Spark Networks (LOV) saw its loss narrow to $0.09 million in the quarter ended compared with $0.82 million, a year ago.
Revenue during the quarter dropped 28.17 percent to $8.39 million from $11.68 million in the previous year period. Gross margin for the quarter expanded 2019 basis points over the previous year period to 72.32 percent. Operating margin for the quarter stood at negative 2.87 percent as compared to a negative 5.29 percent for the previous year period.
Operating loss for the quarter was $0.24 million, compared with an operating loss of $0.62 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.54 million compared with $0.31 million in the prior year period. At the same time, adjusted EBITDA margin improved 1574 basis points in the quarter to 18.39 percent from 2.65 percent in the last year period.
Chief executive officer Danny Rosenthal stated, "The Company has undergone a great deal of change in the last three months with new leadership and priorities across our Product, Technology and Marketing teams.
Working capital increases sharplySpark Networks has recorded an increase in the working capital over the last year. It stood at $4.97 million as at Sep. 30, 2016, up 30.32 percent or $1.16 million from $3.82 million on Sep. 30, 2015. Current ratio was at 1.62 as on Sep. 30, 2016, up from 1.29 on Sep. 30, 2015. Days sales outstanding were almost stable at 9 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding went up to 44 days for the quarter from 27 for the same period last year.
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