous year period. Gross margin for the quarter expanded 1040 basis points over the previous year period to 84.43 percent.
Operating income for the quarter was $181.68 million, compared with an operating loss of $195.79 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $143.62 million compared with $96.70 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1848 basis points in the quarter to 43.13 percent from 61.61 percent in the last year period.
Chief Executive Officer and President, Michael G. Moore commented, "The first quarter was an eventful quarter for Gulfport, experiencing yet another solid quarter operationally, driven by our assets in the Utica Shale and closing of the acquisition of the SCOOP assets from Vitruvian, which provides Gulfport sizeable core positions in two of North America’s lowest cost natural gas basins. Subsequent to the quarter, we completed and turned-to-sales two gross SCOOP wells located in the wet gas window in Southern Grady County, marking Gulfport’s first completions in the play."
Working capital turns negative
Working capital of Gulfport Energy Corporation has turned negative to $178.36 million on Mar. 31, 2017 from positive $394.33 million on Mar. 31, 2016. Current ratio was at 0.62 as on Mar. 31, 2017, down from 2.34 on Mar. 31, 2016. Days sales outstanding went down to 31 days for the quarter compared with 44 days for the same period last year.
Debt increases substantially
Gulfport Energy Corporation has witnessed an increase in total debt over the last one year. It stood at $1,632.26 million as on Mar. 31, 2017, up 71.86 percent or $682.52 million from $949.74 million on Mar. 31, 2016. Short-term debt stood at $0.45 million as on Mar. 31, 2017. Total debt was 32.95 percent of total assets as on Mar. 31, 2017, compared with 27.11 percent on Mar. 31, 2016. Debt to equity ratio was at 0.58 as on Mar. 31, 2017, up from 0.43 as on Mar. 31, 2016.
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