Function(x) Inc. (FNCX) saw its loss narrow to $2.63 million, or $1.13 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $44.17 million, or $31.94 a share.
Revenue during the quarter plunged 31.82 percent to $1.22 million from $1.78 million in the previous year period.
Operating loss for the quarter was $2.36 million, compared with an operating loss of $38.64 million in the previous year period.
Working capital remains negative
Working capital of Function(x) Inc. was negative $21.90 million on Dec. 31, 2016 compared with negative $29.61 million on Dec. 31, 2015. Current ratio was at 0.05 as on Dec. 31, 2016, down from 0.15 on Dec. 31, 2015.
Days sales outstanding went down to 49 days for the quarter compared with 124 days for the same period last year.
Debt comes down significantly
Function(x) Inc. has recorded a decline in total debt over the last one year. It stood at $10.79 million as on Dec. 31, 2016, down 55.36 percent or $13.38 million from $24.18 million on Dec. 31, 2015. Total debt was 33.94 percent of total assets as on Dec. 31, 2016, compared with 62.29 percent on Dec. 31, 2015.
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