Falconstor Software (FALC) saw its loss narrow to $1.19 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.94 million, or $0.06 a share. On the other hand, adjusted net loss for the quarter widened to $1.26 million, or $0.03 a share from a loss of $1.19 million or $0.03 a share, a year ago.
Revenue during the quarter dropped 20.85 percent to $7.44 million from $9.40 million in the previous year period. Gross margin for the quarter contracted 225 basis points over the previous year period to 74.47 percent. Operating margin for the quarter stood at negative 7.97 percent as compared to a negative 21.71 percent for the previous year period.
Operating loss for the quarter was $0.59 million, compared with an operating loss of $2.04 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $0.66 million compared to operating loss of $1.28 million in prior year period.
Working capital remains negativeWorking capital of Falconstor Software was negative $10.48 million on Dec. 31, 2016 compared with negative $2.34 million on Dec. 31, 2015. Current ratio was at 0.48 as on Dec. 31, 2016, down from 0.90 on Dec. 31, 2015.
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