Alico Inc (ALCO) saw its loss narrow to $1.74 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.01 million, or $0.36 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.84 million, or $0.22 a share from a loss of $2.42 million or $0.29 a share, a year ago.
Revenue during the quarter dropped 15.33 percent to $17.44 million from $20.60 million in the previous year period. Gross margin for the quarter expanded 915 basis points over the previous year period to 15.78 percent. Operating margin for the quarter stood at negative 5.93 percent as compared to a negative 12.42 percent for the previous year period.
Operating loss for the quarter was $1.04 million, compared with an operating loss of $2.56 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $3.05 million compared with $2.42 million in the prior year period. At the same time, adjusted EBITDA margin improved 574 basis points in the quarter to 17.49 percent from 11.75 percent in the last year period.
Operating cash flow remains negative
Alico Inc has spent $17.44 million cash to meet operating activities during the quarter as against cash outgo of $14.78 million in the last year period.
The company has spent $1.81 million cash to meet investing activities during the quarter as against cash outgo of $2.85 million in the last year period.
Cash flow from financing activities was $13.75 million for the quarter, down 10.91 percent or $1.68 million, when compared with the last year period.
Cash and cash equivalents stood at $1.13 million as on Dec. 31, 2016, down 65.63 percent or $2.15 million from $3.28 million on Dec. 31, 2015.
Working capital increases marginally
Alico Inc has recorded an increase in the working capital over the last year. It stood at $67.26 million as at Dec. 31, 2016, up 4.31 percent or $2.78 million from $64.48 million on Dec. 31, 2015. Current ratio was at 6.30 as on Dec. 31, 2016, up from 4.67 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 222 days for the quarter from 310 days for the last year period. Days sales outstanding were almost stable at 51 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 196 days for the quarter compared with 278 days for the previous year period. At the same time, days payable outstanding went up to 24 days for the quarter from 18 for the same period last year.
Debt comes down
Alico Inc has recorded a decline in total debt over the last one year. It stood at $215.13 million as on Dec. 31, 2016, down 5.97 percent or $13.65 million from $228.78 million on Dec. 31, 2015. Total debt was 46.69 percent of total assets as on Dec. 31, 2016, compared with 48.78 percent on Dec. 31, 2015. Debt to equity ratio was at 1.22 as on Dec. 31, 2016, down from 1.34 as on Dec. 31, 2015.
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