MeetMe (QPSA) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $4.39 million, or $ 0.07 a share in the quarter, against a net loss of $2.04 million, or $0.04 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $6.15 million, or $0.10 a share compared with $4.74 million or $0.10 a share, a year ago.
Revenue during the quarter grew 20.15 percent to $17.19 million from $14.31 million in the previous year period. Operating margin for the quarter period stood at positive 27.40 percent as compared to a negative 13.39 percent for the previous year period.
Operating income for the quarter was $4.71 million, compared with an operating loss of $1.92 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $6.86 million compared with $5.25 million in the prior year period. At the same time, adjusted EBITDA margin improved 320 basis points in the quarter to 39.89 percent from 36.68 percent in the last year period.
Geoff Cook, chief executive officer of MeetMe, stated, "Our strong quarterly results reflect continued solid growth in our mobile user engagement. MeetMe’s mobile daily active users for the quarter increased 18% year over year while our mobile monthly active users increased 32% year over year. Mobile ARPU also grew both sequentially and year over year.
Working capital increases sharplyMeetMe has recorded an increase in the working capital over the last year. It stood at $54.47 million as at Sep. 30, 2016, up 164.64 percent or $33.88 million from $20.58 million on Sep. 30, 2015. Current ratio was at 10.32 as on Sep. 30, 2016, up from 4.02 on Sep. 30, 2015. Days sales outstanding went down to 66 days for the quarter compared with 71 days for the same period last year.
Debt comes down significantlyMeetMe has recorded a decline in total debt over the last one year. It stood at $0.29 million as on Sep. 30, 2016, down 85.30 percent or $1.68 million from $1.97 million on Sep. 30, 2015. Total debt was 0.18 percent of total assets as on Sep. 30, 2016, compared with 1.93 percent on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
