Support.com, Inc (SPRT) saw its loss narrow to $1.29 million, or $0.07 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.31 million, or $0.24 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.19 million, or $0.06 a share from a loss of $3.67 million or $0.20 a share, a year ago. Revenue during the quarter dropped 13.90 percent to $14.29 million from $16.60 million in the previous year period. Gross margin for the quarter expanded 511 basis points over the previous year period to 20.89 percent. Operating margin for the quarter stood at negative 9.59 percent as compared to a negative 28.18 percent for the previous year period.
Operating loss for the quarter was $1.37 million, compared with an operating loss of $4.68 million in the previous year period.
“The company continued to focus on reducing operating costs during the first quarter and our improved financial results reflect some of the significant cost savings initiatives we have recently put in place. Some of these initiatives include changing certain vendors to the company for various products and services, more efficiently running our call center operations, and selective headcount reductions, among others. And, while this period was impacted by a temporary halt by one of our largest customers to certain services we provided to them, we have subsequently reinstated similar services and are now ramping up to pre-halt levels” said Rick Bloom, Interim president and chief executive officer.
Working capital declines
Support.com, Inc has witnessed a decline in the working capital over the last year. It stood at $53.98 million as at Mar. 31, 2017, down 15.83 percent or $10.15 million from $64.13 million on Mar. 31, 2016. Current ratio was at 7.76 as on Mar. 31, 2017, down from 7.83 on Mar. 31, 2016. Days sales outstanding went up to 64 days for the quarter compared with 56 days for the same period last year.
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