Ironclad Performance Wear Corporation (ICPW) saw its loss widen to $0.77 million, or $0.01 a share for the quarter ended Mar. 31, 2017. Ironclad Performance Wear Corporation (ICPW) saw its loss widen to $0.77 million in the quarter ended compared with $0.36 million a year ago.
Revenue during the quarter dropped 11.65 percent to $4.46 million from $5.05 million in the previous year period. Gross margin for the quarter contracted 119 basis points over the previous year period to 34.89 percent. Operating margin for the quarter stood at negative 15.53 percent as compared to a negative 6.40 percent for the previous year period.
Operating loss for the quarter was $0.69 million, compared with an operating loss of $0.32 million in the previous year period.
Ironclad's Chief Executive Officer, Jeffrey Cordes, commented: "As we have stated on numerous occasions, especially with large customers, both ours directly and those of our distributors, we have experienced and will continue to have quarterly fluctuations in our revenue totals. Our focus must be on our full year results that balance out these fluctuations and present a better view of the overall performance of our company. We are working closely with Performance on Hand, our Australian distributor and are excited about the line offering being presented to Bunnings, a long time major buyer of Ironclad products."
Working capital declines
Ironclad Performance Wear Corp has witnessed a decline in the working capital over the last year. It stood at $7.94 million as at Mar. 31, 2017, down 17.93 percent or $1.73 million from $9.67 million on Mar. 31, 2016. Current ratio was at 2.17 as on Mar. 31, 2017, up from 2.03 on Mar. 31, 2016.
Days sales outstanding went down to 145 days for the quarter compared with 155 days for the same period last year.
Days inventory outstanding has decreased to 123 days for the quarter compared with 225 days for the previous year period.
Debt comes down
Ironclad Performance Wear Corp has recorded a decline in total debt over the last one year. It stood at $4.48 million as on Mar. 31, 2017, down 24.33 percent or $1.44 million from $5.93 million on Mar. 31, 2016. Ironclad Performance Wear Corp has recorded a decline in short-term debt over the last one year. It stood at $4.48 million as on Mar. 31, 2017, down 24.33 percent or $1.44 million from $5.93 million on Mar. 31, 2016. Total debt was 27.82 percent of total assets as on Mar. 31, 2017, compared with 27.64 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.48 as on Mar. 31, 2017, when compared with the last year.
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