Black Box Corporation (BBOX) saw its loss narrow to $1.80 million, or $0.12 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $47.70 million, or $3.13 a share.
Revenue during the quarter dropped 7.14 percent to $208.10 million from $224.10 million in the previous year period. Gross margin for the quarter expanded 142 basis points over the previous year period to 28.06 percent. Operating margin for the quarter stood at negative 0.14 percent as compared to a negative 21.95 percent for the previous year period.
Operating loss for the quarter was $0.30 million, compared with an operating loss of $49.20 million in the previous year period.
However, the adjusted operating income for the quarter stood at $2.60 million compared to $4.50 million in the prior year period. At the same time, adjusted operating margin contracted 76 basis points in the quarter to 1.25 percent from 2.01 percent in the last year period.
"The fourth quarter revenue results were in line with our expectations and the adjusted operating income exceed the expectations expressed in our third quarter earnings conference call," said E.C. Sykes, president and chief executive officer. "For Fiscal 2017, I am pleased that we established a foundation for future growth and achieved many of our financial objectives despite our revenue decline. We are investing in systems, people, and processes to position the Company for sustained profitable growth."
Operating cash flow improves
Black Box Corporation has generated cash of $39.90 million from operating activities during the year, up 7.26 percent or $2.70 million, when compared with the last year.
The company has spent $3.40 million cash to meet investing activities during the year as against cash outgo of $11.10 million in the last year. It has incurred net capital expenditure of $3.50 million on net basis during the year, down 66.02 percent or $6.80 million from year ago.
The company has spent $45.60 million cash to carry out financing activities during the year as against cash outgo of $27.70 million in the last year period.
Cash and cash equivalents stood at $14.20 million as on Mar. 31, 2017, down 39.57 percent or $9.30 million from $23.50 million on Mar. 31, 2016.
Working capital drops significantly
Black Box Corporation has witnessed a decline in the working capital over the last year. It stood at $91.10 million as at Mar. 31, 2017, down 29.41 percent or $37.95 million from $129.05 million on Mar. 31, 2016. Current ratio was at 1.51 as on Mar. 31, 2017, down from 1.76 on Mar. 31, 2016.
Debt comes down significantly
Black Box Corporation has recorded a decline in total debt over the last one year. It stood at $88.80 million as on Mar. 31, 2017, down 25.81 percent or $30.90 million from $119.70 million on Mar. 31, 2016. Total debt was 20.79 percent of total assets as on Mar. 31, 2017, compared with 25.16 percent on Mar. 31, 2016. Debt to equity ratio was at 0.63 as on Mar. 31, 2017, down from 0.77 as on Mar. 31, 2016.
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