Barracuda Networks Inc (CUDA) has reported a marginal fall of a 0.43 percent in profit for the quarter ended Feb. 28, 2017. The company has earned $3.22 million, or $0.06 a share, compared with $3.24 million or $0.06 a share, a year ago. On the other hand, adjusted net income for the quarter stood at $10.04 million, or $0.19 a share compared with $7.91 million or $0.15 a share, a year ago.
Revenue during the quarter grew 6.61 percent to $89.26 million from $83.73 million in the previous year period. Gross margin for the quarter contracted 112 basis points over the previous year period to 75.14 percent. Total expenses were 94.03 percent of quarterly revenues, down from 97.34 percent for the same period last year. This has led to an improvement of 331 basis points in operating margin to 5.97 percent.
Operating income for the quarter was $5.33 million, compared with $2.22 million in the previous year period.
However, the adjusted operating income for the quarter stood at $14.39 million compared to $11.32 million in the prior year period. At the same time, adjusted operating margin improved 260 basis points in the quarter to 16.12 percent from 13.52 percent in the last year period.
"Barracuda delivered a solid fourth quarter and finished the year strong with total gross billings surpassing $400 million, driven by continued momentum in our core focus areas. Our performance led to record earnings and the highest free cash flow in our company's history at $58.9 million," said BJ Jenkins, president and chief executive officer. "We are proud of our team's execution as we aligned our investments, product portfolio, and routes to market to strengthen Barracuda's position as a leading comprehensive security platform for the midmarket. We believe our results demonstrate our momentum and foundation for growth as customers move their applications and data to the cloud."
Operating cash flow improves significantly
Barracuda Networks Inc has generated cash of $65.20 million from operating activities during the year, up 32.35 percent or $15.94 million, when compared with the last year.
The company has spent $59.36 million cash to meet investing activities during the year as against cash outgo of $61.74 million in the last year.
The company has spent $4.12 million cash to carry out financing activities during the year as against cash outgo of $20.40 million in the last year period.
Cash and cash equivalents stood at $120.19 million as on Feb. 28, 2017, up 1.30 percent or $1.54 million from $118.65 million on Feb. 29, 2016.
Working capital turns positive
Working capital of Barracuda Networks Inc has turned positive to $13.52 million on Feb. 28, 2017 from negative $41.87 million on Feb. 29, 2016. Current ratio was at 1.05 as on Feb. 28, 2017, up from 0.85 on Feb. 29, 2016.
Debt comes down
Barracuda Networks Inc has recorded a decline in total debt over the last one year. It stood at $4.12 million as on Feb. 28, 2017, down 6.11 percent or $0.27 million from $4.38 million on Feb. 29, 2016. Total debt was 0.89 percent of total assets as on Feb. 28, 2017, compared with 1.04 percent on Feb. 29, 2016.
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