Commvault Systems Inc (CVLT) has reported a 44.98 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $3.19 million, or $0.07 a share in the quarter, compared with $5.79 million, or $0.13 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $13.71 million, or $0.29 a share compared with $16.55 million or $0.36 a share, a year ago. Revenue during the quarter grew 8.38 percent to $172.93 million from $159.56 million in the previous year period. Gross margin for the quarter expanded 67 basis points over the previous year period to 87.64 percent. Total expenses were 98.67 percent of quarterly revenues, up from 94.17 percent for the same period last year. That has resulted in a contraction of 450 basis points in operating margin to 1.33 percent.
Operating income for the quarter was $2.29 million, compared with $9.30 million in the previous year period.
However, the adjusted operating income for the quarter stood at $21.67 million compared to $26.24 million in the prior year period. At the same time, adjusted operating margin contracted 391 basis points in the quarter to 12.53 percent from 16.44 percent in the last year period.
N. Robert Hammer, Commvault's chairman, president and chief executive officer stated, “We concluded our fiscal year with continued business momentum and reported strong financial performance highlighted by record quarterly software revenue of $84.7 million, representing growth of 15% over the prior year quarter and 10% sequentially. All geographic regions contributed to year over year software revenue growth as we continue to expand our new and existing enterprise customer footprint on a global basis. We believe that we have clearly established a leadership position for modern data management software for larger enterprises to and from the cloud, in the cloud, and cloud to cloud; in hybrid environments; on premises; and in mobile environments. We continue to see good growth from our stand-alone solution sets driven by virtual, edge and archive. Better execution from our sales teams as a result of improved sales leadership, structure and staffing, combined with our industry-leading software and services, continue to give us increased confidence as we move into fiscal 2018. Finally, we remained opportunistic during the fourth fiscal quarter, repurchasing an additional $25 million of our common stock bringing our full year fiscal 2017 share repurchases to $50 million.”
Operating cash flow improves
Commvault Systems Inc has generated cash of $100.04 million from operating activities during the year, up 18.51 percent or $15.63 million, when compared with the last year. The company has spent $28.04 million cash to meet investing activities during the year as against cash outgo of $62.19 million in the last year.
The company has spent $22.44 million cash to carry out financing activities during the year as against cash outgo of $69.97 million in the last year period.
Cash and cash equivalents stood at $329.49 million as on Mar. 31, 2017, up 14.36 percent or $41.38 million from $288.11 million on Mar. 31, 2016.
Working capital increases
Commvault Systems Inc has recorded an increase in the working capital over the last year. It stood at $313.14 million as at Mar. 31, 2017, up 24.06 percent or $60.73 million from $252.41 million on Mar. 31, 2016. Current ratio was at 2.10 as on Mar. 31, 2017, up from 1.95 on Mar. 31, 2016.
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