ICTV Brands, Inc (ICTV) saw its loss narrow to $0.04 million in the quarter ended compared with $0.58 million, a year ago. Revenue during the quarter went down marginally by 0.89 percent to $4.32 million from $4.36 million in the previous year period. Gross margin for the quarter expanded 321 basis points over the previous year period to 69.89 percent. Operating margin for the quarter stood at negative 0.97 percent as compared to a negative 13.37 percent for the previous year period.
Operating loss for the quarter was $0.04 million, compared with an operating loss of $0.58 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.19 million compared to negative $0.45 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 4.40 percent for the quarter compared to negative 10.43 percent in the last year period.
Richard Ransom, President, stated, “I speak on behalf of all ICTV employees when I say that I am incredibly proud of the hard work we have accomplished during the year, and during the fourth quarter in particular. The close of a fiscal year is a time to reflect upon the progress that has been made on the execution of the Company’s strategic plan, while at the same time resetting goals and targets for the year ahead. As I reflect back to the end of 2015, I see a very different ICTV than the Company that exists today. Major accomplishments during the year include: 1) Re-positioning ICTV as a multi-channel digital media and e-commerce platform. 2)Expansion of sales distribution channels across geography, online partnerships as well as traditional brick & mortar. Over the course of 2016 ICTV was able to establish vendor accounts with several major US and Canada retailers in addition to Bed Bath & Beyond including Walmart, Kohl’s, Target, and Costco Canada, just to name a few. 3)Taking 100% ownership of DermaWand, which will have a positive immediate and longer-term impact on gross margins, overall profitability, and control of the global brand. 4)The transformative acquisitions that closed in January 2017, which give ICTV a much larger revenue scale, expanded geographic footprint and strategic relationships, all of which will contribute to significant shareholder value over time.”
Operating cash flow turns positive
ICTV Brands, Inc has generated cash of $0.28 million from operating activities during the year as against cash outgo of $1.51 million in the last year. The company has spent $0.22 million cash to carry out financing activities during the year as against cash inflow of $1.70 million in the last year period.
Cash and cash equivalents stood at $1.39 million as on Dec. 31, 2016, up 4.22 percent or $0.06 million from $1.33 million on Dec. 31, 2015.
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