Marin Software Incorporated (MRIN) saw its loss widen to $6.13 million, or $0.16 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.41 million, or $0.12 a share. On the other hand, adjusted net loss for the quarter widened to $3.30 million, or $0.08 a share from a loss of $0.56 million or $0.01 a share, a year ago. Revenue during the quarter dropped 25.21 percent to $20.33 million from $27.19 million in the previous year period. Gross margin for the quarter contracted 714 basis points over the previous year period to 59.06 percent. Operating margin for the quarter stood at negative 29.42 percent as compared to a negative 15.03 percent for the previous year period.
Operating loss for the quarter was $5.98 million, compared with an operating loss of $4.09 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $3.16 million compared to operating loss of $0.24 million in prior year period.
"Our goal is to return Marin to growth and to maximize shareholder value by focusing on meeting the needs of our customers, the world’s leading advertisers and their agencies, as they seek to optimize the returns from their online advertising investments," said Chris Lien, chief executive officer of Marin Software. "Working with our team members and partners, we’ve been busy over the past months putting in place the foundation, which we believe will return Marin to growth over the course of 2017."
For the second-quarter 2017, Marin Software Incorporated forecasts revenue to be in the range of $18 million to $18.50 million. The company forecasts adjusted operating loss to be in the range of $6 million to $5.50 million. On an adjusted basis, the company expects diluted loss per share to be in the range of $0.15 to $0.14.
Operating cash flow turns negative
Marin Software Incorporated has spent $0.78 million cash to meet operating activities during the quarter as against cash inflow of $0.60 million in the last year period. The company has spent $0.71 million cash to meet investing activities during the quarter as against cash outgo of $1.76 million in the last year period.
The company has spent $0.11 million cash to carry out financing activities during the quarter as against cash outgo of $0.10 million in the last year period.
Cash and cash equivalents stood at $33 million as on Mar. 31, 2017, down 8.94 percent or $3.24 million from $36.24 million on Mar. 31, 2016.
Working capital declines
Marin Software Incorporated has witnessed a decline in the working capital over the last year. It stood at $43.27 million as at Mar. 31, 2017, down 10.65 percent or $5.16 million from $48.43 million on Mar. 31, 2016. Current ratio was at 4.55 as on Mar. 31, 2017, up from 4.05 on Mar. 31, 2016.
Days sales outstanding went up to 83 days for the quarter compared with 76 days for the same period last year.
At the same time, days payable outstanding went up to 22 days for the quarter from 15 for the same period last year.
Debt increases substantially
Marin Software Incorporated has witnessed an increase in total debt over the last one year. It stood at $3.15 million as on Mar. 31, 2017, up 37.01 percent or $0.85 million from $2.30 million on Mar. 31, 2016. Total debt was 3.09 percent of total assets as on Mar. 31, 2017, compared with 1.98 percent on Mar. 31, 2016. Debt to equity ratio was at 0.04 as on Mar. 31, 2017, up from 0.02 as on Mar. 31, 2016. 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: [email protected]
