Tremor Video (TRMR) saw its loss narrow to $3.62 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $28.62 million, or $0.55 a share. Revenue during the quarter went down marginally by 0.82 percent to $41.28 million from $41.62 million in the previous year period. Gross margin for the quarter expanded 273 basis points over the previous year period to 45.02 percent. Operating margin for the quarter stood at negative 9.03 percent as compared to a negative 68.90 percent for the previous year period.
Operating loss for the quarter was $3.73 million, compared with an operating loss of $28.68 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.04 million compared to negative $1.52 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 0.08 percent for the quarter compared to negative 3.64 percent in the last year period.
"In the third quarter we delivered profitable EBITDA and strong growth in our Total Spend," said Bill Day, Tremor Video chief executive officer. "Our platform continues to scale, with programmatic spend more than doubling year-over-year. The growth of this predominantly self-service business is enabling us to achieve meaningful operating leverage."
Tremor Video forecasts revenue to be in the range of $155 million to $160 million for fiscal year 2016.
Operating cash flow remains negativeTremor Video has spent $4.38 million cash to meet operating activities during the nine month period as against cash outgo of $3.43 million in the last year period. The company has spent $2.73 million cash to meet investing activities during the nine month period as against cash outgo of $8.34 million in the last year period.
The company has spent $5.11 million cash to carry out financing activities during the nine month period as against cash outgo of $0.36 million in the last year period.
Cash and cash equivalents stood at $47.55 million as on Sep. 30, 2016, down 27.44 percent or $17.98 million from $65.53 million on Sep. 30, 2015.
Working capital declines
Tremor Video has witnessed a decline in the working capital over the last year. It stood at $59.40 million as at Sep. 30, 2016, down 19.76 percent or $14.63 million from $74.02 million on Sep. 30, 2015. Current ratio was at 2.16 as on Sep. 30, 2016, down from 2.55 on Sep. 30, 2015.
Days sales outstanding went up to 124 days for the quarter compared with 116 days for the same period last year.
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