PTC Inc. (PTC) saw its loss narrow to $9.14 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $23.89 million, or $0.21 a share. On the other hand, adjusted net income for the quarter stood at $30.70 million, or $0.26 a share compared with $58.78 million or $0.51 a share, a year ago.
Revenue during the quarter went down marginally by 1.61 percent to $286.33 million from $291.02 million in the previous year period. Gross margin for the quarter contracted 114 basis points over the previous year period to 71.32 percent. Operating margin for the quarter period stood at positive 1.59 percent as compared to a negative 4.57 percent for the previous year period.
Operating income for the quarter was $4.56 million, compared with an operating loss of $13.29 million in the previous year period.
However, the adjusted operating income for the quarter stood at $44.26 million compared to $62.09 million in the prior year period. At the same time, adjusted operating margin contracted 588 basis points in the quarter to 15.46 percent from 21.34 percent in the last year period.
"Despite foreign currency headwinds, bookings of $90 million and subscription bookings mix of 65% demonstrate a continuation of the momentum we have been building over the past year," said James Heppelmann, president and chief executive officer, PTC. "In particular, we are very pleased with the first quarter results of our IoT business, which continued to capitalize on our technology and market leadership to deliver bookings well above our expectations. Continued improvements in focus and execution drove solid performance in our Solutions business, led by CAD bookings growth in the double-digits."
For fiscal year 2017, PTC Inc. expects revenue to be in the range of $1,165 million to $1,180 million. It expects operating income to grow in the range of 5 percent to 6 percent. It expects adjusted operating income to grow in the range of 17 percent to 18 percent for the same period.
For the second-quarter, PTC Inc. expects revenue to be in the range of $280 million to $285 million. It expects operating income to grow in the range of 4 percent to 5 percent. It expects adjusted operating income to grow in the range of 16 percent to 17 percent for the same period.
Operating cash flow turns negative
PTC Inc. has spent $47.98 million cash to meet operating activities during the quarter as against cash inflow of $61.25 million in the last year period.
Cash and cash equivalents stood at $173.37 million as on Dec. 31, 2016, down 41.59 percent or $123.43 million from $296.80 million on Jan. 02, 2016.
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