Evine Live Inc (EVLV) saw its loss narrow to $3.87 million, or $0.06 a share for the quarter ended Oct. 29, 2016. In the previous year period, the company reported a loss of $5.18 million, or $0.09 a share. Revenue during the quarter dropped 6.55 percent to $151.64 million from $162.26 million in the previous year period. Gross margin for the quarter expanded 210 basis points over the previous year period to 36.56 percent. Operating margin for the quarter stood at negative 1.37 percent as compared to a negative 2.64 percent for the previous year period.
Operating loss for the quarter was $2.08 million, compared with an operating loss of $4.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $3.87 million compared to negative $5.18 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 2.55 percent for the quarter compared to negative 3.19 percent in the last year period.
Rosenblatt continued, “I am also proud of the progress we made this quarter toward our 2017 revenue growth strategy that centers on gathering a world-class team to help us cultivate our products, attract the right new customers based on their digital lifetime value, and create a culture that can drive sustainable revenue growth. This progress includes filling out our executive management team with the recent hire of Lori Riley, SVP, Chief Human Resources Officer; launching new high quality beauty brands, like Sirot and CoverFx; launching new fixed programming blocks like Paula Deen on location in Savannah, Georgia, and attracting leading industry advisors to help us bring new brands, products and personalities to our business, as we have done with Tommy Hilfiger and Tommy Mottola.”
Working capital increases sharply
Evine Live Inc has recorded an increase in the working capital over the last year. It stood at $98.21 million as at Oct. 29, 2016, up 26.19 percent or $20.38 million from $77.83 million on Oct. 31, 2015. Current ratio was at 1.83 as on Oct. 29, 2016, up from 1.69 on Oct. 31, 2015. Cash conversion cycle (CCC) has decreased to 26 days for the quarter from 50 days for the last year period. Days sales outstanding went up to 54 days for the quarter compared with 53 days for the same period last year.
Days inventory outstanding has decreased to 38 days for the quarter compared with 57 days for the previous year period. At the same time, days payable outstanding went up to 67 days for the quarter from 61 for the same period last year.
Debt comes down significantly
Evine Live Inc has recorded a decline in total debt over the last one year. It stood at $2.99 million as on Oct. 29, 2016, down 95.62 percent or $65.32 million from $68.32 million on Oct. 31, 2015. Total debt was 1.06 percent of total assets as on Oct. 29, 2016, compared with 26.51 percent on Oct. 31, 2015. Debt to equity ratio was at 0.04 as on Oct. 29, 2016, down from 0.90 as on Oct. 31, 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
