PAYBOX Corp (DIRI) has reported a 95.68 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.01 million in the quarter, compared with $0.16 million for the same period last year.
Revenue during the quarter dropped 16.42 percent to $1.61 million from $1.92 million in the previous year period. Total expenses were 99.44 percent of quarterly revenues, up from 90.33 percent for the same period last year. That has resulted in a contraction of 911 basis points in operating margin to 0.56 percent.
Operating income for the quarter was $0.01 million, compared with $0.19 million in the previous year period.
"We continue our aggressive investment in Sales and Marketing initiatives, as well as PAYBOX software platform upgrades ," said Paybox Corp chairman and chief executive officer Matthew E. Oakes. "We expect that specific continued focus in these areas will generate long-term financial growth."
Working capital increases marginally
PAYBOX Corp has recorded an increase in the working capital over the last year. It stood at $2.70 million as at Sep. 30, 2016, up 2.67 percent or $0.07 million from $2.63 million on Sep. 30, 2015. Current ratio was at 2.67 as on Sep. 30, 2016, up from 2.63 on Sep. 30, 2015.
Days sales outstanding went down to 46 days for the quarter compared with 73 days for the same period last year.
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