Cyren (CTCH) saw its loss widen to $2.01 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.15 million, or $0.03 a share. On the other hand, adjusted net loss for the quarter widened to $1.90 million, or $0.05 a share from a loss of $1.37 million or $0.03 a share, a year ago. Revenue during the quarter grew 14.09 percent to $8.11 million from $7.11 million in the previous year period. Gross margin for the quarter contracted 277 basis points over the previous year period to 66.93 percent. Operating margin for the quarter stood at negative 25.50 percent as compared to a negative 15.12 percent for the previous year period.
Operating loss for the quarter was $2.07 million, compared with an operating loss of $1.08 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $1.91 million compared to operating loss of $1.20 million in prior year period.
"Cyren closed out 2016 on a very positive note, delivering its sixth straight quarter of revenue growth, which was up 14% year over year,”"said Lior Samuelson, chief executive officer and chairman of the Board at Cyren. "For the year, we finished with $31 million in revenue, including a significant milestone for our Enterprise Security as a Service business which contributed more than 10% of overall revenue. While the embedded Threat Intelligence Services business continues to generate the majority of our revenue and cash flow, our Cyren Cloud Security services ��" including EmailSecurity and WebSecurity ��" are very well positioned as the growth engine for the future."
Operating cash flow turns positive
Cyren has generated cash of $2.42 million from operating activities during the year as against cash outgo of $1.82 million in the last year. The company has spent $4.11 million cash to meet investing activities during the year as against cash outgo of $3.15 million in the last year.
The company has spent $4.07 million cash to carry out financing activities during the year as against cash inflow of $10.42 million in the last year period.
Cash and cash equivalents stood at $10.62 million as on Dec. 31, 2016, down 35.15 percent or $5.76 million from $16.38 million on Dec. 31, 2015.
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