Key Technology Inc (KTEC) saw its loss narrow to $0.22 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.55 million, or $0.09 a share. Revenue during the quarter dropped 4.05 percent to $27.36 million from $28.51 million in the previous year period. Gross margin for the quarter expanded 350 basis points over the previous year period to 33.20 percent. Operating margin for the quarter stood at negative 0.30 percent as compared to a negative 2.25 percent for the previous year period.
Operating loss for the quarter was $0.08 million, compared with an operating loss of $0.64 million in the previous year period.
Jack Ehren, president and chief executive officer stated, “For the 2017 second fiscal quarter and year-to-date, we achieved significantly higher gross margins and improved operating results compared to the same periods in the prior fiscal year, with very similar net sales levels. Net sales for the second quarter of fiscal 2017 were slightly lower than our expectations resulting from shipments and installations that, due to customer-requested schedule changes, were delayed until after the end of the second quarter.”
Working capital increases Key Technology Inc has recorded an increase in the working capital over the last year. It stood at $36.60 million as at Mar. 31, 2017, up 12.55 percent or $4.08 million from $32.52 million on Mar. 31, 2016. Current ratio was at 2.03 as on Mar. 31, 2017, down from 2.15 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 100 days for the quarter from 154 days for the last year period. Days sales outstanding went up to 48 days for the quarter compared with 46 days for the same period last year.
Days inventory outstanding has decreased to 99 days for the quarter compared with 150 days for the previous year period. At the same time, days payable outstanding went up to 47 days for the quarter from 42 for the same period last year.
Debt comes down
Key Technology Inc has recorded a decline in total debt over the last one year. It stood at $4.82 million as on Mar. 31, 2017, down 12.26 percent or $0.67 million from $5.50 million on Mar. 31, 2016. Total debt was 4.63 percent of total assets as on Mar. 31, 2017, compared with 5.70 percent on Mar. 31, 2016. Debt to equity ratio was at 0.08 as on Mar. 31, 2017, down from 0.09 as on Mar. 31, 2016.
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