MOCON, Inc. (MOCO) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.03 million in the quarter, against a net profit of $0.49 million in the last year period.
Revenue during the quarter grew 5.20 percent to $15.50 million from $14.73 million in the previous year period. Gross margin for the quarter expanded 89 basis points over the previous year period to 55.91 percent. Total expenses were 94.72 percent of quarterly revenues, down from 94.82 percent for the same period last year. This has led to an improvement of 10 basis points in operating margin to 5.28 percent.
Operating income for the quarter was $0.82 million, compared with $0.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.69 million compared with $1.64 million in the prior year period. At the same time, adjusted EBITDA margin contracted 23 basis points in the quarter to 10.89 percent from 11.12 percent in the last year period.
Operating cash flow improves significantly
MOCON, Inc. has generated cash of $3.06 million from operating activities during the quarter, up 3,186.02 percent or $2.96 million, when compared with the last year period.
The company has spent $0.19 million cash to meet investing activities during the quarter as against cash outgo of $0.10 million in the last year period.
Cash flow from financing activities was $0.70 million for the quarter as against cash outgo of $0.58 million in the last year period.
Cash and cash equivalents stood at $11.16 million as on Mar. 31, 2017, up 87.22 percent or $5.20 million from $5.96 million on Mar. 31, 2016.
Working capital increases
MOCON, Inc. has recorded an increase in the working capital over the last year. It stood at $17.81 million as at Mar. 31, 2017, up 12.36 percent or $1.96 million from $15.85 million on Mar. 31, 2016. Current ratio was at 2.36 as on Mar. 31, 2017, down from 2.60 on Mar. 31, 2016.
Days sales outstanding went down to 57 days for the quarter compared with 60 days for the same period last year.
Days inventory outstanding has decreased to 49 days for the quarter compared with 107 days for the previous year period.
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