General Communication, Inc. (GNCMA) saw its loss narrow to $3.67 million in the year compared with $26.02 million a year ago.
Revenue during the year dropped 4.57 percent to $933.81 million from $978.53 million in the previous year. Gross margin for the year expanded 54 basis points over the previous year to 67.60 percent. Total expenses were 91.53 percent of annual revenues, up from 89.15 percent for the last year. That has resulted in a contraction of 238 basis points in operating margin to 8.47 percent.
Operating income for the year was $79.10 million, compared with $106.21 million in the previous year.
However, the adjusted EBITDA for the year stood at $288.04 million compared with $330.35 million in the prior year period. At the same time, adjusted EBITDA margin contracted 291 basis points in the year to 30.85 percent from 33.76 percent in the last year.
Working capital increases marginally
General Communication, Inc. has recorded an increase in the working capital over the last year. It stood at $81.73 million as at Dec. 31, 2016, up 1.73 percent or $1.39 million from $80.35 million on Dec. 31, 2015. Current ratio was at 1.45 as on Dec. 31, 2016, down from 1.45 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 11 days for the year from 20 days for the last year. Days sales outstanding went up to 78 days for the year compared with 73 days for the same period last year.
Days inventory outstanding has decreased to 7 days for the year compared with 12 days for the previous year period. At the same time, days payable outstanding went up to 75 days for the year from 64 for the same period last year.
Debt remains almost stable
Total debt was 67.62 percent of total assets as on Dec. 31, 2016, compared with 70.68 percent on Dec. 31, 2015. Debt to equity ratio was at 26.24 as on Dec. 31, 2016, up from 11.75 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.92 for the year from 1.24 for the same period last year.
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