Windstream Holdings, Inc (WIN) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $86.90 million, or $ 0.94 a share in the quarter, against a net profit of $140.50 million, or $1.41 a share in the last year period.

Revenue during the quarter dropped 8.26 percent to $1,309.10 million from $1,427 million in the previous year period. Gross margin for the quarter contracted 167 basis points over the previous year period to 47.43 percent. Total expenses were 94.37 percent of quarterly revenues, up from 90.77 percent for the same period last year. That has resulted in a contraction of 360 basis points in operating margin to 5.63 percent.

Operating income for the quarter was $73.70 million, compared with $131.70 million in the previous year period.

“Our 2016 results demonstrate continued progress executing our focused operational strategy. We achieved the financial guidance provided for 2016, delivered consistent results across our core business units and returned value to shareholders through our dividend,” said Tony Thomas, president and chief executive officer at Windstream.

The company has spent $990 million cash to meet investing activities during the year as against cash outgo of $522 million in the last year.

Cash flow from financing activities was $93.40 million for the year as against cash outgo of $501.10 million in the last year period.

Cash and cash equivalents stood at $59.10 million as on Dec. 31, 2016, up 88.82 percent or $27.80 million from $31.30 million on Dec. 31, 2015.

Working capital remains negative
Working capital of Windstream Holdings, Inc was negative $387.70 million on Dec. 31, 2016 compared with negative $391.80 million on Dec. 31, 2015. Current ratio was at 0.69 as on Dec. 31, 2016, up from 0.69 on Dec. 31, 2015.