RigNet, Inc. (RNET) saw its loss narrow to $3.73 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $10.96 million, or $0.63 a share.
Revenue during the quarter went up marginally by 1.10 percent to $52.76 million from $52.19 million in the previous year period. Operating margin for the quarter period stood at positive 0.01 percent as compared to a negative 28.13 percent for the previous year period.
Operating income for the quarter was $0.01 million, compared with an operating loss of $14.68 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $9.36 million compared to negative $3.21 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 17.74 percent for the quarter compared to negative 6.15 percent in the last year period.
Steven E. Pickett, chief executive officer and president, commented, "Despite continued headwinds in the offshore oil and gas market, we are pleased with the progress we have made related to cost containment and capex management, which produced Unlevered Free Cash Flow of $5.7 million for the quarter. We remain focused on continuing implementation of initiatives to improve operating leverage of the Company, developing a broad range of SaaS and cyber security solutions for our customers, and growing our business in new vertical markets."
Operating cash flow improves
RigNet, Inc. has generated cash of $39.17 million from operating activities during the year, up 5.78 percent or $2.14 million, when compared with the last year.
The company has spent $19.40 million cash to meet investing activities during the year as against cash outgo of $33.32 million in the last year.
The company has spent $15.35 million cash to carry out financing activities during the year as against cash outgo of $7.25 million in the last year period.
Cash and cash equivalents stood at $57.15 million as on Dec. 31, 2016, down 5.48 percent or $3.32 million from $60.47 million on Dec. 31, 2015.
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