Cyren (CTCH) saw its loss widen to $2.52 million, or $0.06 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.50 million, or $0.04 a share. On the other hand, adjusted net loss for the quarter widened to $2.35 million, or $0.06 a share from a loss of $1.87 million or $0.05 a share, a year ago. Revenue during the quarter grew 7.39 percent to $7.96 million from $7.41 million in the previous year period. Gross margin for the quarter contracted 1042 basis points over the previous year period to 61.90 percent. Operating margin for the quarter stood at negative 31.40 percent as compared to a negative 18.32 percent for the previous year period.
Operating loss for the quarter was $2.50 million, compared with an operating loss of $1.36 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.30 million compared to operating loss of $1.62 million in prior year period.
"Cyren posted another good sales quarter with revenues of $8.0 million, up 8% year over year," said Lior Samuelson, chief executive officer and chairman of the Board at Cyren. "We signed more new Security as a Service customers than in any previous quarter and successfully launched Cyren Cloud Security 4.0. This release makes it easy for customers to access and manage Cyren's suite of Internet Security services via a single integrated platform."
Operating cash flow turns negative
Cyren has spent $1.92 million cash to meet operating activities during the quarter as against cash inflow of $2.94 million in the last year period. The company has spent $1.48 million cash to meet investing activities during the quarter as against cash outgo of $1.24 million in the last year period.
Cash flow from financing activities was $6.31 million for the quarter as against cash outgo of $4.15 million in the last year period.
Cash and cash equivalents stood at $13.54 million as on Mar. 31, 2017, down 3.48 percent or $0.49 million from $14.03 million on Mar. 31, 2016.
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