Mattersight Corporation (MATR) saw its loss widen to $5.84 million, or $0.24 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.94 million, or $0.17 a share.
Revenue during the quarter went down marginally by 0.67 percent to $10.41 million from $10.48 million in the previous year period. Gross margin for the quarter contracted 885 basis points over the previous year period to 66.93 percent. Operating margin for the quarter stood at negative 48.34 percent as compared to a negative 35.59 percent for the previous year period.
Operating loss for the quarter was $5.03 million, compared with an operating loss of $3.73 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.30 million compared to negative $0.86 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 22.14 percent for the quarter compared to negative 8.20 percent in the last year period.
"Mattersight's third quarter was marked by reaccelerated growth thanks to a deployment of backlogged revenue, which resulted in an on-target quarter-over-quarter revenue increase of 15%," said Mattersight chief executive officer Kelly Conway. "We are extremely pleased with the progress we’ve made during the past quarter, and with our trajectory heading toward the end of the year. With a backlog that is up 64% over last year and a sales pipeline that continues to be the strongest we’ve ever seen, we expect to maintain our pattern of acceleration throughout 2017."
Operating cash flow remains negative
Mattersight Corporation has spent $18.09 million cash to meet operating activities during the nine month period as against cash outgo of $2.82 million in the last year period.
The company has spent $3.22 million cash to meet investing activities during the nine month period as against cash outgo of $4.31 million in the last year period.
Cash flow from financing activities was $20.57 million for the nine month period, up 46.73 percent or $6.55 million, when compared with the last year period.
Cash and cash equivalents stood at $14.65 million as on Sep. 30, 2016, down 30.63 percent or $6.47 million from $21.12 million on Sep. 30, 2015.
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