ZAIS Group Holdings, Inc. (ZAIS) saw its loss narrow to $0.29 million, or $0.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.57 million, or $0.06 a share.
Revenue during the quarter dropped 9.59 percent to $7.35 million from $8.13 million in the previous year period. Operating margin for the quarter stood at negative 35.65 percent as compared to a negative 39.10 percent for the previous year period.
Operating loss for the quarter was $2.62 million, compared with an operating loss of $3.18 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.07 million compared to negative $1.14 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 14.54 percent for the quarter compared to negative 13.99 percent in the last year period.
Commenting on the change in the chief financial officer position, Michael Szymanski, chief executive officer and president of ZAIS, stated "We thank Donna Blank for her contributions and for her service, including improving financial discipline and process, as CFO of both ZAIS and ZAIS Financial Corp., a publicly traded real estate investment trust for which we were the external manager. With the successful closing on October 31, 2016 of the merger of ZAIS Financial Corp. with a subsidiary of Sutherland Asset Management Corporation, Donna has made the decision to pursue other opportunities. We are pleased that Nisha Motani has agreed to step in as Acting Chief Financial Officer. Nisha joined ZAIS in 2003 and currently serves as Chief Accounting Officer, a position she will maintain while also serving as Acting Chief Financial Officer. She brings long standing experience with the company in financial reporting both for our investment funds and accounts and our public company."
Debt remains almost stable
ZAIS Group Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $1.26 million as on Sep. 30, 2016, up 0.64 percent or $0.01 million from $1.25 million on Sep. 30, 2015. Short-term debt stood at $1.26 million as on Sep. 30, 2016. Total debt was 1.13 percent of total assets as on Sep. 30, 2016, compared with 0.67 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.02 as on Sep. 30, 2016, when compared with the last year.
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