Clean Diesel Technologies, Inc. (CDTI) saw its loss widen to $7.64 million, or $0.69 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.88 million, or $0.26 a share.
Revenue during the quarter dropped 11.81 percent to $8.56 million from $9.70 million in the previous year period. Gross margin for the quarter contracted 1845 basis points over the previous year period to 10.93 percent. Operating margin for the quarter stood at negative 97.50 percent as compared to a negative 27.03 percent for the previous year period.
Operating loss for the quarter was $8.34 million, compared with an operating loss of $2.62 million in the previous year period.
Matthew Beale, CDTi’s CEO, stated, "In 2016, we completed a comprehensive financial and operational reorganization of CDTi, creating the foundation for our advanced materials and high-value catalyst business. In addition, we secured core commercial partnerships that will drive profitable revenue growth."
Clean Diesel Technologies projects revenue to be in the range of $32 million to $35 million for financial year 2017.
Working capital turns positive
Working capital of Clean Diesel Technologies, Inc. has turned positive to $5.10 million on Dec. 31, 2016 from negative $0.21 million on Dec. 31, 2015. Current ratio was at 1.31 as on Dec. 31, 2016, up from 0.99 on Dec. 31, 2015.
Days sales outstanding went up to 29 days for the quarter compared with 20 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 $3.26 million as on Dec. 31, 2016, down 70.55 percent or $7.81 million from $11.07 million on Dec. 31, 2015. Total debt was 13.13 percent of total assets as on Dec. 31, 2016, compared with 44.11 percent on Dec. 31, 2015. Debt to equity ratio was at 0.38 as on Dec. 31, 2016, down from 25.34 as on Dec. 31, 2015.
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