MGT Capital Investments (MGT) Posts Narrower Q1 Loss

MGT Capital Investments (NYSE: MGT) reported Q1 EPS of ($0.07), versus ($0.11) reported last year.

• Adjusted for recent warrant exercises, MGT currently has 23.8 million common shares outstanding, and has cash of $2.0 million plus marketable securities of approximately $500,000. Moreover, MGT carries zero debt or preferred stock.
• In addition, the Company expects to continue to monetize certain securities it owns issued by DraftDay Fantasy Sports. Inc., and expects further warrant exercises. These potential sources of cash would add about $1.5 million to the Company's cash reserves. Pro–forma, following the closing of the D-Vasive acquisition, the company will have approximately 50 million shares outstanding, about half of which would be subject to resale restrictions.
• Cash used in operations was $376,000 in the first quarter of 2016, down 49% sequentially from the December 2015 quarter, and down 41% from the first quarter of 2015. Having significantly streamlined MGT's operational structure and minimized corporate overhead, the Company continues to exercise discipline with respect to its burn rate.

For earnings history and earnings-related data on MGT Capital Investments (MGT) click here.

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