Revenue during the quarter grew 16.73 percent to $50.24 million from $43.04 million in the previous year period. Gross margin for the quarter expanded 251 basis points over the previous year period to 50.12 percent. Operating margin for the quarter stood at negative 3.65 percent as compared to a negative 7.76 percent for the previous year period.

Operating loss for the quarter was $1.83 million, compared with an operating loss of $3.34 million in the previous year period.

However, the adjusted operating income for the quarter stood at $2.78 million compared to $0.80 million in the prior year period. At the same time, adjusted operating margin improved 368 basis points in the quarter to 5.54 percent from 1.85 percent in the last year period.

"Weve started 2017 with strong business performance, and we continue to see clear opportunities for our products, dealers, and partners to deliver more fantastic connected-experiences to homeowners, families, and businesses,” said Martin Plaehn, chairman and chief executive officer of Control4. “Were excited about the addition of Triad to our global team and our audio solution portfolio, as well as their future contributions to our expanding business. We continue to execute on our strategies to enhance and deliver our industry-leading solutions and to strengthen our channel presence around the world."

For the second-quarter, Control4 Corporation forecasts revenue to be in the range of $59.50 million to $61.50 million. Control4 Corporation forecasts revenue to be in the range of $239.50 million to $243.50 million for fiscal year 2017. Control4 Corporation expects adjusted net income to be in the range of $5.60 million to $6.70 million for the second-quarter. For the financial year 2017, Control4 Corporation expects adjusted net income to be in the range of $24 million to $26 million. The company expects diluted earnings per share to be in the range of $0.21 to $0.25 for the second-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.92 to $0.99.

The company has spent $8.96 million cash to meet investing activities during the quarter as against cash outgo of $12.22 million in the last year period.

The company has spent $0.35 million cash to carry out financing activities during the quarter as against cash inflow of $3.10 million in the last year period.

Cash and cash equivalents stood at $28.22 million as on Mar. 31, 2017, up 65.93 percent or $11.21 million from $17 million on Mar. 31, 2016.

Working capital increases
Control4 Corporation has recorded an increase in the working capital over the last year. It stood at $80.08 million as at Mar. 31, 2017, up 13.65 percent or $9.62 million from $70.46 million on Mar. 31, 2016. Current ratio was at 3.94 as on Mar. 31, 2017, up from 3.40 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 26 days for the quarter from 72 days for the last year period. Days sales outstanding went down to 40 days for the quarter compared with 44 days for the same period last year.

Days inventory outstanding has decreased to 51 days for the quarter compared with 105 days for the previous year period. At the same time, days payable outstanding went down to 64 days for the quarter from 77 for the same period last year.