GlassBridge Enterprises (IMN) saw its loss widen to $21.40 million, or $6.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.90 million, or $2.68 a share.
Revenue during the quarter dropped 28.48 percent to $11.30 million from $15.80 million in the previous year period. Gross margin for the quarter expanded 273 basis points over the previous year period to 45.13 percent. Operating margin for the quarter stood at negative 45.13 percent as compared to a negative 51.90 percent for the previous year period.
Operating loss for the quarter was $5.10 million, compared with an operating loss of $8.20 million in the previous year period.
"We exit 2016 having completed a substantial transformation from Imation Corp. to GlassBridge Enterprises. Our company now has the required focus and infrastructure in place to execute our collective goal of building a profitable publicly-traded asset management company poised for long-term value equity value creation," said Joseph A. De Perio, Non-Executive chairman of the Board of Directors of GlassBridge.
Working capital turns negativeWorking capital of GlassBridge Enterprises has turned negative to $5.30 million on Dec. 31, 2016 from positive $41.60 million on Dec. 31, 2015. Current ratio was at 0.92 as on Dec. 31, 2016, down from 1.38 on Dec. 31, 2015.
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