Carbonite, Inc (CARB) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.11 million in the quarter, against a net loss of $5.97 million in the last year period. On the other hand, adjusted net income for the quarter stood at $3.83 million, or $0.14 a share compared with $2.13 million or $0.08 a share, a year ago. Revenue during the quarter surged 50.34 percent to $51.95 million from $34.55 million in the previous year period. Gross margin for the quarter contracted 147 basis points over the previous year period to 70.24 percent. Operating margin for the quarter period stood at positive 0.73 percent as compared to a negative 16.50 percent for the previous year period.
Operating income for the quarter was $0.38 million, compared with an operating loss of $5.70 million in the previous year period.
“I am very pleased with the continued execution by our team. We delivered strong results across multiple dimensions, we remain ahead of plan integrating EVault, and I am excited about the path forward,” said Mohamad Ali, President and Chief executive officer of Carbonite.
Operating cash flow drops significantly
Carbonite, Inc has generated cash of $3.36 million from operating activities during the nine month period, down 60.61 percent or $5.18 million, when compared with the last year period. The company has spent $15.61 million cash to meet investing activities during the nine month period as against cash inflow of $8.32 million in the last year period
The company has spent $2.73 million cash to carry out financing activities during the nine month period as against cash outgo of $1.17 million in the last year period.
Cash and cash equivalents stood at $49.11 million as on Sep. 30, 2016, down 20.31 percent or $12.52 million from $61.62 million on Sep. 30, 2015.
Working capital remains negative
Working capital of Carbonite, Inc was negative $34.63 million on Sep. 30, 2016 compared with negative $28.46 million on Sep. 30, 2015. Current ratio was at 0.68 as on Sep. 30, 2016, down from 0.71 on Sep. 30, 2015.
Days sales outstanding went up to 18 days for the quarter compared with 9 days for the same period last year.
At the same time, days payable outstanding went down to 32 days for the quarter from 72 for the same period last year.
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