Intricon Corporation (IIN) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $1.81 million, or $ 0.27 a share in the quarter, against a net profit of $0.81 million, or $0.13 a share in the last year period. Revenue during the quarter dropped 3.73 percent to $17.75 million from $18.44 million in the previous year period. Gross margin for the quarter contracted 342 basis points over the previous year period to 25.91 percent. Operating margin for the quarter stood at negative 2.55 percent as compared to a positive 6.66 percent for the previous year period.
Operating loss for the quarter was $0.45 million, compared with an operating income of $1.23 million in the previous year period.
"Fourth-quarter results reflect our efforts to right size and focus our business to take advantage of the emerging value hearing health opportunity while maximizing our core medical business," said Mark S. Gorder, president and chief executive officer of IntriCon. "We made meaningful progress establishing a new direct-to-consumer distribution channel during the quarter and look forward to a strong first quarter and 2017 in both hearing health and medical."
Working capital drops significantlyIntricon Corporation has witnessed a decline in the working capital over the last year. It stood at $8.46 million as at Dec. 31, 2016, down 25.19 percent or $2.85 million from $11.30 million on Dec. 31, 2015. Current ratio was at 1.63 as on Dec. 31, 2016, down from 1.83 on Dec. 31, 2015.
Debt moves up
Intricon Corporation has witnessed an increase in total debt over the last one year. It stood at $11.63 million as on Dec. 31, 2016, up 18.23 percent or $1.79 million from $9.84 million on Dec. 31, 2015. Total debt was 26.58 percent of total assets as on Dec. 31, 2016, compared with 23.49 percent on Dec. 31, 2015. Debt to equity ratio was at 0.61 as on Dec. 31, 2016, up from 0.52 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
