Hi-Crush Partners (HCLP) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $7.22 million, or $ 0.11 a share in the quarter, against a net profit of $10.68 million, or $0.30 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $7.20 million, or $0.11 a share compared with a net profit of $13.18 million, or $0.35 a share in the last year period. Revenue during the quarter dropped 6.63 percent to $67.30 million from $72.08 million in the previous year period. Gross margin for the quarter contracted 1206 basis points over the previous year period to 1.04 percent. Operating margin for the quarter stood at negative 6.41 percent as compared to a positive 20.51 percent for the previous year period.
Operating loss for the quarter was $4.31 million, compared with an operating income of $14.78 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.10 million compared with $19.18 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2646 basis points in the quarter to 0.14 percent from 26.60 percent in the last year period.
"Activity for our business continued to improve and gain strength as reflected in the 25% sequential increase in the volume of sand we sold during the fourth quarter," said Robert E. Rasmus, chief executive officer of Hi-Crush. "In addition to an increase in volumes, our profitability continues to improve, as we achieved positive quarterly EBITDA for the first time since the fourth quarter of 2015. We have a significantly improved Hi-Crush platform - one with lower costs, greater efficiencies and an expanded service offering, including our PropStream last-mile integrated logistics solution. This benefits us as proppant intensity increases continue, well completion activity picks up momentum and customer focus remains on surety of supply."
Operating cash flow turns negativeHi-Crush Partners has spent $26.64 million cash to meet operating activities during the year as against cash inflow of $83.65 million in the last year. The company has spent $126.42 million cash to meet investing activities during the year as against cash outgo of $120.67 million in the last year.
Cash flow from financing activities was $146.32 million for the year, up 238.22 percent or $103.06 million, when compared with the last year.
Cash and cash equivalents stood at $4.31 million as on Dec. 31, 2016, down 60.97 percent or $6.74 million from $11.05 million on Dec. 31, 2015.
Debt comes down
Hi-Crush Partners has recorded a decline in total debt over the last one year. It stood at $196.42 million as on Dec. 31, 2016, down 21.44 percent or $53.62 million from $250.04 million on Dec. 31, 2015. Total debt was 37.11 percent of total assets as on Dec. 31, 2016, compared with 59.59 percent 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
