Bridgeline Digital, Inc. (BLIN) saw its loss narrow to $0.41 million, or $0.02 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.35 million, or $0.25 a share. On an adjusted basis, net loss for the quarter was $0.16 million, when compared with $0.58 million in the last year period.
Revenue during the quarter dropped 5.94 percent to $3.99 million from $4.24 million in the previous year period. Gross margin for the quarter expanded 676 basis points over the previous year period to 57.53 percent. Operating margin for the quarter stood at negative 9.15 percent as compared to a negative 24.96 percent for the previous year period.
Operating loss for the quarter was $0.36 million, compared with an operating loss of $1.06 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.01 million compared with $0.06 million in the prior year period. At the same time, adjusted EBITDA margin contracted 128 basis points in the quarter to 0.25 percent from 1.53 percent in the last year period.
"We made significant progress in the first quarter, including double-digit year-over-year increases in both SaaS and iAPPS recurring revenue," said Ari Kahn, Bridgeline's president and chief executive officer. "In addition, gross margin improved more than six percentage points, validating our strategic shift to a higher-margin SaaS model. This transition, coupled with our focused efforts to eliminate lower margin, non-strategic revenue, enabled us to create a well-positioned Company with revenues tied to a profitable and strategic business upon which we can grow a stronger company and greater shareholder value."
For the second-quarter, Bridgeline Digital, Inc. forecasts revenue to be in the range of $3.90 million to $4.10 million.
Debt comes down significantly
Bridgeline Digital, Inc. has recorded a decline in total debt over the last one year. It stood at $2.42 million as on Dec. 31, 2016, down 71.81 percent or $6.17 million from $8.60 million on Dec. 31, 2015. Total debt was 13.20 percent of total assets as on Dec. 31, 2016, compared with 45.26 percent on Dec. 31, 2015. Debt to equity ratio was at 0.20 as on Dec. 31, 2016, down from 1.70 as on Dec. 31, 2015.
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