Tidewater Inc (TDW) saw its loss widen to $178.49 million, or $3.79 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $43.84 million, or $0.93 a share. Revenue during the quarter plunged 47.15 percent to $143.72 million from $271.92 million in the previous year period. Gross margin for the quarter contracted 241 basis points over the previous year period to 37.02 percent.
Operating loss for the quarter was $155.34 million, compared with an operating loss of $17.64 million in the previous year period.
Operating cash flow turns negative
Tidewater Inc has spent $0.60 million cash to meet operating activities during the first half as against cash inflow of $163.89 million in the last year period. Cash flow from investing activities was $3.84 million for the first half as against cash outgo of $96.67 million in the last year period. It has incurred net capital expenditure of $7.67 million on net basis during the first six months, down 94.23 percent or $125.19 million from year ago period.
The company has spent $6.76 million cash to carry out financing activities during the first six months as against cash outgo of $57.58 million in the last year period.
Cash and cash equivalents stood at $674.92 million as on Sep. 30, 2016, up 665.08 percent or $586.71 million from $88.22 million on Sep. 30, 2015.
Working capital turns negative
Working capital of Tidewater Inc has turned negative to $1,173.03 million on Sep. 30, 2016 from positive $333.96 million on Sep. 30, 2015. Current ratio was at 0.52 as on Sep. 30, 2016, down from 1.74 on Sep. 30, 2015.
Days sales outstanding went up to 275 days for the quarter compared with 214 days for the same period last year.
At the same time, days payable outstanding went up to 62 days for the quarter from 33 for the same period last year.
Debt increases substantially
Tidewater Inc has witnessed an increase in total debt over the last one year. It stood at $2,041.37 million as on Sep. 30, 2016, up 36.24 percent or $542.99 million from $1,498.38 million on Sep. 30, 2015. Total debt was 43.54 percent of total assets as on Sep. 30, 2016, compared with 32.52 percent on Sep. 30, 2015. Debt to equity ratio was at 1 as on Sep. 30, 2016, up from 0.62 as 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: editor@irisindia.net
