GlassBridge Posts Narrower Loss From Cont. Ops. In Q1; Revenue Down 10.3%

(RTTNews) - GlassBridge Enterprises, Inc. (GLA) reported a first-quarter loss per share from continuing operations attributable to stockholders of $1.41 compared to a loss per share of $3.97, prior year. Gross margin was 45.8 percent, a 4.7 percent increase from last year. The company said the improvement was primarily driven by production cost improvements, price optimization programs and product mix changes.

GlassBridge's revenue was $9.6 million, down 10.3 percent from prior year. All of the first-quarter 2017 revenue was attributable to global enterprise data storage business.

Joseph De Perio, Chairman of the Board of GlassBridge, said: "The Board will continue to evaluate strategic alternatives to create stockholder value including transactions additive to our core strategy."

The company anticipates being in a position to manage client assets during second-quarter 2017.