DTS, Inc. (DTSI) swung to a net loss for the quarter ended Sep. 30, 2015. The company has made a net loss of $2.80 million, or $ 0.16 a share in the quarter, against a net profit of $3.87 million, or $0.22 a share in the last year period. Revenue during the quarter dropped 14.02 percent to $30.67 million from $35.68 million in the previous year period. Gross margin for the quarter expanded 45 basis points over the previous year period to 91.19 percent. Operating margin for the quarter stood at negative 7.49 percent as compared to a positive 12.25 percent for the previous year period.
Operating loss for the quarter was $2.30 million, compared with an operating income of $4.37 million in the previous year period.
Operating cash flow drops significantly
DTS, Inc. has generated cash of $14.04 million from operating activities during the nine month period, down 45.54 percent or $11.74 million, when compared with the last year period. The company has spent $28.04 million cash to meet investing activities during the nine month period as against cash outgo of $4.29 million in the last year period.
The company has spent $13.14 million cash to carry out financing activities during the nine month period as against cash outgo of $6 million in the last year period.
Cash and cash equivalents stood at $72.30 million as on Sep. 30, 2015, down 11.31 percent or $9.22 million from $81.52 million on Sep. 30, 2014.
Working capital declines
DTS, Inc. has witnessed a decline in the working capital over the last year. It stood at $89.72 million as at Sep. 30, 2015, down 7.15 percent or $6.90 million from $96.62 million on Sep. 30, 2014. Current ratio was at 3.37 as on Sep. 30, 2015, down from 4.22 on Sep. 30, 2014.
Days sales outstanding went up to 51 days for the quarter compared with 36 days for the same period last year.
At the same time, days payable outstanding went up to 144 days for the quarter from 47 for the same period last year.
Debt comes down
DTS, Inc. has recorded a decline in total debt over the last one year. It stood at $25 million as on Sep. 30, 2015, down 16.67 percent or $5 million from $30 million on Sep. 30, 2014. Short-term debt stood at $8.75 million as on Sep. 30, 2015. Total debt was 8.92 percent of total assets as on Sep. 30, 2015, compared with 11.14 percent on Sep. 30, 2014. Debt to equity ratio was at 0.12 as on Sep. 30, 2015, down from 0.15 as on Sep. 30, 2014.
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