Black Box Corporation, a leading digital solutions provider dedicated to helping customers design, build, manage and secure their IT infrastructure, today reported results for the second quarter of Fiscal 2018 and six-month period ended September 30, 2017. Items marked with an asterisk are non-GAAP financial measures.
2Q18 Results
- Revenues were $194.2 million, down 11% from $218.7 million for the same period last year and up 1% from $191.6 million in the prior quarter.
- Gross profit margin was 29.1%, up 4.2% from 24.9% for the same period last year. This increase was due principally to favorable cost underruns on several projects and improved product management.
- Loss before income taxes was $9.0 million, compared to $7.6 million for the same period last year and $14.2 million in the prior quarter.
- Provision for income taxes was $2.4 million, compared to a benefit from income taxes of $1.5 million for the same period last year and compared to a benefit from income taxes of $4.5 million in the prior quarter. Included in the current quarter tax provision is a $5.2 million valuation allowance on foreign tax credits and state and foreign net operating losses.
- Net loss was $11.4 million, compared to $6.1 million for the same period last year and $9.7 million in the prior quarter.
- Diluted loss per share was $0.75, compared to $0.40 for the same period last year and $0.65 in the prior quarter.
- Operating net loss* was $3.4 million, compared to operating net income* of $4.7 million for the same period last year and compared to operating net loss* of $5.0 million in the prior quarter.
- Operating EPS* was $(0.23), compared to $0.31 for the same period last year and $(0.33) in the prior quarter.
- Cash flow provided by operating activities was $0.6 million, compared to $4.8 million for the same period last year and compared to a cash flow usage of $16.3 million in the prior quarter.
2QYTD18 Results
- Revenues were $385.8 million, down 12% from $437.2 million for the same period last year.
- Loss before income taxes was $23.2 million, compared to $5.8 million for the same period last year.
- Benefit from income taxes was $2.1 million, compared to a provision for income taxes of $0.8 million for the same period last year.
- Net loss was $21.1 million, compared to $6.6 million for the same period last year.
- Diluted loss per share was $1.40, compared to $0.44 for the same period last year.
- Operating net loss* was $8.4 million, compared to operating net income of $6.8 million for the same period last year.
- Operating EPS* was $(0.56), compared to $0.45 for the same period last year.
- Cash flow used in operating activities was $15.6 million, compared to cash flow provided by operating activities of $15.7 million for the same period last year.
* See the information under the caption “Non-GAAP Financial Measures” below for a discussion regarding the usefulness of the non-GAAP financial measures contained in this release, definitions of those non-GAAP financial measures and reconciliations to their most directly comparable GAAP financial measures.
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