Northern Oil and Gas, Inc saw its loss narrow to $45.62 million, or $0.74 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $323.24 million, or $5.33 a share. On the other hand, adjusted net income for the quarter stood at $2.35 million, or $0.04 a share compared with $14.59 million or $0.24 a share, a year ago. Revenue during the quarter plunged 55.41 percent to $45.11 million from $101.16 million in the previous year period. Gross margin for the quarter contracted 1179 basis points over the previous year period to 75.79 percent.
Operating loss for the quarter was $29.47 million, compared with an operating loss of $307.17 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $32.98 million compared with $71.66 million in the prior year period. At the same time, adjusted EBITDA margin improved 227 basis points in the quarter to 73.11 percent from 70.84 percent in the last year period.
Working capital turns negative
Working capital of Northern Oil and Gas, Inc has turned negative to $26.26 million on Sep. 30, 2016 from positive $32.78 million on Sep. 30, 2015. Current ratio was at 0.64 as on Sep. 30, 2016, down from 1.21 on Sep. 30, 2015. Days sales outstanding went up to 84 days for the quarter compared with 79 days for the same period last year.
At the same time, days payable outstanding went down to 689 days for the quarter from 786 for the same period last year.
Debt comes down
Northern Oil and Gas, Inc has recorded a decline in total debt over the last one year. It stood at $807.79 million as on Sep. 30, 2016, down 6.90 percent or $59.89 million from $867.68 million on Sep. 30, 2015. Northern Oil & Gas has recorded a decline in long-term debt over the last one year. It stood at $807.79 million as on Sep. 30, 2016, down 6.90 percent or $59.89 million from $867.68 million on Sep. 30, 2015. Total debt was 196.84 percent of total assets as on Sep. 30, 2016, compared with 86.66 percent on Sep. 30, 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: [email protected]
