Ciber, Inc (CBR) saw its loss widen to $18.83 million, or $0.23 a share for the quarter ended Sep. 30, 2016. Ciber (CBR) saw its loss widen to $18.83 million in the quarter ended compared with $0.36 million a year ago. Revenue during the quarter dropped 25.05 percent to $144.35 million from $192.60 million in the previous year period. Gross margin for the quarter contracted 622 basis points over the previous year period to 20.58 percent. Operating margin for the quarter stood at negative 14.33 percent as compared to a positive 0.82 percent for the previous year period.
Operating loss for the quarter was $20.69 million, compared with an operating income of $1.59 million in the previous year period.
"Ciber is continuing its efforts to become a more competitive and profitable enterprise. We are investing in selected areas for growth, exiting non-strategic businesses, and reducing our cost structure," said President and Chief Executive Officer Michael Boustridge.
Operating cash flow remains negative
Ciber, Inc has spent $52.92 million cash to meet operating activities during the nine month period as against cash outgo of $32.40 million in the last year period. Cash flow from investing activities was $30.26 million for the nine month period as against cash outgo of $6.29 million in the last year period.
Cash flow from financing activities was $6.19 million for the nine month period, down 48.33 percent or $5.79 million, when compared with the last year period.
Cash and cash equivalents stood at $6.43 million as on Sep. 30, 2016, down 64.56 percent or $11.72 million from $18.15 million on Sep. 30, 2015.
Working capital drops significantly
Ciber, Inc has witnessed a decline in the working capital over the last year. It stood at $48.20 million as at Sep. 30, 2016, down 56 percent or $61.35 million from $109.55 million on Sep. 30, 2015. Current ratio was at 1.39 as on Sep. 30, 2016, down from 2.03 on Sep. 30, 2015.
Days sales outstanding went up to 104 days for the quarter compared with 86 days for the same period last year.
At the same time, days payable outstanding went up to 20 days for the quarter from 18 for the same period last year.
Debt increases substantially
Ciber, Inc has witnessed an increase in total debt over the last one year. It stood at $39.37 million as on Sep. 30, 2016, up 31.35 percent or $9.40 million from $29.97 million on Sep. 30, 2015. Total debt was 11.78 percent of total assets as on Sep. 30, 2016, compared with 5.99 percent on Sep. 30, 2015. Debt to equity ratio was at 0.24 as on Sep. 30, 2016, up from 0.09 as on Sep. 30, 2015. 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
