Paybox Corp (PBOX) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $1.62 million, or $ 0.12 a share in the quarter, against a net profit of $0.22 million, or $0.01 a share in the last year period.
Revenue during the quarter dropped 25.23 percent to $1.47 million from $1.96 million in the previous year period. Operating margin for the quarter stood at negative 29.86 percent as compared to a positive 11.06 percent for the previous year period.
Operating loss for the quarter was $0.44 million, compared with an operating income of $0.22 million in the previous year period.
Paybox Corp chairman and chief executive officer, Matthew E. Oakes stated "The notification of termination from IBM was obviously disappointing but the momentum of our numerous new customer signings during late 2016 and early 2017, coupled with the expected savings to be derived from the reverse stock split, will give us the runway to grow the business profitably in the near future. These customer signings demonstrate the market driven demand for our Paybox suite of services and we continue to aggressively move to address the opportunity."
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