Aerohive Networks (HIVE) saw its loss narrow to $7.26 million, or $0.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $7.42 million, or $0.15 a share. On the other hand, adjusted net loss for the quarter widened to $2.29 million, or $0.04 a share from a loss of $1.66 million or $0.03 a share, a year ago. Revenue during the quarter dropped 9.80 percent to $41.70 million from $46.23 million in the previous year period. Gross margin for the quarter expanded 96 basis points over the previous year period to 68.04 percent. Operating margin for the quarter stood at negative 17.61 percent as compared to a negative 16.17 percent for the previous year period.
Operating loss for the quarter was $7.34 million, compared with an operating loss of $7.47 million in the previous year period.
“In a challenging 2016 environment we were pleased to deliver full year and above market growth,” stated David Flynn, President and Chief Executive Officer. “For 2017 we look forward to realizing the benefits of our new product offerings, improved operational efficiencies, and diversification of our market presence.”
Operating cash flow remains negative
Aerohive Networks has spent $14.55 million cash to meet operating activities during the year as against cash outgo of $4.96 million in the last year. Cash flow from investing activities was $0.28 million from investing activities during the year as against cash outgo of $50.91 million in the last year.
Cash flow from financing activities was $2.88 million for the year, down 19.06 percent or $0.68 million, when compared with the last year.
Cash and cash equivalents stood at $34.35 million as on Dec. 31, 2016, down 24.91 percent or $11.40 million from $45.74 million on Dec. 31, 2015.
Working capital drops significantly
Aerohive Networks has witnessed a decline in the working capital over the last year. It stood at $50.07 million as at Dec. 31, 2016, down 34.05 percent or $25.86 million from $75.93 million on Dec. 31, 2015. Current ratio was at 1.70 as on Dec. 31, 2016, down from 2.38 on Dec. 31, 2015.
Debt remains stable
Total debt remained stable at $20 million as on Dec. 31, 2016, when compared with the last year. Short-term debt stood at $20 million as on Dec. 31, 2016. Total debt was 14.65 percent of total assets as on Dec. 31, 2016, compared with 14.19 percent on Dec. 31, 2015. Debt to equity ratio was at 0.70 as on Dec. 31, 2016, up from 0.58 as on Dec. 31, 2015. 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: editor@irisindia.net
