Perion Network. (PERI) saw its loss narrow to $2.07 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.61 million, or $0.07 a share. On the other hand, adjusted net income for the quarter stood at $2.75 million, or $0.04 a share compared with $6.67 million or $0.09 a share, a year ago. Revenue during the quarter dropped 18.23 percent to $61.98 million from $75.79 million in the previous year period. Gross margin for the quarter contracted 26 basis points over the previous year period to 94.34 percent. Operating margin for the quarter stood at negative 3.18 percent as compared to a negative 1.73 percent for the previous year period.
Operating loss for the quarter was $1.97 million, compared with an operating loss of $1.31 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $3.49 million compared with $8.79 million in the prior year period. At the same time, adjusted EBITDA margin contracted 597 basis points in the quarter to 5.63 percent from 11.60 percent in the last year period.
Alan Gelman, chairman of the Board of Directors commented, "The Board is encouraged that we have a new management team in place that has the experience needed to lead Perion in a new strategic direction and guide the company to the next phase of its growth. Doron Gerstel, who took over as chief executive officer on April 2, 2017, has extensive experience leading technology-focused companies efficiently expand in competitive markets and a proven ability to create shareholder value. I am confident that he is the right leader to drive Perion's long-term growth."
Operating cash flow improves significantly
Perion Network has generated cash of $8.23 million from operating activities during the quarter, up 131.85 percent or $4.68 million, when compared with the last year period. Cash flow from investing activities was $6.61 million for the quarter, down 78.04 percent or $23.51 million, when compared with the last year period.
The company has spent $16.04 million cash to carry out financing activities during the quarter as against cash outgo of $12.86 million in the last year period.
Cash and cash equivalents stood at $22.81 million as on Mar. 31, 2017, down 40.56 percent or $15.57 million from $38.38 million on Mar. 31, 2016.
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