Actua Corp (ACTA) saw its loss narrow to $9.67 million, or $0.30 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $14.33 million, or $0.38 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.80 million, or $0.06 a share from a loss of $3.38 million or $0.09 a share, a year ago. Revenue during the quarter grew 21.13 percent to $30.51 million from $25.19 million in the previous year period. Gross margin for the quarter expanded 114 basis points over the previous year period to 74.45 percent. Operating margin for the quarter stood at negative 35.67 percent as compared to a negative 52.02 percent for the previous year period.
Operating loss for the quarter was $10.88 million, compared with an operating loss of $13.10 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $1.11 million compared to negative $2.86 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 3.63 percent for the quarter compared to negative 11.35 percent in the last year period.
"2017 is off to a good start," said Walter Buckley, chief executive officer of Actua. "As we anticipated, the strong bookings we saw in the second half of last year resulted in accelerating revenue growth in the first quarter. With a focus on profitable growth, we are well-positioned to continue driving long-term shareholder value."
For financial year 2017, Actua Corp projects revenue to be in the range of $125 million to $130 million. It forecasts diluted loss per share to be in the range of $0.10 to $0.15 on adjusted basis for the same period.
Operating cash flow remains negative
Actua Corp has spent $3.07 million cash to meet operating activities during the quarter as against cash outgo of $3.93 million in the last year period. Cash flow from investing activities was $0.62 million for the quarter as against cash outgo of $3.19 million in the last year period.
The company has spent $14.46 million cash to carry out financing activities during the quarter as against cash outgo of $13.66 million in the last year period.
Cash and cash equivalents stood at $80.44 million as on Mar. 31, 2017, up 55.85 percent or $28.83 million from $51.61 million on Mar. 31, 2016.
Working capital increases sharply
Actua Corp has recorded an increase in the working capital over the last year. It stood at $38.43 million as at Mar. 31, 2017, up 429.80 percent or $31.18 million from $7.25 million on Mar. 31, 2016. Current ratio was at 1.56 as on Mar. 31, 2017, up from 1.09 on Mar. 31, 2016.
Days sales outstanding went down to 61 days for the quarter compared with 87 days for the same period last year.
At the same time, days payable outstanding went up to 148 days for the quarter from 144 for the same period last year.
Debt comes down significantly
Actua Corp has recorded a decline in total debt over the last one year. It stood at $1.32 million as on Mar. 31, 2017, down 75.51 percent or $4.07 million from $5.39 million on Mar. 31, 2016. Total debt was 0.31 percent of total assets as on Mar. 31, 2017, compared with 1.23 percent on Mar. 31, 2016.
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]
