Synergy Resources Corporation (SYRG) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $5.30 million, or $ 0.03 a share in the quarter, against a net loss of $48.19 million, or $0.44 a share in the last year period.
Revenue during the quarter surged 52.06 percent to $38.70 million from $25.45 million in the previous year period. Gross margin for the quarter contracted 55 basis points over the previous year period to 87.11 percent.
Operating income for the quarter was $9.37 million, compared with an operating loss of $53.57 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $25.49 million compared with $10.77 million in the prior year period. At the same time, adjusted EBITDA margin improved 2355 basis points in the quarter to 65.88 percent from 42.33 percent in the last year period.
Lynn A. Peterson, chairman and chief executive officer of Synergy commented, "The Synergy team delivered outstanding performance during 2016. While some of the many changes in 2016 are less tangible, such as moving to a calendar year end and the strengthened independence of our Board of Directors, other changes, highlighted by our acquisition of the Greeley Crescent acreage and the development of infrastructure, are features of 2016 that we are reminded of every day. Our staff nearly doubled in 2016 providing the capacity to create and begin executing on a development plan that has set the stage for differentiated growth over the coming quarters and years. All of this and much more was accomplished while simultaneously maintaining a strong financial position along with the operational flexibility to react to changing commodity prices."
Operating cash flow drops significantly
Synergy Resources Corporation has generated cash of $48.69 million from operating activities during the year, down 53.11 percent or $55.14 million, when compared with the last year.
The company has spent $636.14 million cash to meet investing activities during the year as against cash outgo of $196.32 million in the last year. It has incurred net capital expenditure of $485.82 million on net basis during the year, up 1,170.72 percent or $447.59 million from year ago.
Cash flow from financing activities was $539.56 million for the year, up 351.80 percent or $420.14 million, when compared with the last year.
Cash and cash equivalents stood at $18.62 million as on Dec. 31, 2016, down 72.01 percent or $47.88 million from $66.50 million on Dec. 31, 2015.
Debt comes down marginally
Synergy Resources Corporation has recorded a decline in total debt over the last one year. It stood at $75.61 million as on Dec. 31, 2016, down 3.06 percent or $2.39 million from $78 million on Dec. 31, 2015. Synergy Resources Corp has recorded a decline in long-term debt over the last one year. It stood at $75.61 million as on Dec. 31, 2016, down 3.06 percent or $2.39 million from $78 million on Dec. 31, 2015.
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