Radisys Corporation (RSYS) saw its loss widen to $10.01 million, or $0.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.96 million, or $0.08 a share. On an adjusted basis, net loss for the quarter stood at $5.55 million, or $0.14 a share compared with a net profit of $1.76 million, or $0.05 a share in the last year period.
Revenue during the quarter plunged 31.80 percent to $37.61 million from $55.15 million in the previous year period. Gross margin for the quarter contracted 132 basis points over the previous year period to 21.86 percent. Operating margin for the quarter stood at negative 24.29 percent as compared to a negative 4.44 percent for the previous year period.
Operating loss for the quarter was $9.14 million, compared with an operating loss of $2.45 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $4.56 million compared to operating profit of $2.11 million in prior year period.
"First quarter operating results were in line with our previously announced guidance range," said Brian Bronson, Radisys President and Chief Executive Officer. "Revenue reflects the expected decline in our legacy embedded product line combined with variability in the timing of large MediaEngine orders from our Tier 1 Asian customer and deployments of DCEngine products as compared to prior periods. First quarter net loss per share was also in line with expectations and reflected continued investment in our strategic product lines."
For the second-quarter, Radisys Corp forecasts revenue to be in the range of $41 million to $47 million. Radisys Corp projects net loss to be in the range of $6.30 million to $5.10 million. Radisys Corp expects adjusted net loss to be in the range of $2.10 million to $0.50 million. The company expects diluted loss per share to be in the range of $0.16 to $0.13. On an adjusted basis, the company expects diluted loss per share to be in the range of $0.05 to $0.01.
Operating cash flow turns negative
Radisys Corp has spent $14.51 million cash to meet operating activities during the quarter as against cash inflow of $1.68 million in the last year period.
The company has spent $1.80 million cash to meet investing activities during the quarter as against cash outgo of $0.42 million in the last year period.
Cash flow from financing activities was $14.92 million for the quarter, up 14,105.71 percent or $14.81 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $32.02 million as at Mar. 31, 2017.
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