Tremor Video, Inc. (TRMR) saw its loss narrow to $0.40 million, or $0.01 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.42 million, or $0.05 a share. Revenue during the quarter grew 3.96 percent to $53.81 million from $51.76 million in the previous year period. Gross margin for the quarter expanded 112 basis points over the previous year period to 45.11 percent. Operating margin for the quarter stood at negative 1.35 percent as compared to a negative 4.09 percent for the previous year period.
Operating loss for the quarter was $0.73 million, compared with an operating loss of $2.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $3.46 million compared with $2.13 million in the prior year period. At the same time, adjusted EBITDA margin improved 232 basis points in the quarter to 6.44 percent from 4.12 percent in the last year period.
Bill Day chief executive officer commented, "Tremor Video’s innovative software platforms strongly position it to capitalize on two of the largest advertising growth trends, programmatic video buying and selling, and the increasing flow of spend from linear TV into digital video. As evident in today’s results, the Company is on a positive trajectory towards combined growth and profitability. It’s been a true team effort, and I fully expect that this team will continue to deliver strong outcomes during this transition."
For financial year 2017, Tremor Video, Inc. projects revenue to be in the range of $180 million to $190 million.
For the first-quarter 2017, Tremor Video, Inc. projects revenue to be in the range of $34 million to $38 million.
Operating cash flow remains negative
Tremor Video, Inc. has spent $7.03 million cash to meet operating activities during the year as against cash outgo of $7.96 million in the last year. The company has spent $2.98 million cash to meet investing activities during the year as against cash outgo of $9.40 million in the last year.
The company has spent $6.33 million cash to carry out financing activities during the year as against cash outgo of $0.39 million in the last year period.
Cash and cash equivalents stood at $43.16 million as on Dec. 31, 2016, down 27.93 percent or $16.73 million from $59.89 million on Dec. 31, 2015.
Working capital declines
Tremor Video, Inc. has witnessed a decline in the working capital over the last year. It stood at $56.17 million as at Dec. 31, 2016, down 24.25 percent or $17.98 million from $74.15 million on Dec. 31, 2015. Current ratio was at 1.82 as on Dec. 31, 2016, down from 2.23 on Dec. 31, 2015.
Days sales outstanding went up to 68 days for the quarter compared with 63 days for the same period last year.
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