SWK Holdings Corporation (SWKH) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $3.12 million, or $ 0.24 a share in the quarter, against a net loss of $5.78 million, or $0.44 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $2.62 million, or $0.20 a share compared with a net loss of $6.94 million, or $0.53 a share in the last year period. Revenue during the quarter dropped 26.20 percent to $4.21 million from $5.71 million in the previous year period.
Operating income for the quarter was $3.28 million, compared with an operating loss of $6.11 million in the previous year period.
"We are pleased with the portfolio’s solid performance this quarter," stated Winston Black, chief executive officer of SWK. "We are well capitalized with $66 million of cash on the balance sheet. With the pressure on drug pricing and its knock-on effects, and the growing dislocation in smaller cap companies, the current environment is creating more compelling opportunities for us. We continue to diligently evaluate new financing opportunities and our pipeline remains full."
Operating cash flow remains almost stable
Cash flow from operating activities was almost stable for the quarter at $7.63 million, when compared with the previous year period Cash flow from investing activities was $14.51 million for the nine month period as against cash outgo of $38.88 million in the last year period.
The company has spent $2.99 million cash to carry out financing activities during the nine month period as against cash outgo of $2.73 million in the last year period.
Cash and cash equivalents stood at $66.44 million as on Sep. 30, 2016, up 168.22 percent or $41.67 million from $24.77 million on Sep. 30, 2015.
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