tronc, Inc (TPUB) saw its loss widen to $10.47 million, or $0.29 a share for the quarter ended Sep. 25, 2016. In the previous year period, the company reported a loss of $8.60 million, or $0.33 a share. On an adjusted basis, net profit for the quarter stood at $8.11 million, or $0.22 a share compared with a net loss of $1.95 million, or $0.07 a share in the last year period. Revenue during the quarter dropped 6.76 percent to $378.24 million from $405.67 million in the previous year period. Operating margin for the quarter period stood at positive 0.22 percent as compared to a negative 1.87 percent for the previous year period.
Operating income for the quarter was $0.84 million, compared with an operating loss of $7.57 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $36.58 million compared with $28.32 million in the prior year period. At the same time, adjusted EBITDA margin improved 269 basis points in the quarter to 9.67 percent from 6.98 percent in the last year period.
"Notwithstanding the distractions our Company has faced over the past several months and the fact that our Board and management team have been engaged in substantive discussions and due diligence with Gannett, our third quarter results reflect the important progress we have made in our efforts to transform our business," said Chief executive officer Justin Dearborn. "While we are still in the early stages of executing our strategy, we remain confident in the strength of our core brands and assets and committed to our go-forward plans."
Tribune Publishing Co expects revenue to be in the range of $1,610 million to $1,630 million for financial year 2016.
Working capital increases sharply
tronc, Inc has recorded an increase in the working capital over the last year. It stood at $138.51 million as at Sep. 25, 2016, up 382.75 percent or $109.82 million from $28.69 million on Sep. 27, 2015. Current ratio was at 1.52 as on Sep. 25, 2016, up from 1.09 on Sep. 27, 2015. Days sales outstanding were almost stable at 48 days for the quarter, when compared with the last year period.
Debt comes down
tronc, Inc has recorded a decline in total debt over the last one year. It stood at $375.57 million as on Sep. 25, 2016, down 6.98 percent or $28.18 million from $403.75 million on Sep. 27, 2015. Total debt was 43.04 percent of total assets as on Sep. 25, 2016, compared with 47.89 percent on Sep. 27, 2015. Debt to equity ratio was at 4.13 as on Sep. 25, 2016, down from 365.05 as on Sep. 27, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
