CDI Corporation (CDI) saw its loss narrow to $1.45 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $17.11 million, or $0.87 a share. On an adjusted basis, loss per share for the quarter was almost stable at $0.06, when compared with the last year period. Revenue during the quarter dropped 22.26 percent to $183.89 million from $236.55 million in the previous year period. Gross margin for the quarter expanded 82 basis points over the previous year period to 19.69 percent. Operating margin for the quarter stood at negative 1.24 percent as compared to a negative 3.72 percent for the previous year period.
Operating loss for the quarter was $2.28 million, compared with an operating loss of $8.81 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.50 million compared with $0.36 million in the prior year period. At the same time, adjusted EBITDA margin improved 12 basis points in the quarter to 0.27 percent from 0.15 percent in the last year period.
"We are pleased to see the benefit of our efficiency and cost management actions on our operating expenses and cash flows in the fourth quarter, providing a stronger foundation for our future success," stated president and Interim chief executive officer Michael S. Castleman. "As we enter 2017, the entire CDI team remains squarely focused on our transformation. Through targeted programs that leverage inherent strengths of the CDI platform, we are aligned on our primary mission: to deliver profitable growth and thereby generate improved investor returns."
Working capital declines
CDI Corporation has witnessed a decline in the working capital over the last year. It stood at $115.50 million as at Dec. 31, 2016, down 15.41 percent or $21.04 million from $136.54 million on Dec. 31, 2015. Current ratio was at 2.43 as on Dec. 31, 2016, up from 2.32 on Dec. 31, 2015.
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