Asure Software, Inc. (ASUR) saw its loss narrow to $0.97 million, or $0.15 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.76 million, or $0.28 a share. Revenue during the year surged 32.10 percent to $35.54 million from $26.91 million in the previous year. Gross margin for the year expanded 444 basis points over the previous year to 77.16 percent. Operating margin for the year period stood at positive 6.38 percent as compared to a negative 1.18 percent for the previous year.
Operating income for the year was $2.27 million, compared with an operating loss of $0.32 million in the previous year.
"Q4 was another strong quarter for us, highlighted by double-digit year-over-year growth in revenue, gross profit, EBITDA, and net income," said Asure chief executive officer, Pat Goepel. "Our performance capped off a transformative year for the company, as highlighted by our acquisition of Mangrove Software, which significantly expanded our total addressable market opportunity. On top of this, we enhanced and unified our software platform, expanded our sales resources, and bolstered our balance sheet through the equity raise we completed last December."
For fiscal year 2017, Asure Software, Inc. forecasts revenue to be in the range of $45 million to $47 million. The company expects diluted earnings per share to be in the range of $0.22 to $0.28. It company expects diluted earnings per share to be in the range of $0.60 to $0.75 on adjusted basis.
Operating cash flow turns negative
Asure Software, Inc. has spent $2.01 million cash to meet operating activities during the year as against cash inflow of $3.36 million in the last year. The company has spent $18.78 million cash to meet investing activities during the year as against cash outgo of $1.39 million in the last year.
Cash flow from financing activities was $32.30 million for the year as against cash outgo of $1.14 million in the last year period.
Cash and cash equivalents stood at $12.77 million as on Dec. 31, 2016, up 1,002.50 percent or $11.61 million from $1.16 million on Dec. 31, 2015.
Debt increases substantially
Asure Software, Inc. has witnessed an increase in total debt over the last one year. It stood at $30.04 million as on Dec. 31, 2016, up 125.95 percent or $16.74 million from $13.29 million on Dec. 31, 2015.
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