Orion Group Holdings, Inc. (ORN) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $6.34 million, or $ 0.23 a share in the quarter, against a net profit of $1.44 million, or $0.06 a share in the last year period.
Revenue during the quarter dropped 10.87 percent to $144.30 million from $161.89 million in the previous year period. Gross margin for the quarter contracted 268 basis points over the previous year period to 8.08 percent. Operating margin for the quarter stood at negative 3.66 percent as compared to a positive 2 percent for the previous year period.
Operating loss for the quarter was $5.28 million, compared with an operating income of $3.23 million in the previous year period.
"During 2016, we made significant, long-term improvements in our operations, and saw continued strong demand for our services," said Mark Stauffer, Orion Group Holding's president and chief executive officer.
Operating cash flow falls marginally
Orion Group Holdings, Inc. has generated cash of $24.49 million from operating activities during the year, down 2.74 percent or $0.69 million, when compared with the last year.
The company has spent $19.03 million cash to meet investing activities during the year as against cash outgo of $128.80 million in the last year. It has incurred net capital expenditure of $17.90 million on net basis during the year, down 1.05 percent or $0.19 million from year ago.
The company has spent $6.50 million cash to carry out financing activities during the year as against cash inflow of $66.07 million in the last year period.
Cash and cash equivalents stood at $0.30 million as on Dec. 31, 2016, down 77.32 percent or $1.04 million from $1.34 million on Dec. 31, 2015.
Working capital increases marginally
Orion Group Holdings, Inc. has recorded an increase in the working capital over the last year. It stood at $77.59 million as at Dec. 31, 2016, up 3.70 percent or $2.77 million from $74.82 million on Dec. 31, 2015. Current ratio was at 1.66 as on Dec. 31, 2016, up from 1.63 on Dec. 31, 2015.
Debt comes down
Orion Group Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $101.26 million as on Dec. 31, 2016, down 5.01 percent or $5.34 million from $106.61 million on Dec. 31, 2015. Total debt was 22.62 percent of total assets as on Dec. 31, 2016, compared with 22.90 percent on Dec. 31, 2015. Debt to equity ratio was at 0.45 as on Dec. 31, 2016, down from 0.47 as on Dec. 31, 2015.
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