Bottomline Technologies Inc (EPAY) saw its loss widen to $10.51 million, or $0.28 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.25 million, or $0.11 a share. On the other hand, adjusted net income for the quarter stood at $8.39 million, or $0.22 a share compared with $9.19 million or $0.24 a share, a year ago.
Revenue during the quarter went up marginally by 0.24 percent to $83.08 million from $82.88 million in the previous year period. Gross margin for the quarter contracted 332 basis points over the previous year period to 54.05 percent. Operating margin for the quarter stood at negative 7.09 percent as compared to a positive 0.03 percent for the previous year period.
Operating loss for the quarter was $5.89 million, compared with an operating income of $0.03 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $16.70 million compared with $18.40 million in the prior year period. At the same time, adjusted EBITDA margin contracted 210 basis points in the quarter to 20.10 percent from 22.20 percent in the last year period.
“Our results in Q1 were a solid step forward and a good start to the fiscal year.” said Rob Eberle, president and chief executive officer of Bottomline Technologies. “Subscription and transaction revenue growth, adjusted EBITDA and core EPS all reflect disciplined execution against our plan. Strategically, we entered into an important new relationship with Mastercard which further validates our status as a leader in business payments. Our continued growth in subscription and transaction revenue gives us visibility to future recurring revenues and confidence that our strategic plan will drive increased shareholder value.”
Working capital declines
Bottomline Technologies Inc has witnessed a decline in the working capital over the last year. It stood at $98.47 million as at Sep. 30, 2016, down 12.40 percent or $13.94 million from $112.41 million on Sep. 30, 2015. Current ratio was at 1.99 as on Sep. 30, 2016, down from 2.16 on Sep. 30, 2015.
Days sales outstanding went down to 65 days for the quarter compared with 70 days for the same period last year.
At the same time, days payable outstanding went down to 25 days for the quarter from 30 for the same period last year.
Debt moves up
Bottomline Technologies Inc has witnessed an increase in total debt over the last one year. It stood at $173.23 million as on Sep. 30, 2016, up 6.52 percent or $10.60 million from $162.63 million on Sep. 30, 2015. Bottomline Technologies has witnessed an increase in long-term debt over the last one year. It stood at $173.23 million as on Sep. 30, 2016, up 6.52 percent or $10.60 million from $162.63 million on Sep. 30, 2015. Total debt was 27.57 percent of total assets as on Sep. 30, 2016, compared with 24.78 percent on Sep. 30, 2015. Debt to equity ratio was at 0.60 as on Sep. 30, 2016, up from 0.50 as on Sep. 30, 2015.
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