MeetMe, Inc. (QPSA) has reported a 63.06 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $9.90 million, or $0.15 a share in the quarter, compared with $6.07 million, or $0.12 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $12.36 million, or $0.19 a share compared with $7.93 million or $0.15 a share, a year ago. Revenue during the quarter surged 46.99 percent to $29.22 million from $19.88 million in the previous year period. Total expenses were 68.68 percent of quarterly revenues, up from 65.19 percent for the same period last year. That has resulted in a contraction of 348 basis points in operating margin to 31.32 percent.
Operating income for the quarter was $9.15 million, compared with $6.92 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $12.80 million compared with $9.02 million in the prior year period. At the same time, adjusted EBITDA margin contracted 155 basis points in the quarter to 43.81 percent from 45.36 percent in the last year period.
Geoff Cook, chief executive officer of MeetMe, stated, "We made tremendous progress on multiple fronts in 2016. We achieved record financial results for the year, reflecting the increasing value of our audience to mobile advertisers, as well as our growth in mobile engagement through product innovation and the acquisition of Skout."
Working capital increases
MeetMe, Inc. has recorded an increase in the working capital over the last year. It stood at $32.68 million as at Dec. 31, 2016, up 11.86 percent or $3.46 million from $29.21 million on Dec. 31, 2015. Current ratio was at 3.27 as on Dec. 31, 2016, down from 4.86 on Dec. 31, 2015. Debt comes down significantly
MeetMe, Inc. has recorded a decline in total debt over the last one year. It stood at $0.22 million as on Dec. 31, 2016, down 62.33 percent or $0.37 million from $0.59 million on Dec. 31, 2015. Total debt was 0.11 percent of total assets as on Dec. 31, 2016, compared with 0.53 percent on Dec. 31, 2015. Interest coverage ratio improved to 2,896.71 for the quarter from 81.67 for the same period last year.
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