pdvWireless, Inc. (PDVW) saw its loss widen to $14.01 million, or $0.97 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.77 million, or $0.47 a share.
Revenue during the quarter surged 32.91 percent to $1.26 million from $0.95 million in the previous year period. Gross margin for the quarter stood at negative 54.91 percent as compared to a negative 78.44 percent for the previous year period.
Operating loss for the quarter was $7.55 million, compared with an operating loss of $6.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $5.83 million compared to negative $5.14 million in the prior year second quarter.
"As we look back at fiscal year 2017 and reflect on our performance, I am pleased with the progress we’ve made in executing our strategic initiatives," said John C. Pescatore, president and chief executive officer of pdvWireless. "We've made advances across all three of our key priorities including furthering our regulatory efforts, identifying compelling customer use cases for our spectrum and increasing sales in our DispatchPlus business."
Operating cash flow remains negative
pdvWireless, Inc. has spent $26.65 million cash to meet operating activities during the year as against cash outgo of $19.79 million in the last year. The company has spent $2.39 million cash to meet investing activities during the year as against cash outgo of $11.16 million in the last year.
The company has spent $0.34 million cash to carry out financing activities during the year as against cash inflow of $64.54 million in the last year period.
Cash and cash equivalents stood at $124.08 million as on Mar. 31, 2017, down 19.14 percent or $29.38 million from $153.46 million on Mar. 31, 2016.
Working capital declines
pdvWireless has witnessed a decline in the working capital over the last year. It stood at $121 million as at Mar. 31, 2017, down 19.29 percent or $28.93 million from $149.93 million on Mar. 31, 2016. Current ratio was at 26.63 as on Mar. 31, 2017, down from 30.61 on Mar. 31, 2016.
Debt comes down significantly
pdvWireless, Inc. has recorded a decline in total debt over the last one year. It stood at $0.50 million as on Mar. 31, 2017, down 49.85 percent or $0.49 million from $0.99 million on Mar. 31, 2016. Total debt was 0.20 percent of total assets as on Mar. 31, 2017, compared with 0.36 percent on Mar. 31, 2016.
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