Revenue during the quarter dropped 11.35 percent to $19.40 million from $21.89 million in the previous year period. Gross margin for the quarter contracted 529 basis points over the previous year period to 33.36 percent. Operating margin for the quarter stood at negative 13.21 percent as compared to a negative 4.88 percent for the previous year period.

Operating loss for the quarter was $2.56 million, compared with an operating loss of $1.07 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $2.26 million compared to negative $0.26 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 11.67 percent for the quarter compared to negative 1.21 percent in the last year period.

"2016 was a year of strong execution and noteworthy achievements that reflect our success in broadening adoption of our gas technology solutions and strengthening our base of business in our P&EM segment," said William Clough, president and chief executive officer of CUI Global. "In our Energy segment, through their adoption of our technologies, leading industry operators have validated our solutions as a means of fiscal monitoring that is far more efficient and cost-effective than those currently deployed by the gas industry. We exited the year having secured three anchor customers in Europe, including our first large order for GasPT with a leading operator in Italy, established a strategic relationship with Daily Thermetrics in North America that is short-circuiting our path to that region’s leading operators and forged a strategic and multi-pronged partnership with French energy giant ENGIE, which we announced separately today. We are excited about the potential of our partnership with ENGIE that not only extends our penetration of Western Europe and North America but also gives us entrée into Asia for the first time."

The company has spent $1.65 million cash to meet investing activities during the year as against cash inflow of $2.13 million in the last year. It has incurred net capital expenditure of $1.65 million on net basis during the year, down 68.06 percent or $3.51 million from year ago.

The company has spent $0.18 million cash to carry out financing activities during the year as against cash outgo of $0.11 million in the last year period.

Cash and cash equivalents stood at $4.62 million as on Dec. 31, 2016, down 36.47 percent or $2.65 million from $7.27 million on Dec. 31, 2015.

Working capital drops significantly
CUI Global, Inc. has witnessed a decline in the working capital over the last year. It stood at $14.37 million as at Dec. 31, 2016, down 31.93 percent or $6.74 million from $21.10 million on Dec. 31, 2015. Current ratio was at 1.81 as on Dec. 31, 2016, down from 2.24 on Dec. 31, 2015.

Debt comes down marginally
CUI Global, Inc. has recorded a decline in total debt over the last one year. It stood at $3.48 million as on Dec. 31, 2016, down 3.20 percent or $0.11 million from $3.59 million on Dec. 31, 2015. Total debt was 4.36 percent of total assets as on Dec. 31, 2016, compared with 3.96 percent on Dec. 31, 2015. Debt to equity ratio was at 0.07 as on Dec. 31, 2016, up from 0.06 as on Dec. 31, 2015.