Calix, Inc. (CALX) saw its loss widen to $11.48 million, or $0.23 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.55 million, or $0.19 a share. On the other hand, adjusted net loss for the quarter widened to $6.75 million, or $0.14 a share from a loss of $1.67 million or $0.03 a share, a year ago.
Revenue during the quarter grew 25.53 percent to $131.80 million from $105 million in the previous year period. Gross margin for the quarter contracted 473 basis points over the previous year period to 39.59 percent. Operating margin for the quarter stood at negative 9.28 percent as compared to a negative 9.27 percent for the previous year period.
Operating loss for the quarter was $12.24 million, compared with an operating loss of $9.74 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $7.50 million.
"We ended 2016 with record revenues for the fourth quarter as well as the full year 2016 which marks our fourth consecutive year of growth. We expect this growth to continue as service providers increasingly deploy transformative solutions from our software defined access portfolio," said Carl Russo, Calix, Inc. president and chief executive officer. “However, as we invested in our services offerings we experienced higher than expected costs in our turnkey network improvement projects, particularly as activity accelerated to meet project schedules, resulting in earnings coming in below our expectations,” added Russo.
For the first-quarter, Calix, Inc. expects revenue to be in the range of $110 million to $114 million. The company forecasts diluted loss per share to be in the range of $0.67 to $0.59. On an adjusted basis, the company projects diluted loss per share to be in the range of $0.57 to $0.49.
Operating cash flow turns positive
Calix, Inc. has generated cash of $24.42 million from operating activities during the year as against cash outgo of $5.34 million in the last year.
Cash flow from investing activities was $12.08 million for the year, up 159.01 percent or $7.42 million, when compared with the last year.
The company has spent $9.24 million cash to carry out financing activities during the year as against cash outgo of $24.14 million in the last year period.
Cash and cash equivalents stood at $50.36 million as on Dec. 31, 2016, up 113.15 percent or $26.73 million from $23.63 million on Dec. 31, 2015.
Working capital declines
Calix, Inc. has witnessed a decline in the working capital over the last year. It stood at $97.93 million as at Dec. 31, 2016, down 15.26 percent or $17.64 million from $115.56 million on Dec. 31, 2015. Current ratio was at 1.81 as on Dec. 31, 2016, down from 2.72 on Dec. 31, 2015.
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