Reis, Inc. (REIS) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $0.23 million, or $ 0.02 a share in the quarter, against a net profit of $3.37 million, or $0.29 a share in the last year period.
Revenue during the quarter dropped 18.67 percent to $11.55 million from $14.21 million in the previous year period. Gross margin for the quarter contracted 1010 basis points over the previous year period to 73.02 percent. Operating margin for the quarter stood at negative 0.98 percent as compared to a positive 28.35 percent for the previous year period.
Operating loss for the quarter was $0.11 million, compared with an operating income of $4.03 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2.31 million compared with $5.93 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2174 basis points in the quarter to 19.99 percent from 41.73 percent in the last year period.
Reis's CEO, Lloyd Lynford, stated, "Ninety-six percent of Reis's revenue during 2016 was of a recurring nature, a significant improvement over 2015’s 86% level, and a return to historic norms. Despite the challenging comparison year to 2015, Reis’s subscription revenue grew by 3.8% during 2016."
Working capital drops significantly
Reis, Inc. has witnessed a decline in the working capital over the last year. It stood at $3.96 million as at Dec. 31, 2016, down 66.81 percent or $7.98 million from $11.95 million on Dec. 31, 2015. Current ratio was at 1.14 as on Dec. 31, 2016, down from 1.38 on Dec. 31, 2015.
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