NTN Buzztime, Inc (NTN) saw its loss narrow to $0.09 million, or $0.04 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.04 million, or $0.57 a share. Revenue during the quarter dropped 4.58 percent to $5.23 million from $5.48 million in the previous year period. Gross margin for the quarter expanded 191 basis points over the previous year period to 64.77 percent. Operating margin for the quarter stood at negative 15.94 percent as compared to a negative 15.83 percent for the previous year period.
Operating loss for the quarter was $0.83 million, compared with an operating loss of $0.87 million in the previous year period.
“We are very excited about 2017 as we leverage our unique technology, player base and enhanced guest experience to expand our customers, invest in our technology and grow our distribution channels,” said Ram Krishnan, NTN Buzztime chief executive officer. “In March, we achieved a significant milestone winning the Buffalo Wild Wings award to deliver order and pay with EMV functionality where we beat the competition in a head-to-head trial. Also during the quarter, we launched Spaceteam throughout our entire network and it has exceeded expectations with strong engagement and group gaming. Our plan is to introduce the Buzztime Effect into adjacent vertical markets, which we expect will diversify our revenue streams over time. Combined with our successful equity financings to fund working capital and growth, we are executing our plan to generate long-term shareholder value.”
Operating cash flow remains negative
NTN Buzztime, Inc has spent $0.47 million cash to meet operating activities during the quarter as against cash outgo of $0.50 million in the last year period. The company has spent $0.25 million cash to meet investing activities during the quarter as against cash outgo of $0.28 million in the last year period.
Cash flow from financing activities was $1.14 million for the quarter, up 7.79 percent or $0.08 million, when compared with the last year period.
Cash and cash equivalents stood at $6.11 million as on Mar. 31, 2017, up 72.25 percent or $2.56 million from $3.55 million on Mar. 31, 2016.
Working capital drops significantly
NTN Buzztime, Inc has witnessed a decline in the working capital over the last year. It stood at $1.11 million as at Mar. 31, 2017, down 51.44 percent or $1.18 million from $2.29 million on Mar. 31, 2016. Current ratio was at 1.11 as on Mar. 31, 2017, down from 1.33 on Mar. 31, 2016.
Days sales outstanding went up to 23 days for the quarter compared with 14 days for the same period last year.
At the same time, days payable outstanding went up to 18 days for the quarter from 9 for the same period last year.
Debt comes down
NTN Buzztime, Inc has recorded a decline in total debt over the last one year. It stood at $8.13 million as on Mar. 31, 2017, down 6.95 percent or $0.61 million from $8.73 million on Mar. 31, 2016. Total debt was 46.35 percent of total assets as on Mar. 31, 2017, compared with 53.53 percent on Mar. 31, 2016. Debt to equity ratio was at 1.39 as on Mar. 31, 2017, down from 2.88 as on Mar. 31, 2016.
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