GAIA (GAIA) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $100.44 million, or $ 6.64 a share in the quarter, against a net loss of $8.81 million, or $0.36 a share in the last year period.
Revenue during the quarter grew 27.45 percent to $4.46 million from $3.50 million in the previous year period. Gross margin for the quarter expanded 166 basis points over the previous year period to 84.29 percent. Operating margin for the quarter stood at negative 94.44 percent as compared to a negative 18.34 percent for the previous year period.
Operating loss for the quarter was $4.21 million, compared with an operating loss of $0.64 million in the previous year period.
"Our results for the third quarter were ahead of our expectations," said Jirka Rysavy, Gaia's chairman and chief executive officer. "We exceeded our subscriber growth target, successfully completed the sale of the branded business and the tender offer, increased our geographic reach to 130 countries and expanded our library to approximately 7,500 titles. We expect to build on this momentum during the fourth quarter and reach about 200,000 paid subscribers by the end of the year."
Working capital increases sharplyGAIA has recorded an increase in the working capital over the last year. It stood at $52.45 million as at Sep. 30, 2016, up 70.21 percent or $21.63 million from $30.82 million on Sep. 30, 2015. Current ratio was at 5.34 as on Sep. 30, 2016, up from 1.70 on Sep. 30, 2015. Days sales outstanding went down to 172 days for the quarter compared with 506 days for the same period last year.
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