Lumos Networks Corp. (LMOS) saw its loss widen to $5.32 million, or $0.24 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.89 million, or $0.13 a share.
Revenue during the quarter grew 8.12 percent to $54.92 million from $50.79 million in the previous year period. Gross margin for the quarter expanded 113 basis points over the previous year period to 81.03 percent. Operating margin for the quarter stood at negative 2.89 percent as compared to a positive 6.13 percent for the previous year period.
Operating loss for the quarter was $1.59 million, compared with an operating income of $3.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $23.89 million compared with $23.12 million in the prior year period. At the same time, adjusted EBITDA margin contracted 200 basis points in the quarter to 43.50 percent from 45.51 percent in the last year period.
Operating cash flow improves
Lumos Networks Corp. has generated cash of $14.93 million from operating activities during the quarter, up 20.65 percent or $2.56 million, when compared with the last year period. The company has spent $23.36 million cash to meet investing activities during the quarter as against cash inflow of $14.39 million in the last year period.
The company has spent $5.20 million cash to carry out financing activities during the quarter as against cash outgo of $2.39 million in the last year period.
Cash and cash equivalents stood at $19.95 million as on Mar. 31, 2017, down 47.01 percent or $17.70 million from $37.64 million on Mar. 31, 2016.
Working capital drops significantly
Lumos Networks Corp. has witnessed a decline in the working capital over the last year. It stood at $13.98 million as at Mar. 31, 2017, down 78.67 percent or $51.57 million from $65.54 million on Mar. 31, 2016. Current ratio was at 1.27 as on Mar. 31, 2017, down from 2.24 on Mar. 31, 2016.
Days sales outstanding went down to 37 days for the quarter compared with 41 days for the same period last year.
At the same time, days payable outstanding went down to 88 days for the quarter from 122 for the same period last year.
Debt comes down marginally
Lumos Networks Corp. has recorded a decline in total debt over the last one year. It stood at $466.21 million as on Mar. 31, 2017, down 1.98 percent or $9.41 million from $475.62 million on Mar. 31, 2016. Total debt was 61.57 percent of total assets as on Mar. 31, 2017, compared with 62.99 percent on Mar. 31, 2016. Debt to equity ratio was at 3.38 as on Mar. 31, 2017, down from 3.57 as on Mar. 31, 2016.
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