OUTFRONT Media Inc (OUT) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $2.50 million, or $ 0.02 a share in the quarter, against a net loss of $2.30 million, or $0.02 a share in the last year period. Revenue during the quarter dropped 5.11 percent to $330.60 million from $348.40 million in the previous year period.
Total expenses were $304.60 million for the quarter, down 6.05 percent or $19.60 million from year-ago period. Operating margin for the quarter expanded 92 basis points over the previous year period to 7.86 percent.
Operating income for the quarter was $26 million, compared with $24.20 million in the previous year period.
“As anticipated, first quarter revenues came in down 2.2% as a result of a challenging national advertising market, particularly in the automotive category,” said Jeremy Male, chairman and chief executive officer of OUTFRONT Media. “While we are seeing some continued national softness in the second quarter, our local business is solid, our expense control is good, and we're investing strategically in the right areas for future growth. These are all key ingredients for leveraging an improvement in national advertising, which we are seeing in the second half of the year.”
Operating cash flow falls marginally
OUTFRONT Media Inc has generated cash of $32.20 million from operating activities during the quarter, down 4.73 percent or $ 1.60 million, when compared with the last year period. The company has spent $17.40 million cash to meet investing activities during the quarter as against cash outgo of $74.60 million in the last year period. It has incurred capital expenditure of $16.50 million on net basis during the quarter, up 17.02 percent or $2.40 million from year ago period.
The company has spent $53.90 million cash to carry out financing activities during the quarter as against cash outgo of $17.80 million in the last year period.
Cash and cash equivalents stood at $26.30 million as on Mar. 31, 2017, down 39.12 percent or $16.90 million from $43.20 million on Mar. 31, 2016.
Net receivables were at $181.90 million as on Mar. 31, 2017, down 3.76 percent or $7.10 million from year-ago. Accounts payable declined 20.85 percent or $13.30 million to $50.50 million on Mar. 31, 2017.
Total assets declined 3.76 percent or $142.80 million to $3,656.50 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,471.20 million as on Mar. 31, 2017, down 6.01 percent or $157.90 million from year-ago.
Return on assets moved down 60 basis points to 0.07 percent in the quarter. Return on equity was at 0.21 percent in the quarter against a negative 0.20 percent in the last year period.
Debt comes down
Total debt was at $2,142.50 million as on Mar. 31, 2017, down 5.12 percent or $115.70 million from year-ago. Shareholders equity stood at $1,185.30 million as on Mar. 31, 2017, up 1.29 percent or $15.10 million from year-ago. As a result, debt to equity ratio went down 12 basis points to 1.81 percent in the quarter.
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