LMI Aerospace Inc. (LMIA) saw its loss widen to $6.47 million, or $0.49 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.76 million, or $0.14 a share. Revenue during the quarter dropped 4.02 percent to $83.82 million from $87.33 million in the previous year period. Gross margin for the quarter contracted 374 basis points over the previous year period to 14.84 percent. Operating margin for the quarter stood at negative 1.08 percent as compared to a positive 3.93 percent for the previous year period.
Operating loss for the quarter was $0.91 million, compared with an operating income of $3.43 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $6.87 million compared with $10.14 million in the prior year period. At the same time, adjusted EBITDA margin contracted 342 basis points in the quarter to 8.19 percent from 11.61 percent in the last year period.
"Expected sales growth within our Aerostructures segment began to materialize in the first quarter of 2017," said LMI Aerospace chief executive officer Dan Korte. "We secured additional work on the Boeing 777X platform, bringing our total new content up to $224,000 per shipset. Even with this significant expansion of our content on this aircraft, we see opportunities to continue to grow our 777 work through new bids and by extending existing content.
Operating cash flow remains negativeLMI Aerospace Inc. has spent $16.37 million cash to meet operating activities during the quarter as against cash outgo of $7.24 million in the last year period. The company has spent $8.10 million cash to meet investing activities during the quarter as against cash outgo of $2.41 million in the last year period.
Cash flow from financing activities was $22.70 million for the quarter, up 3,741.46 percent or $22.11 million, when compared with the last year period.
Cash and cash equivalents stood at $0.72 million as on Mar. 31, 2017, down 49.76 percent or $0.72 million from $1.44 million on Mar. 31, 2016.
Working capital increases marginally
LMI Aerospace Inc. has recorded an increase in the working capital over the last year. It stood at $139.49 million as at Mar. 31, 2017, up 2.29 percent or $3.12 million from $136.37 million on Mar. 31, 2016. Current ratio was at 3.53 as on Mar. 31, 2017, down from 4.10 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 112 days for the quarter from 183 days for the last year period. Days sales outstanding went up to 58 days for the quarter compared with 54 days for the same period last year.
Days inventory outstanding has decreased to 82 days for the quarter compared with 150 days for the previous year period. At the same time, days payable outstanding went up to 28 days for the quarter from 21 for the same period last year.
Debt moves up marginally
LMI Aerospace Inc. has witnessed an increase in total debt over the last one year. It stood at $263.20 million as on Mar. 31, 2017, up 4.90 percent or $12.29 million from $250.91 million on Mar. 31, 2016. Total debt was 65.99 percent of total assets as on Mar. 31, 2017, compared with 60.53 percent on Mar. 31, 2016. Debt to equity ratio was at 3.26 as on Mar. 31, 2017, up from 2.13 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
