Cartesian, Inc. (CRTN) saw its loss narrow to $0.10 million, or $0.01 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.77 million, or $0.32 a share. On an adjusted basis, net loss for the quarter was $0.25 million, when compared with $0.01 million in the last year period.
Revenue during the quarter plunged 31.59 percent to $15.19 million from $22.20 million in the previous year period. Gross margin for the quarter expanded 788 basis points over the previous year period to 34.30 percent. Operating margin for the quarter stood at negative 2.55 percent as compared to a negative 11.23 percent for the previous year period.
Operating loss for the quarter was $0.39 million, compared with an operating loss of $2.49 million in the previous year period.
However, the adjusted operating income for the quarter stood at $0.27 million compared to $0.28 million in the prior year period. At the same time, adjusted operating margin improved 53 basis points in the quarter to 1.77 percent from 1.24 percent in the last year period.
Cartesian CEO Peter Woodward commented, "The fourth quarter is our seasonally slowest quarter, and I am pleased we were able to report positive non-GAAP adjusted income from operations for the second quarter in a row. We signed two agreements for new North American customers, and were encouraged by the breadth of customer activity in EMEA, laying a foundation for improved future revenue trends. Overall, our mix of business has shifted significantly during 2016, especially in EMEA, a positive indication of potential future profitability."
Operating cash flow remains negative
Cartesian, Inc. has spent $2.36 million cash to meet operating activities during the year as against cash outgo of $2.66 million in the last year.
The company has spent $1.01 million cash to meet investing activities during the year as against cash outgo of $2.75 million in the last year.
Cash flow from financing activities was $0.70 million for the year as against cash outgo of $0.59 million in the last year period.
Cash and cash equivalents stood at $4.13 million as on Dec. 31, 2016, down 39.95 percent or $2.75 million from $6.88 million on Jan. 02, 2016.
Debt moves up
Cartesian, Inc. has witnessed an increase in total debt over the last one year. It stood at $4.04 million as on Dec. 31, 2016, up 23.49 percent or $0.77 million from $3.27 million on Jan. 02, 2016. Management Network Group has witnessed an increase in short-term debt over the last one year. It stood at $4.04 million as on Dec. 31, 2016, up 23.49 percent or $0.77 million from $3.27 million on Jan. 02, 2016.
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