ModusLink Global Solutions ™, Inc. (NASDAQ: MLNK) today reported financial results for its third quarter of fiscal year 2014 ended April 30, 2014. Results for that period are summarized in the following paragraphs. For a full discussion of the results, please see the Company’s quarterly report on Form 10-Q, which can be accessed through www.moduslink.com.
Third Quarter Financial Summary
- Net revenue of $173.3 million compared to $173.0 million in the third quarter of fiscal 2013
- Gross margin of 9.1% compared to 8.9% in the third quarter of fiscal 2013
- SG&A expenses of $17.1 million, a 11.3% reduction compared to the third quarter of fiscal 2013
- Operating loss of $5.1 million compared to operating loss of $6.8 million in the third quarter of fiscal 2013
- Net loss of $9.5 million, or $0.18 per share, compared with net loss of $8.3 million, or $0.17 per share, in the third quarter of fiscal 2013
- Adjusted EBITDA of $3.4 million compared to $2.2 million in the third quarter of fiscal 2013
ModusLink reported net revenue of $173.3 million for the third quarter of fiscal 2014, compared to $173.0 million in the third quarter of fiscal 2013. The change in net revenue was primarily driven by increased revenue from an aftermarket services program in the Americas related to the repair and refurbishment of mobile devices, and revenue growth from programs for a consumer electronics client, which primarily benefited results in the Americas and Europe. Revenue growth from those programs was partially offset by lower revenues from certain programs for clients in the computing, software and communications markets.
Operating loss for the third quarter of fiscal 2014 was $5.1 million, compared to an operating loss of $6.8 million in the third quarter of the previous year. The improvement in operating loss for the third quarter of fiscal 2014 was primarily driven by a more favorable revenue mix, lower professional fees and improved operational cost efficiency. Net loss for the third quarter of fiscal 2014 was $9.5 million, or $0.18 per share, compared to a net loss of $8.3 million, or $0.17 per share.
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