FARO Technologies, Inc (FARO) has reported an 86.66 percent plunge in profit for the quarter ended Mar. 28, 2015. The company has earned $0.66 million, or $0.04 a share in the quarter, compared with $4.98 million, or $0.29 a share for the same period last year. Revenue during the quarter dropped 4.68 percent to $69.94 million from $73.37 million in the previous year period. Gross margin for the quarter expanded 201 basis points over the previous year period to 56.64 percent. Total expenses were 97.35 percent of quarterly revenues, up from 90.51 percent for the same period last year. That has resulted in a contraction of 683 basis points in operating margin to 2.65 percent.
Operating income for the quarter was $1.86 million, compared with $6.96 million in the previous year period.
Operating cash flow turns positive FARO Technologies, Inc has generated cash of $0.77 million from operating activities during the quarter as against cash outgo of $0.82 million in the last year period.
The company has spent $14.58 million cash to meet investing activities during the quarter as against cash outgo of $2.54 million in the last year period.
Cash flow from financing activities was $2.31 million for the quarter, up 41.92 percent or $0.68 million, when compared with the last year period. It has raised net of $2.02 million by selling common stocks.
Cash and cash equivalents stood at $96.07 million as on Mar. 28, 2015, down 21.72 percent or $26.65 million from $122.72 million on Mar. 29, 2014.
Working capital decreases marginally
FARO Technologies, Inc has witnessed a decline in the working capital over the last year. It stood at $258.16 million as at Mar. 28, 2015, down 4.14 percent or $11.15 million from $269.31 million on Mar. 29, 2014. Current ratio was at 5.65 as on Mar. 28, 2015, down from 6.02 on Mar. 29, 2014.
Cash conversion cycle (CCC) has decreased to 118 days for the quarter from 176 days for the last year period. Days sales outstanding went down to 39 days for the quarter compared with 79 days for the same period last year.
Days inventory outstanding has decreased to 96 days for the quarter compared with 131 days for the previous year period. At the same time, days payable outstanding went down to 16 days for the quarter from 33 for the same period last year.
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