Carbonite Inc (CARB) saw its loss narrow to $0.67 million, or $0.02 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.60 million, or $0.17 a share. On the other hand, adjusted net income for the quarter stood at $3.31 million, or $0.12 a share compared with $2.73 million or $0.10 a share, a year ago.
Revenue during the quarter surged 52.54 percent to $53.49 million from $35.06 million in the previous year period. Gross margin for the quarter contracted 155 basis points over the previous year period to 72.22 percent. Operating margin for the quarter stood at negative 0.30 percent as compared to a negative 15.65 percent for the previous year period.
Operating loss for the quarter was $0.16 million, compared with an operating loss of $5.49 million in the previous year period.
“2016 was a transformative year for Carbonite. We continued to successfully execute our strategy, acquiring and developing solutions to better serve the expanding data protection needs of businesses. The acquisition of EVault early in 2016 strengthened our technology portfolio and solidified our shift to the mid-market and we continue that momentum into 2017 with our acquisition of Double-Take Software. With a significantly expanded suite of products, a unified go-to-market organization and a strong channel, we enter 2017 well positioned to capitalize on the sizeable and growing data protection market,” said Mohamad Ali, president and chief executive officer of Carbonite.
For the first-quarter, Carbonite expects revenue to be in the range of $51.30 million to $55.30 million. Carbonite expects revenue to be in the range of $223 million to $243 million for financial year 2017. For the first-quarter, Carbonite expects adjusted revenue to be in the range of $55.10 million to $59.10 million. Carbonite expects adjusted revenue to be in the range of $232.50 million to $252.50 million for financial year 2017. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.06 to $0.08 for the first-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $0.72 to $0.80 on adjusted basis.
Operating cash flow improves
Carbonite Inc has generated cash of $14.37 million from operating activities during the year, up 9.11 percent or $1.20 million, when compared with the last year.
The company has spent $17.48 million cash to meet investing activities during the year as against cash inflow of $8.32 million in the last year. It has incurred net capital expenditure of $7.78 million on net basis during the year, down 17.63 percent or $1.67 million from year ago.
The company has spent $1.40 million cash to carry out financing activities during the year as against cash outgo of $3.39 million in the last year period.
Cash and cash equivalents stood at $59.15 million as on Dec. 31, 2016, down 7.48 percent or $4.78 million from $63.94 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Carbonite Inc was negative $28.65 million on Dec. 31, 2016 compared with negative $28.22 million on Dec. 31, 2015. Current ratio was at 0.74 as on Dec. 31, 2016, up from 0.72 on Dec. 31, 2015.
Days sales outstanding went up to 14 days for the quarter compared with 5 days for the same period last year.
At the same time, days payable outstanding went down to 18 days for the quarter from 42 for the same period last year.
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