Drive Shack Inc. (NCT) saw its loss widen to $19.70 million, or $0.32 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.76 million, or $0.08 a share. Revenue during the quarter went down marginally by 0.41 percent to $69.08 million from $69.36 million in the previous year period.
Cost of revenue dropped 21.52 percent or $1.22 million during the quarter to $4.45 million. Gross margin for the quarter expanded 173 basis points over the previous year period to 93.55 percent.
Total expenses were $87.19 million for the quarter, up 6.46 percent or $5.29 million from year-ago period. Operating margin for the quarter stood at negative 26.23 percent as compared to a negative 18.07 percent for the previous year period.
Operating loss for the quarter was $18.12 million, compared with an operating loss of $12.54 million in the previous year period.
Food and beverage revenue was $17.54 million during the quarter, up 0.53 percent or $0.09 million from year-ago period.
Net receivables were at $0.55 million as on Dec. 31, 2016, down 99.85 percent or $360.79 million from year-ago.
Investments stood at $704.12 million as on Dec. 31, 2016, up 110.32 percent or $369.33 million from year-ago.
Total assets stood at $1,171.96million as on Dec. 31, 2016. On the other hand, total liabilities were at $953.89 million as on Dec. 31, 2016.
Return on assets was at 0.50 percent in the quarter. Return on equity was negative at 9.68 percent in the quarter.
Debt increases substantially Total debt was at $767.46 million as on Dec. 31, 2016, up 30.07 percent or $177.43 million from year-ago. Shareholders equity was at $218.07 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 3.52 percent in the quarter.
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