Intellinetics, Inc. (INLX) saw its loss narrow to $0.25 million, or $0.01 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.25 million, or $0.04 a share. Revenue during the quarter grew 9.24 percent to $0.68 million from $0.62 million in the previous year period. Gross margin for the quarter expanded 13 basis points over the previous year period to 79.11 percent. Operating margin for the quarter stood at negative 33.07 percent as compared to a negative 15.03 percent for the previous year period.
Operating loss for the quarter was $0.22 million, compared with an operating loss of $0.09 million in the previous year period.
Matthew L. Chretien, president and chief executive officer of Intellinetics, noted that, "We posted a significant increase in our recurring SaaS revenue segment which is vital to financial strength and sustained revenue growth. We continue to add to our dealer network with increased adoption and use of IU (www.intelliclouduniversity.com) - our automated IntelliCloud sales training and partner enablement platform, and is an important contributor to the increase in Cloud based revenue. Working with our strategic offices solutions partner to build the sales and operations model was an additional focus during this quarter that cleared the path for in-field selling activities moving forward. We believe that we have all of the pieces in place to be able to show continuous quarter over quarter revenue growth on a sustained basis."
Working capital remains negativeWorking capital of Intellinetics, Inc. was negative $1.21 million on Sep. 30, 2016 compared with negative $3.54 million on Sep. 30, 2015. Current ratio was at 0.35 as on Sep. 30, 2016, up from 0.12 on Sep. 30, 2015. Days sales outstanding were almost stable at 38 days for the quarter, when compared with the last year period.
Debt comes down significantly
Intellinetics, Inc. has recorded a decline in total debt over the last one year. It stood at $0.87 million as on Sep. 30, 2016, down 45.50 percent or $0.73 million from $1.60 million on Sep. 30, 2015. Total debt was 125.80 percent of total assets as on Sep. 30, 2016, compared with 295.46 percent on Sep. 30, 2015. 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: editor@irisindia.net
