Image Sensing Systems, Inc. (ISNS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $0.20 million, or $ 0.04 a share in the quarter, against a net loss of $0.29 million, or $0.06 a share in the last year period.
Revenue during the quarter dropped 4.76 percent to $3.08 million from $3.24 million in the previous year period. Gross margin for the quarter expanded 779 basis points over the previous year period to 79.44 percent. Operating margin for the quarter period stood at positive 6.42 percent as compared to a negative 8.93 percent for the previous year period.
Operating income for the quarter was $0.20 million, compared with an operating loss of $0.29 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $0.35 million compared to operating loss of $0.09 million in prior year period.
"It has been seven years since the company has posted a profitable first quarter. It is rewarding to see the hard work and discipline of the ISS team," said Chad Stelzig, president and chief executive officer for ISS. "While we are pleased with the results, we are not satisfied. Investment into new technology development, improved customer engagement initiatives, and continued collaboration with our partners will continue to promote profitable growth," concluded Mr. Stelzig.
Operating cash flow turns positive
Image Sensing Systems, Inc. has generated cash of $0.69 million from operating activities during the quarter as against cash outgo of $0.62 million in the last year period. The company has spent $0.13 million cash to meet investing activities during the quarter as against cash outgo of $0.62 million in the last year period.
Cash and cash equivalents stood at $2.12 million as on Mar. 31, 2017, up 51.10 percent or $0.72 million from $1.40 million on Mar. 31, 2016.
Working capital increases
Image Sensing Systems, Inc. has recorded an increase in the working capital over the last year. It stood at $3.19 million as at Mar. 31, 2017, up 11.45 percent or $0.33 million from $2.86 million on Mar. 31, 2016. Current ratio was at 2.42 as on Mar. 31, 2017, up from 2.23 on Mar. 31, 2016.
Cash conversion cycle (CCC) has increased to 52 days for the quarter from 14 days for the last year period. Days sales outstanding went up to 86 days for the quarter compared with 78 days for the same period last year.
Days inventory outstanding has decreased to 16 days for the quarter compared with 51 days for the previous year period. At the same time, days payable outstanding went up to 153 days for the quarter from 116 for the same period last year.
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