Knoll, Inc. (KNL) has reported an 122.89 percent jump in profit for the quarter ended Mar. 31, 2015. The company has earned $17.44 million, or $0.36 a share in the quarter, compared with $7.83 million, or $0.16 a share for the same period last year. On an adjusted basis, earnings per share were at $0.36 for the quarter compared with $0.18 in the same period last year.
Revenue during the quarter grew 16.07 percent to $266.50 million from $229.60 million in the previous year period. Gross margin for the quarter expanded 240 basis points over the previous year period to 35.76 percent. Total expenses were 91.63 percent of quarterly revenues, down from 95.09 percent for the same period last year. This has led to an improvement of 345 basis points in operating margin to 8.37 percent.
Operating income for the quarter was $22.30 million, compared with $11.28 million in the previous year period.
However, the adjusted operating income for the quarter stood at $0.02 million compared to $0.01 million in the prior year period. At the same time, adjusted operating margin was almost stable in the quarter to 0.01 percent, when compared with prior year period.
"Each of our segments kicked off 2015 by delivering year-over-year growth and margin expansion," commented Andrew Cogan, chief executive officer of Knoll, Inc. "Across the board, our commitment to help clients and their architects and designers create inspired workplaces and homes combined with ongoing investments to expand our markets and improve our margins continued to gain traction."
Operating cash flow turns negative
Knoll, Inc. has spent $26.06 million cash to meet operating activities during the quarter as against cash inflow of $12.87 million in the last year period. The company has spent $4.86 million cash to meet investing activities during the quarter as against cash outgo of $101.48 million in the last year period.
Cash flow from financing activities was $29.69 million for the quarter, down 65.34 percent or $55.98 million, when compared with the last year period.
Cash and cash equivalents stood at $14.68 million as on Mar. 31, 2015, up 60.66 percent or $5.54 million from $9.13 million on Mar. 31, 2014.
Working capital increases sharply
Knoll, Inc. has recorded an increase in the working capital over the last year. It stood at $123.68 million as at Mar. 31, 2015, up 45.05 percent or $38.41 million from $85.27 million on Mar. 31, 2014. Current ratio was at 1.64 as on Mar. 31, 2015, up from 1.48 on Mar. 31, 2014.
Cash conversion cycle (CCC) has increased to 37 days for the quarter from 28 days for the last year period. Days sales outstanding went up to 21 days for the quarter compared with 19 days for the same period last year.
Days inventory outstanding was almost stable at 38 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went down to 22 days for the quarter from 28 for the same period last year.
Debt remains almost stable
Total debt of Knoll remained almost stable for the quarter at $300 million, when compared with the last year period. Short-term debt stood at $10 million as on Mar. 31, 2015. Interest coverage ratio improved to 11.83 for the quarter from 6.75 for the same period last year.
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