Edgewater Technology (EDGW) saw its loss widen to $2.69 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.76 million, or $0.06 a share.
Revenue during the quarter dropped 8.68 percent to $29.13 million from $31.90 million in the previous year period. Gross margin for the quarter expanded 59 basis points over the previous year period to 34.29 percent. Operating margin for the quarter stood at negative 18.53 percent as compared to a negative 1.97 percent for the previous year period.
Operating loss for the quarter was $5.40 million, compared with an operating loss of $0.63 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.31 million compared with $1.39 million in the prior year period. At the same time, adjusted EBITDA margin contracted 327 basis points in the quarter to 1.07 percent from 4.35 percent in the last year period.
"Over the past several weeks, we have begun the process of analyzing and modeling the intrinsic value of the Company and its operating units," commented Jeffrey Rutherford, Edgewater's chairman, interim president and interim chief executive officer. "We are excited about the value creation potential of each of the Company's three service offerings." Operating cash flow remains negative
Edgewater Technology has spent $3.74 million cash to meet operating activities during the quarter as against cash outgo of $5.15 million in the last year period.
The company has spent $0.02 million cash to meet investing activities during the quarter as against cash outgo of $0.14 million in the last year period.
Cash flow from financing activities was $1.73 million for the quarter, up 42.27 percent or $0.51 million, when compared with the last year period. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]