Lantronix, Inc. (LTRX) saw its loss narrow to $0.16 million, or $0.01 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.46 million, or $0.03 a share. On an adjusted basis, net profit for the quarter was $0.48 million, when compared with $0.19 million in the last year period. Revenue during the quarter grew 15.66 percent to $11.52 million from $9.96 million in the previous year period. Gross margin for the quarter expanded 757 basis points over the previous year period to 55.52 percent. Operating margin for the quarter stood at negative 1.23 percent as compared to a negative 4.37 percent for the previous year period.
Operating loss for the quarter was $0.14 million, compared with an operating loss of $0.44 million in the previous year period.
"I'm pleased to report that we delivered 16% year-over-year topline growth, as well as our fifth consecutive quarter of non-GAAP net income," said Jeffrey Benck, Lantronix president and chief executive officer. "During the third quarter, we continued to gain market share in the management console business, as we more than doubled the revenue of our SLC 8000 product family over the third quarter of FY 2016. With the unveiling of our MACH10 IOT management platform strategy, we continued to demonstrate our commitment to delivering complete solutions for the IoT market and making progress against our strategic plan."
Working capital increases sharply
Lantronix, Inc. has recorded an increase in the working capital over the last year. It stood at $9.93 million as at Mar. 31, 2017, up 41.08 percent or $2.89 million from $7.04 million on Mar. 31, 2016. Current ratio was at 2.13 as on Mar. 31, 2017, up from 1.85 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 44 days for the quarter from 117 days for the last year period. Days sales outstanding went down to 23 days for the quarter compared with 29 days for the same period last year.
Days inventory outstanding has decreased to 67 days for the quarter compared with 133 days for the previous year period. At the same time, days payable outstanding went up to 46 days for the quarter from 45 for the same period last year.
Debt comes down significantly
Lantronix, Inc. has recorded a decline in total debt over the last one year. It stood at $0.07 million as on Mar. 31, 2017, down 91.49 percent or $0.76 million from $0.83 million on Mar. 31, 2016. Total debt was 0.24 percent of total assets as on Mar. 31, 2017, compared with 3.15 percent on Mar. 31, 2016.
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