Deep Sea Supply plc Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
Deep Sea Supply Plc reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported operating revenue of $11,027,000 compared to $16,494,000 a year ago. LBITDA was $1,886,000 compared to $11,575,000 a year ago. LBIT was $13,564,000 compared to $21,060,000 a year ago. Loss before income tax was $21,693,000 compared to $25,425,000 a year ago. Loss for the period was $21,804,000 or $0.07 per diluted share compared to $25,475,000 or $0.10 per diluted share a year ago. Net cash used in operating activities was $2,073,000 compared to net cash generated from operating activities was $4,769,000 a year ago. Acquisitions and upgrades of property, plant and equipment was $548,000 compared to $66,000 a year ago. Net interest bearing debt was $591.1 million by the end of first quarter of 2017, which is an increase of $14 million from end of fourth quarter of 2016.