Marin Software Incorporated (MRIN) saw its loss narrow to $3.05 million, or $0.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.50 million, or $0.26 a share. On an adjusted basis, net loss for the quarter was $0.83 million, when compared with $4.90 million in the last year period.
Revenue during the quarter dropped 8.79 percent to $24.01 million from $26.33 million in the previous year period. Gross margin for the quarter expanded 331 basis points over the previous year period to 63.90 percent. Operating margin for the quarter stood at negative 13.49 percent as compared to a negative 33.91 percent for the previous year period.
Operating loss for the quarter was $3.24 million, compared with an operating loss of $8.93 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $1.02 million compared to operating loss of $4.35 million in prior year period.
"Our Q3 results came in just above our guidance, and we continue to make progress in our efforts to advance Marin’s cross-channel performance advertising platform,” said Christopher Lien, chief executive officer of Marin Software. “We believe our investments in technology and product innovation to better meet the needs of our customers will be critical to improving our operating results in the future, and as we continue with our plans, we are taking a cautious outlook for the rest of this year.”
For the fourth-quarter, Marin Software forecasts revenue to be in the range of $21.80 million to $22.50 million. The company forecasts adjusted operating loss to be in the range of $3.50 million to $3.10 million. On an adjusted basis, the company expects diluted loss per share to be in the range of $0.10 to $0.09.
Operating cash flow turns positive
Marin Software Incorporated has generated cash of $4.80 million from operating activities during the nine month period as against cash outgo of $13.60 million in the last year period.
The company has spent $5.20 million cash to meet investing activities during the nine month period as against cash outgo of $19.83 million in the last year period.
The company has spent $0.28 million cash to carry out financing activities during the nine month period as against cash outgo of $0.96 million in the last year period.
Cash and cash equivalents stood at $36.44 million as on Sep. 30, 2016, up 9.33 percent or $3.11 million from $33.33 million on Sep. 30, 2015.
Working capital increases
Marin Software Incorporated has recorded an increase in the working capital over the last year. It stood at $47.32 million as at Sep. 30, 2016, up 9.03 percent or $3.92 million from $43.40 million on Sep. 30, 2015. Current ratio was at 4.44 as on Sep. 30, 2016, up from 3.27 on Sep. 30, 2015.
Days sales outstanding went up to 78 days for the quarter compared with 75 days for the same period last year.
At the same time, days payable outstanding was almost stable at 21 days for the quarter, when compared with the previous year period.
Debt comes down marginally
Marin Software Incorporated has recorded a decline in total debt over the last one year. It stood at $3.02 million as on Sep. 30, 2016, down 4.82 percent or $0.15 million from $3.17 million on Sep. 30, 2015. Total debt was 2.70 percent of total assets as on Sep. 30, 2016, compared with 2.71 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.03 as on Sep. 30, 2016, when compared with the last year.
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