Intellinetics, Inc (INLX) saw its loss narrow to $1.58 million, or $0.09 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.92 million, or $0.55 a share.
Revenue during the year grew 11.33 percent to $2.60 million from $2.34 million in the previous year. Gross margin for the year contracted 383 basis points over the previous year to 72.72 percent. Operating margin for the year stood at negative 52.66 percent as compared to a negative 66.57 percent for the previous year.
Operating loss for the year was $1.37 million, compared with an operating loss of $1.56 million in the previous year.
However, the adjusted EBITDA for the year stood at negative $1.02 million compared to negative $0.48 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 39.35 percent for the year compared to negative 20.60 percent in the last year.
Matthew L. Chretien, President and CEO of Intellinetics, stated, "We made tremendous progress in 2016 and many of the building blocks to create accelerating growth were put in place. We look forward to our quarterly financial results soon reflecting successful execution of our business plan. In the meantime, we look forward to providing progress reports on a growing number of OEM/Embedded channel technology partners."
Operating cash flow remains negative
Intellinetics, Inc has spent $1.26 million cash to meet operating activities during the year as against cash outgo of $0.62 million in the last year.
The company has spent $0.01 million cash to meet investing activities during the year as against cash outgo of $0.01 million in the last year.
Cash flow from financing activities was $0.84 million for the year, down 46.08 percent or $0.72 million, when compared with the last year.
Cash and cash equivalents stood at $0.69 million as on Dec. 31, 2016, down 38.24 percent or $0.43 million from $1.12 million on Dec. 31, 2015.
Debt comes down
Intellinetics, Inc has recorded a decline in total debt over the last one year. It stood at $0.95 million as on Dec. 31, 2016, down 20.06 percent or $0.24 million from $1.18 million on Dec. 31, 2015. Total debt was 83.81 percent of total assets as on Dec. 31, 2016, compared with 83.49 percent on Dec. 31, 2015.
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