eMagin Corporation (EMAN) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $2 million in the quarter, against a net profit of $0.01 million in the last year period. Revenue during the quarter dropped 13.31 percent to $6.07 million from $7 million in the previous year period. Gross margin for the quarter contracted 1768 basis points over the previous year period to 29.96 percent. Operating margin for the quarter stood at negative 32.61 percent as compared to a positive 0.31 percent for the previous year period.
Operating loss for the quarter was $1.98 million, compared with an operating income of $0.02 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.26 million compared with $0.61 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 20.83 percent for the quarter compared to 8.66 percent in the last year period.
"Our overarching focus is to advance our projects with our strategic partners," commented Andrew Sculley, president and chief executive officer. "We have been in active discussions with high volume manufacturers to join us and our consumer electronics partners to fund and build the production capacity to handle the volumes required for the commercial market. Our objective is to align the display performance demands of these companies, which our products achieve, with a mass production partner who can execute at the volumes and cost levels required."
Working capital drops significantly
eMagin Corporation has witnessed a decline in the working capital over the last year. It stood at $9.10 million as at Mar. 31, 2017, down 36.93 percent or $5.33 million from $14.43 million on Mar. 31, 2016. Current ratio was at 2.12 as on Mar. 31, 2017, down from 3.98 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 109 days for the quarter from 128 days for the last year period. Days sales outstanding went up to 68 days for the quarter compared with 64 days for the same period last year.
Days inventory outstanding has decreased to 84 days for the quarter compared with 105 days for the previous year period. At the same time, days payable outstanding went up to 44 days for the quarter from 41 for the same period last year.
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