Lumos Networks Corp. (LMOS) has reported a 96.11 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.10 million in the quarter, compared with $2.67 million for the same period last year. Revenue during the quarter went up marginally by 0.07 percent to $51.89 million from $51.85 million in the previous year period. Gross margin for the quarter expanded 290 basis points over the previous year period to 82.61 percent. Total expenses were 85.45 percent of quarterly revenues, up from 80.49 percent for the same period last year. That has resulted in a contraction of 497 basis points in operating margin to 14.55 percent.
Operating income for the quarter was $7.55 million, compared with $10.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $23.94 million compared with $24.55 million in the prior year period. At the same time, adjusted EBITDA margin contracted 121 basis points in the quarter to 46.14 percent from 47.35 percent in the last year period.
Operating cash flow falls marginally
Lumos Networks Corp. has generated cash of $65.38 million from operating activities during the year, down 2.05 percent or $1.37 million, when compared with the last year. The company has spent $33.38 million cash to meet investing activities during the year as against cash outgo of $182.48 million in the last year.
The company has spent $11.69 million cash to carry out financing activities during the year as against cash inflow of $114.87 million in the last year period.
Cash and cash equivalents stood at $33.58 million as on Dec. 31, 2016, up 153.07 percent or $20.31 million from $13.27 million on Dec. 31, 2015.
Working capital drops significantly
Lumos Networks Corp. has witnessed a decline in the working capital over the last year. It stood at $53.22 million as at Dec. 31, 2016, down 35.89 percent or $29.79 million from $83.01 million on Dec. 31, 2015. Current ratio was at 2.13 as on Dec. 31, 2016, down from 2.71 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Lumos Networks Corp. remained almost stable for the quarter at $468.42 million, when compared with the last year period. Total debt was 62.18 percent of total assets as on Dec. 31, 2016, compared with 62.61 percent on Dec. 31, 2015. Debt to equity ratio was at 3.44 as on Dec. 31, 2016, down from 3.53 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 1.05 for the quarter from 1.47 for the same period last year.
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