Autobytel Inc. (ABTL) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $0.48 million, or $ 0.04 a share in the quarter, against a net loss of $0.68 million, or $0.06 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $3.48 million, or $0.26 a share compared with $2.94 million or $0.22 a share, a year ago.
Revenue during the quarter grew 3.02 percent to $37.34 million from $36.25 million in the previous year period. Gross margin for the quarter contracted 304 basis points over the previous year period to 34.58 percent. Operating margin for the quarter period stood at positive 3.24 percent as compared to a negative 2.44 percent for the previous year period.
Operating income for the quarter was $1.21 million, compared with an operating loss of $0.88 million in the previous year period.
"The momentum from our record 2016 has carried into the first quarter," said Jeff Coats, president and CEO of Autobytel. "Our results were highlighted by another quarter of triple-digit growth in our clicks business, which is becoming a meaningful contributor to our overall financial performance. As expected, our lead revenues were down due to the effect of last year's initiative to systematically reduce lower-quality leads supply.
For the fiscal year 2017, Autobytel projects revenue to be in the range of $156 million to $160 million. The company forecasts adjusted net income to be in the range of $16.80 million to $17.30 million. It expect forecasts diluted earnings per share to be in the range of $1.24 to $1.28 on adjusted basis.
Working capital increases sharply
Autobytel Inc. has recorded an increase in the working capital over the last year. It stood at $47.38 million as at Mar. 31, 2017, up 37.17 percent or $12.84 million from $34.54 million on Mar. 31, 2016. Current ratio was at 3.16 as on Mar. 31, 2017, up from 2.55 on Mar. 31, 2016.
Days sales outstanding went down to 68 days for the quarter compared with 70 days for the same period last year.
At the same time, days payable outstanding went down to 27 days for the quarter from 34 for the same period last year.
Debt comes down
Autobytel Inc. has recorded a decline in total debt over the last one year. It stood at $20.44 million as on Mar. 31, 2017, down 20.43 percent or $5.25 million from $25.69 million on Mar. 31, 2016. Total debt was 12.33 percent of total assets as on Mar. 31, 2017, compared with 16.86 percent on Mar. 31, 2016. Debt to equity ratio was at 0.16 as on Mar. 31, 2017, down from 0.23 as on Mar. 31, 2016.
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