Astrotech Corporation (ASTC) saw its loss narrow to $2.80 million, or $0.14 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.74 million, or $0.18 a share. Revenue during the quarter surged 109.69 percent to $0.41 million from $0.20 million in the previous year period. Gross margin for the quarter period stood at positive 60.83 percent as compared to a negative 80.61 percent for the previous year period.
Operating loss for the quarter was $2.94 million, compared with an operating loss of $3.94 million in the previous year period.
"In the third quarter, we took important steps at 1st Detect to accelerate our strategy to provide a mass spectrometer-based Explosive Trace Detection solution to the Department of Homeland Security. Our instrument provides far superior detection capabilities compared to existing passenger and baggage screening technologies at airports worldwide,” said Thomas B. Pickens III, chairman and chief executive officer of Astrotech Corporation. “We are also pleased with the progress being made at Astral Images in gaining market acceptance for its Astral HDR ICE product."
Working capital drops significantlyAstrotech Corporation has witnessed a decline in the working capital over the last year. It stood at $14.19 million as at Mar. 31, 2017, down 41.45 percent or $10.05 million from $24.24 million on Mar. 31, 2016. Current ratio was at 8.40 as on Mar. 31, 2017, down from 14.37 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 571 days for the quarter from 1787 days for the last year period. Days sales outstanding went down to 704 days for the quarter compared with 1522 days for the same period last year.
Days inventory outstanding has decreased to 58 days for the quarter compared with 356 days for the previous year period. At the same time, days payable outstanding went up to 191 days for the quarter from 91 for the same period last year.
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