Edgewater Technology (EDGW) saw its loss widen to $2.69 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.76 million, or $0.06 a share.
Revenue during the quarter dropped 8.68 percent to $29.13 million from $31.90 million in the previous year period. Gross margin for the quarter expanded 59 basis points over the previous year period to 34.29 percent. Operating margin for the quarter stood at negative 18.53 percent as compared to a negative 1.97 percent for the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.31 million compared with $1.39 million in the prior year period. At the same time, adjusted EBITDA margin contracted 327 basis points in the quarter to 1.07 percent from 4.35 percent in the last year period.
"Over the past several weeks, we have begun the process of analyzing and modeling the intrinsic value of the Company and its operating units," commented Jeffrey Rutherford, Edgewater's chairman, interim president and interim chief executive officer. "We are excited about the value creation potential of each of the Company's three service offerings."
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