Enernoc (ENOC) saw its loss narrow to $30.60 million, or $1.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $128.98 million, or $4.51 a share.
Revenue during the quarter dropped 15.38 percent to $50.10 million from $59.21 million in the previous year period. Gross margin for the quarter expanded 86 basis points over the previous year period to 39.37 percent.
Operating loss for the quarter was $23.07 million, compared with an operating loss of $142.86 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $11.70 million compared to negative $19.56 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 23.34 percent for the quarter compared to negative 33.03 percent in the last year period.
"In 2016, the position of demand response as a critical resource was affirmed by the Supreme Court of the United States, international demand response opportunities continued to develop particularly in Asia, and we extended our global market leadership position. On the software side of the business, although we had a number of strategic sales wins and more recently have seen indicators of accelerated market adoption, the near-term opportunity has materialized much more slowly than we expected," said Tim Healy, chairman and chief executive officer of EnerNOC
For the first-quarter, Enernoc expects revenue to be in the range of $41 million to $47 million. It forecasts net loss to be in the range of $44 million to $41 million. The company forecasts diluted loss per share to be in the range of $1.49 to $1.39.
For fiscal year 2017, Enernoc expects revenue to be in the range of $310 million to $340 million. It forecasts net loss to be in the range of $77 million to $62 million. The company projects diluted loss per share to be in the range of $2.57 to $2.07.
Operating cash flow turns negativeEnernoc has spent $44.77 million cash to meet operating activities during the year as against cash inflow of $3.17 million in the last year. Cash flow from investing activities was $7.77 million from investing activities during the year as against cash outgo of $93.73 million in the last year.
The company has spent $2.51 million cash to carry out financing activities during the year as against cash outgo of $22.72 million in the last year period.
Cash and cash equivalents stood at $97.99 million as on Dec. 31, 2016, down 29.05 percent or $40.13 million from $138.12 million on Dec. 31, 2015.
Working capital increases marginally
Enernoc has recorded an increase in the working capital over the last year. It stood at $90.84 million as at Dec. 31, 2016, up 2.17 percent or $1.93 million from $88.91 million on Dec. 31, 2015. Current ratio was at 1.85 as on Dec. 31, 2016, up from 1.43 on Dec. 31, 2015.
Days sales outstanding went down to 75 days for the quarter compared with 88 days for the same period last year.
At the same time, days payable outstanding was almost stable at 7 days for the quarter, when compared with the previous year period.
Debt moves up marginallyEnernoc has witnessed an increase in total debt over the last one year. It stood at $115.22 million as on Dec. 31, 2016, up 3.57 percent or $3.97 million from $111.25 million on Dec. 31, 2015. Total debt was 36.89 percent of total assets as on Dec. 31, 2016, compared with 25.07 percent on Dec. 31, 2015. Debt to equity ratio was at 1.44 as on Dec. 31, 2016, up from 0.97 as on Dec. 31, 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: [email protected]
