Walker Innovation Inc (PPRO) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $15.41 million, or $ 0.43 a share in the quarter, against a net loss of $0.37 million, or $0.02 a share in the last year period. Revenue during the quarter dropped 5.32 percent to $1.87 million from $1.97 million in the previous year period. Gross margin for the quarter expanded 1443 basis points over the previous year period to 90.26 percent. Operating margin for the quarter period stood at positive 21.68 percent as compared to a negative 22.61 percent for the previous year period.
Operating income for the quarter was $0.40 million, compared with an operating loss of $0.45 million in the previous year period.
"Walker Innovation is in a much stronger position than it was one year ago and with the recent launch of Upside, now is the right time for Jon Siegel to lead Walker Innovation as its chief executive officer," said Mr. Ellenthal. "This move will allow me to focus my full attention on working to make Upside an unqualified success, which will directly benefit Walker Innovation through the ownership of its warrant. While I will no longer be involved in the Company’s day-to-day operations, I remain enthusiastic about advising and helping determine Walker Innovation’s long-term strategy. Once I made the decision to step aside, it was clear that Jon was the right person to lead Walker Innovation into its next chapter."
Working capital increases sharply
Walker Innovation Inc has recorded an increase in the working capital over the last year. It stood at $9.72 million as at Dec. 31, 2016, up 94.22 percent or $4.71 million from $5 million on Dec. 31, 2015. Current ratio was at 10.81 as on Dec. 31, 2016, up from 3.09 on Dec. 31, 2015.
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