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Altisource Portfolio Solutions S.A. (ASPS) has reported 71.42 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $10.59 million, or $0.54 a share in the quarter, compared with $37.05 million, or $1.82 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $17.59 million, or $0.90 a share compared with $46.35 million or $2.27 a share, a year ago.
Revenue during the quarter dropped 7.34 percent to $252.74 million from $272.78 million in the previous year period. Gross margin for the quarter contracted 511 basis points over the previous year period to 31.16 percent. Total expenses were 90.17 percent of quarterly revenues, up from 82.55 percent for the same period last year. That has resulted in a contraction of 761 basis points in operating margin to 9.83 percent.
Operating income for the quarter was $24.86 million, compared with $47.59 million in the previous year period.
"During the quarter, Altisource continued to execute on its strategy to diversify and grow its customer base through our four initiatives. We believe the investments in our diversification strategy along with the growing stability of our largest customers position us to be a larger, stronger company," said chief executive officer William B. Shepro.
Operating cash flow falls marginally
Altisource Portfolio Solutions S.A. has generated cash of $106.04 million from operating activities during the nine month period, down 2.85 percent or $3.12 million, when compared with the last year period.
The company has spent $74.10 million cash to meet investing activities during the nine month period as against cash outgo of $40 million in the last year period.
The company has spent $76.32 million cash to carry out financing activities during the nine month period as against cash outgo of $80.37 million in the last year period.
Cash and cash equivalents stood at $134.95 million as on Sep. 30, 2016, down 10.12 percent or $15.20 million from $150.15 million on Sep. 30, 2015.
Working capital decreases marginally
Altisource Portfolio Solutions S.A. has witnessed a decline in the working capital over the last year. It stood at $181.55 million as at Sep. 30, 2016, down 3.70 percent or $6.97 million from $188.52 million on Sep. 30, 2015. Current ratio was at 2.37 as on Sep. 30, 2016, down from 2.61 on Sep. 30, 2015.
Days sales outstanding went down to 18 days for the quarter compared with 22 days for the same period last year.
Debt comes down
Altisource Portfolio Solutions S.A. has recorded a decline in total debt over the last one year. It stood at $474.63 million as on Sep. 30, 2016, down 14.88 percent or $83 million from $557.64 million on Sep. 30, 2015. Total debt was 68.46 percent of total assets as on Sep. 30, 2016, compared with 70.85 percent on Sep. 30, 2015. Debt to equity ratio was at 6.03 as on Sep. 30, 2016, up from 5.72 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 4.18 for the quarter from 6.76 for the same period last year.
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