Silver Bay Realty Trust Corporation (SBY) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.69 million, or $ 0.07 a share in the quarter, against a net loss of $0.75 million, or $0.02 a share in the last year period.
Revenue during the quarter grew 5.90 percent to $32.45 million from $30.64 million in the previous year period.
Cost of revenue went down marginally by 1.33 percent or $0.17 million during the quarter to $12.72 million. Gross margin for the quarter expanded 287 basis points over the previous year period to 60.81 percent.
Total expenses were $34.11 million for the quarter, up 1.06 percent or $0.36 million from year-ago period. Operating margin for the quarter stood at negative 5.10 percent as compared to a negative 10.14 percent for the previous year period.
Operating loss for the quarter was $1.66 million, compared with an operating loss of $3.11 million in the previous year period.
Other income during the quarter was $0.80 million, up 20.27 percent or $0.14 million from year-ago period.
“This transaction delivers significant and immediate value to our stockholders,” said Thomas W. Brock, chief executive officer of Silver Bay. “We have continually evaluated the most prudent way to drive sustainable, long-term capital appreciation and we believe this transaction is the best opportunity to return maximum value to our stockholders.”
Operating cash flow improves marginally
Silver Bay Realty Trust Corporation has generated cash of $32.23 million from operating activities during the year, up 3.48 percent or $1.08 million, when compared with the last year.
The company has spent $0.46 million cash to meet investing activities during the year as against cash outgo of $268.76 million in the last year.
The company has spent $8.52 million cash to carry out financing activities during the year as against cash inflow of $216.79 million in the last year period.
Cash and cash equivalents stood at $52.28 million as on Dec. 31, 2016, up 80.10 percent or $23.25 million from $29.03 million on Dec. 31, 2015.
Investments stood at $1,103.36 million as on Dec. 31, 2016, down 2.77 percent or $31.42 million from year-ago.
Total assets were almost stable over the past one year at $1,218.56 million on Dec. 31, 2016. On the other hand, total liabilities were at $682.68 million as on Dec. 31, 2016, up 3.19 percent or $21.11 million from year-ago.
Return on assets moved down 144 basis points to 0.23 percent in the quarter. Return on equity was at 0.50 percent in the quarter against a negative 0.14 percent in the last year period.
Debt moves up
Total debt was at $352.80 million as on Dec. 31, 2016, up 8.06 percent or $26.33 million from year-ago. Shareholders equity stood at $534.88 million as on Dec. 31, 2016, down 4.80 percent or $26.97 million from year-ago. As a result, debt to equity ratio went up 8 basis points to 0.66 percent in the quarter.
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