Epic Gas Ltd. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Impairment Charges for the Fourth Quarter of 2016
For the year, the company reported revenues were $128.8 million against $130.8 million a year ago. Operating loss was $10.2 million against $2.3 million a year ago. Loss before tax was $22.9 million against $15.8 million a year ago. Loss after tax was $23.3 million against $16.0 million a year ago. Cash used in operating activities of $6.5 million against cash generated from operating activities of $23.6 million a year ago. EBITDA was $24.5 million against $29.5 million a year ago. Adjusted EBITDA was $25.6 million against $30.2 million a year ago. Revenue was down 2% year over year and adjusted EBITDA was down 15% year over year.
The company reported impairment loss/loss on sale of vessels was $10.3 million for the fourth quarter ended December 31, 2016.