Determine, Inc. (DTRM) saw its loss narrow to $2.19 million, or $0.18 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.84 million, or $0.25 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.01 million, or $0.08 a share from a loss of $1.50 million or $0.13 a share, a year ago.
Revenue during the quarter dropped 3.49 percent to $6.85 million from $7.10 million in the previous year period. Gross margin for the quarter contracted 310 basis points over the previous year period to 48.76 percent. Operating margin for the quarter stood at negative 25.42 percent as compared to a negative 41.27 percent for the previous year period.
Operating loss for the quarter was $1.74 million, compared with an operating loss of $2.93 million in the previous year period.
"This quarter we are very pleased by our return to the million dollar range for new Annualized Bookings, with quarter-over-quarter new sales growing at a rate in excess of 30%. Driving the sales performance was our disruptive, new Determine Cloud Platform offering, with over 90% of our new customers opting for the platform for their Source-to-Pay or Enterprise Contract Lifecycle Management needs." said Patrick Stakenas, president and chief executive officer of Determine. "Over the coming months, we look forward to continuing to focus on several key executional tasks including advancing the Determine Cloud Platform’s capabilities to provide our customers with ‘Platformance’, continuing to optimize organizational efficiencies, and building upon our robust lead pipeline to deliver incremental and accelerated sales in the coming quarters."
Operating cash flow remains negative
Determine, Inc. has spent $3.20 million cash to meet operating activities during the nine month period as against cash outgo of $5.21 million in the last year period.
The company has spent $1.31 million cash to meet investing activities during the nine month period as against cash outgo of $2.04 million in the last year period.
Cash flow from financing activities was $4.26 million for the nine month period, up 9.34 percent or $0.36 million, when compared with the last year period.
Cash and cash equivalents stood at $9.39 million as on Dec. 31, 2016, down 4.60 percent or $0.45 million from $9.84 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Determine, Inc. was negative $9.86 million on Dec. 31, 2016 compared with negative $6.35 million on Dec. 31, 2015. Current ratio was at 0.64 as on Dec. 31, 2016, down from 0.74 on Dec. 31, 2015.
Days sales outstanding went up to 89 days for the quarter compared with 85 days for the same period last year.
At the same time, days payable outstanding went up to 55 days for the quarter from 50 for the same period last year.
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