Clean Diesel Technologies, Inc. (CDTI) saw its loss widen to $3.10 million, or $0.20 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.77 million, or $0.76 a share.
Revenue during the quarter dropped 15.72 percent to $8.21 million from $9.75 million in the previous year period. Gross margin for the quarter contracted 1063 basis points over the previous year period to 17.46 percent. Operating margin for the quarter stood at negative 28.74 percent as compared to a negative 33.01 percent for the previous year period.
Operating loss for the quarter was $2.36 million, compared with an operating loss of $3.22 million in the previous year period.
Matthew Beale, CDTi's chief executive officer, stated, "We are making significant progress in transitioning CDTi to an advanced materials and specialty coating business model, the completion of which we expect by the end of 2017."
For financial year 2017, Clean Diesel Technologies projects revenue to be in the range of $32 million to $35 million.
Working capital turns positive
Working capital of Clean Diesel Technologies, Inc. has turned positive to $2.30 million on Mar. 31, 2017 from negative $1.77 million on Mar. 31, 2016. Current ratio was at 1.18 as on Mar. 31, 2017, up from 0.90 on Mar. 31, 2016. Days sales outstanding went up to 51 days for the quarter compared with 45 days for the same period last year.
Debt comes down significantly
Clean Diesel Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $1.24 million as on Mar. 31, 2017, down 89.40 percent or $10.44 million from $11.68 million on Mar. 31, 2016. Total debt was 6.73 percent of total assets as on Mar. 31, 2017, compared with 47.03 percent on Mar. 31, 2016.
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