LogMeIn, Inc. (LOGM) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.66 million, or $ 0.03 a share in the quarter, against a net profit of $5.56 million, or $0.22 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $14.76 million, or $0.56 a share compared with $11.88 million or $0.46 a share, a year ago.
Revenue during the quarter grew 22.32 percent to $85.10 million from $69.57 million in the previous year period. Gross margin for the quarter contracted 102 basis points over the previous year period to 86.50 percent. Operating margin for the quarter stood at negative 0.27 percent as compared to a positive 11.27 percent for the previous year period.
Operating loss for the quarter was $0.23 million, compared with an operating income of $7.84 million in the previous year period.
However, the adjusted operating income for the quarter stood at $21.93 million compared to $17.10 million in the prior year period. At the same time, adjusted operating margin improved 118 basis points in the quarter to 25.77 percent from 24.58 percent in the last year period.
For the financial year 2016, LogMeIn forecasts revenue to be in the range of $335 million to $335.50 million. LogMeIn expects adjusted net income to be in the range of $51.90 million to $52.20 million. The company expects diluted earnings per share to be in the range of $1.98 to $1.99 on adjusted basis.
For the fourth-quarter, LogMeIn forecasts revenue to be in the range of $87 million to $87.50 million. LogMeIn expects adjusted net income to be in the range of $15.30 million to $15.50 million. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.58 to $0.59.
Operating cash flow improves
LogMeIn, Inc. has generated cash of $84.09 million from operating activities during the nine month period, up 16.77 percent or $12.08 million, when compared with the last year period.
Cash flow from investing activities was $0.63 million for the nine month period, down 78.89 percent or $2.37 million, when compared with the last year period.
The company has spent $62.37 million cash to carry out financing activities during the nine month period as against cash outgo of $11.62 million in the last year period.
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