Carbonite , Inc. (CARB) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $7.60 million, or $ 0.27 a share in the quarter, against a net loss of $4.70 million, or $0.17 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $2.53 million, or $0.09 a share compared with $4.08 million or $0.15 a share, a year ago.
Revenue during the quarter grew 18.67 percent to $57.10 million from $48.12 million in the previous year period. Gross margin for the quarter expanded 27 basis points over the previous year period to 69.61 percent. Operating margin for the quarter stood at negative 12.04 percent as compared to a negative 9.25 percent for the previous year period.
Operating loss for the quarter was $6.87 million, compared with an operating loss of $4.45 million in the previous year period.
"I am very pleased with our strong start to the year. Our data protection solutions continue to gain traction with businesses and the IT professionals who serve them. Over the last few years we have expanded our portfolio of solutions to cover nearly every form of data protection, positioning us well in the highest growth areas of the market. We are delivering success for our customers, and as a result, we are increasingly becoming the trusted provider across a spectrum of back-up, disaster recovery and high-availability solutions," said Mohamad Ali, President and CEO of Carbonite.
For financial year 2017, Carbonite , Inc. expects revenue to be in the range of $229 million to $246 million for financial year 2017 and expects adjusted revenue to be in the range of $234.50 million to $252.50 million. The company projects diluted earnings per share to be in the range of $0.74 to $0.80 on adjusted basis.
For the second-quarter, Carbonite , Inc. expects revenue to be in the range of $56 million to $60 million and expects adjusted revenue to be in the range of $58 million to $62 million. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.11 to $0.13 for the second-quarter.
Operating cash flow turns positive
Carbonite , Inc. has generated cash of $7.70 million from operating activities during the quarter as against cash outgo of $6.76 million in the last year period.
The company has spent $66.05 million cash to meet investing activities during the quarter as against cash outgo of $13.46 million in the last year period.
Cash flow from financing activities was $40.98 million for the quarter as against cash outgo of $2.93 million in the last year period.
Cash and cash equivalents stood at stood at $41.81 million as at Mar. 31, 2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
