pdvWireless, Inc (PDVW) saw its loss widen to $7.29 million, or $0.51 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.24 million, or $0.36 a share. Revenue during the quarter surged 41.99 percent to $1.34 million from $0.94 million in the previous year period. Gross margin for the quarter stood at negative 37.19 percent as compared to a positive 3.63 percent for the previous year period.
Operating loss for the quarter was $7.30 million, compared with an operating loss of $5.27 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $5.52 million compared to negative $3.98 million in the prior year second quarter.
“Our highest priority continues to be achieving regulatory success to unlock the value and opportunities associated with more efficient use of our spectrum position,” said John C. Pescatore, President and Chief executive officer of pdvWireless. “We believe that, prior to the November elections, a draft Notice of Inquiry was circulated to the FCC Commissioners’ offices. Following the election, changes to the leadership and staff at the Commissioners’ offices caused a temporary delay in the progress of many items awaiting action at the FCC, including our own. Now that the new FCC Chairman and staff have been appointed and begun the process of setting and communicating their plans and priorities, we are hopeful that the FCC will act on our proposal.”
Operating cash flow remains negative
pdvWireless, Inc has spent $20.60 million cash to meet operating activities during the nine month period as against cash outgo of $14.74 million in the last year period. The company has spent $2.18 million cash to meet investing activities during the nine month period as against cash outgo of $9.30 million in the last year period.
Cash and cash equivalents stood at $130.69 million as on Dec. 31, 2016, down 18.66 percent or $29.99 million from $160.68 million on Dec. 31, 2015.
Working capital declines
pdvWireless, Inc has witnessed a decline in the working capital over the last year. It stood at $127.46 million as at Dec. 31, 2016, down 18.79 percent or $29.49 million from $156.95 million on Dec. 31, 2015. Current ratio was at 25.87 as on Dec. 31, 2016, down from 35.89 on Dec. 31, 2015.
Days sales outstanding were almost stable at 44 days for the quarter, when compared with the last year period.
Debt comes down
pdvWireless has recorded a decline in total debt over the last one year. It stood at $0.99 million as on Dec. 31, 2016, down 23.06 percent or $0.30 million from $1.29 million on Dec. 31, 2015. Total debt was 0.39 percent of total assets as on Dec. 31, 2016, compared with 0.46 percent on Dec. 31, 2015. 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]
