CounterPath Corporation (CPAH) saw its loss widen to $0.56 million, or $0.12 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $0.33 million, or $0.08 a share. Revenue during the quarter dropped 9.18 percent to $2.75 million from $3.03 million in the previous year period. Gross margin for the quarter contracted 96 basis points over the previous year period to 82.68 percent. Operating margin for the quarter stood at negative 26.76 percent as compared to a negative 12.82 percent for the previous year period.
Operating loss for the quarter was $0.74 million, compared with an operating loss of $0.39 million in the previous year period.
"During the last quarter, our efforts were focused on launching Bria X, our Software-as-a Service (SaaS) solution", said Donovan Jones, President and Chief Executive Officer. "With the recent launch of Bria X, we have taken a significant step forward in transitioning our business from one-time revenue to recurring revenue. We anticipate that Bria X will add to our current subscription, support and maintenance revenue which grew 9% year-over-year. Highly interoperable and secure, Bria X can easily be deployed within a business or enterprise environment by leveraging a centralized provisioning server powered by CounterPath’s Stretto Platform.
Working capital drops significantly
CounterPath Corporation has witnessed a decline in the working capital over the last year. It stood at $0.95 million as at Oct. 31, 2016, down 58.27 percent or $1.33 million from $2.27 million on Oct. 31, 2015. Current ratio was at 1.23 as on Oct. 31, 2016, down from 1.53 on Oct. 31, 2015. Days sales outstanding went up to 101 days for the quarter compared with 98 days for the same period last year.
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]
