MAM Software Group, Inc (MAMS) has reported 66.12 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.25 million, or $0.02 a share in the quarter, compared with $0.74 million, or $0.06 a share for the same period last year. Revenue during the quarter dropped 6.57 percent to $7.38 million from $7.90 million in the previous year period. Gross margin for the quarter contracted 126 basis points over the previous year period to 52.67 percent. Total expenses were 94.55 percent of quarterly revenues, up from 90.41 percent for the same period last year. That has resulted in a contraction of 415 basis points in operating margin to 5.45 percent.
Operating income for the quarter was $0.40 million, compared with $0.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.64 million compared with $1.26 million in the prior year period. At the same time, adjusted EBITDA margin contracted 724 basis points in the quarter to 8.70 percent from 15.93 percent in the last year period.
Michael Jamieson, MAM’s President and Chief Executive Officer commented, “MAM delivered solid first half results in a positional year for us. Our continued progress towards completion of our 2017 development projects coupled with recent commercial market wins not only affirms the strength of our brand and demonstrates the strong market reception to our product investments, but also provides us with the confidence to reaffirm our fiscal 2017 full year guidance.”
Operating cash flow improves significantly
MAM Software Group, Inc has generated cash of $2.85 million from operating activities during the first half, up 94.54 percent or $1.38 million, when compared with the last year period. The company has spent $1.57 million cash to meet investing activities during the first six months as against cash outgo of $1.85 million in the last year period.
The company has spent $1.04 million cash to carry out financing activities during the first six months as against cash outgo of $4.84 million in the last year period.
Cash and cash equivalents stood at $0.63 million as on Dec. 31, 2016, down 49.84 percent or $0.63 million from $1.26 million on Dec. 31, 2015.
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