Intelligent Systems Corporation (INS) saw its loss narrow to $0.46 million, or $0.05 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.94 million, or $0.11 a share.
Revenue during the quarter grew 6.38 percent to $1.75 million from $1.65 million in the previous year period. Gross margin for the quarter contracted 837 basis points over the previous year period to 48.46 percent. Operating margin for the quarter stood at negative 28.42 percent as compared to a negative 21.92 percent for the previous year period.
Operating loss for the quarter was $0.50 million, compared with an operating loss of $0.36 million in the previous year period.
"Last year in the 1st Quarter press release, I mentioned we had grown our workforce to nearly 250 employees," stated J. Leland Strange, chief executive officer. "This year (as of the 1st Quarter) we have approximately 295 employees so we continue to expand to be able to support the business coming our way. The opportunities to be the 'system of record' for evolving FinTech businesses is driving our need to continue with R&D investments to stay ahead of our competition. CoreCard offers a unique combination of flexible transaction processing benefits that is adaptable worldwide."
Working capital declines
Intelligent Systems Corporation has witnessed a decline in the working capital over the last year. It stood at $16.58 million as at Mar. 31, 2017, down 8.87 percent or $1.62 million from $18.20 million on Mar. 31, 2016. Current ratio was at 7.85 as on Mar. 31, 2017, up from 6.94 on Mar. 31, 2016. Days sales outstanding went down to 44 days for the quarter compared with 53 days for the same period last year.
At the same time, days payable outstanding went down to 9 days for the quarter from 17 for the same period last year.
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