Owens Realty Mortgage Inc (ORM) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $1.18 million, or $ 0.11 a share in the quarter, against a net profit of $8.27 million, or $0.80 a share in the last year period. Revenue during the quarter dropped 17.26 percent to $3.67 million from $4.43 million in the previous year period.
Cost of revenue plunged 42.20 percent or $0.91 million during the quarter to $1.24 million. Gross margin for the quarter expanded 1460 basis points over the previous year period to 66.15 percent.
Total expenses were $3.94 million for the quarter, up 39.93 percent or $1.12 million from year-ago period. Operating margin for the quarter stood at negative 7.49 percent as compared to a positive 36.44 percent for the previous year period.
Operating loss for the quarter was $0.27 million, compared with an operating income of $1.62 million in the previous year period.
Revenue from real estate activities during the quarter plunged 56.50 percent or $1.61 million to $1.24 million.
Income from operating leases during the quarter plunged 56.50 percent or $1.61 million to $1.24 million.
Other income during the quarter was $2.43 million, up 53.61 percent or $0.85 million from year-ago period.
Receivables move up
Net receivables were at $2.16 million as on Dec. 31, 2016, up 22.63 percent or $0.40 million from year-ago. Investments stood at $126.98 million as on Dec. 31, 2016, up 21.04 percent or $22.07 million from year-ago.
Total assets declined 4.80 percent or $13.09 million to $259.56 million on Dec. 31, 2016. On the other hand, total liabilities were at $44.03 million as on Dec. 31, 2016, down 39.80 percent or $29.11 million from year-ago.
Return on assets was negative at 0.46 percent in the quarter against a positive 3.05 percent in the last year period. Return on equity was negative at 0.55 percent in the quarter against a positive 4.15 percent in the last year period.
Debt comes down significantly
Total debt was at $38.36 million as on Dec. 31, 2016, down 42.20 percent or $28.01 million from year-ago. Shareholders equity stood at $215.53 million as on Dec. 31, 2016, up 8.03 percent or $16.02 million from year-ago. As a result, debt to equity ratio went down 15 basis points to 0.18 percent in the quarter.
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