Thursday, March 30, 2017 9:19:15 AM
Financial Results for Three Months Ended December 31, 2016
For the three months ended December 31, 2016, revenue decreased 9.8% to $19.3 million from $21.4 million for the same period of 2015, due primarily to the decrease of $2.3 million in revenue in our professional sales service segment as a result of lower volume of equipment deliveries, partially offset by an increase in revenue in our IT segment principally from an increase in sales in the NetWolves business.
Gross profit for the fourth quarter of 2016 decreased 11.0% to $11.2 million, compared with a gross profit of $12.6 million for the fourth quarter of 2015. This decrease is primarily the result of the decrease in revenue in the professional sales service segment resulting in a decrease in segment gross profit of $1.9 million, partially offset by an increase in gross profit in both the IT and equipment segments.
Selling, general, and administrative (SG&A) expenses for the fourth quarter of 2016 increased 5.8% to $10.4 million, compared to $9.9 million for the fourth quarter of 2015. The increase is primarily attributable to an increase in personnel costs in the professional sales service segment. SG&A expenses were 54.1% of revenue in the fourth quarter of 2016, compared to 46.1% of revenue for the same quarter of 2015.
Net income for the three months ended December 31, 2016 was $0.4 million, compared with a net income of $2.7 million for the three months ended December 31, 2015.
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