Covisint Corporation (COVS) saw its loss narrow to $12.73 million, or $0.31 a share for the year ended Mar. 31, 2017. In the previous year period, the company reported a loss of $14.89 million, or $0.38 a share. On the other hand, adjusted net loss for the year narrowed to $9.37 million, or $0.23 a share from a loss of $12.92 million or $0.33 a share, a year ago. Revenue during the year dropped 7.60 percent to $70.24 million from $76.02 million in the previous year. Gross margin for the year contracted 140 basis points over the previous year to 52.62 percent. Operating margin for the year stood at negative 18.11 percent as compared to a negative 19.31 percent for the previous year.
Operating loss for the year was $12.72 million, compared with an operating loss of $14.68 million in the previous year.
Operating cash flow remains negative
Covisint Corporation has spent $2.94 million cash to meet operating activities during the year as against cash outgo of $3.87 million in the last year. The company has spent $3.05 million cash to meet investing activities during the year as against cash outgo of $8.02 million in the last year. It has incurred net capital expenditure of $3.05 million on net basis during the year, down 62.03 percent or $4.98 million from year ago.
The company has spent $0.38 million cash to carry out financing activities during the year as against cash inflow of $1.46 million in the last year period.
Cash and cash equivalents stood at $33.23 million as on Mar. 31, 2017, down 16.26 percent or $6.45 million from $39.68 million on Mar. 31, 2016.
Working capital declines
Covisint Corporation has witnessed a decline in the working capital over the last year. It stood at $24.29 million as at Mar. 31, 2017, down 23.69 percent or $7.54 million from $31.83 million on Mar. 31, 2016. Current ratio was at 2.22 as on Mar. 31, 2017, down from 2.30 on Mar. 31, 2016.
Days sales outstanding went down to 46 days for the year compared with 54 days for the same period last year.
At the same time, days payable outstanding went down to 41 days for the year from 53 for the same period last year.
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