Nanophase Technologies Corporation (NANX) saw its loss widen to $0.43 million, or $0.01 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.15 million, or $0.01 a share.
Revenue during the quarter dropped 9.50 percent to $2.52 million from $2.79 million in the previous year period. Gross margin for the quarter contracted 472 basis points over the previous year period to 26.97 percent. Operating margin for the quarter stood at negative 16.74 percent as compared to a negative 5.43 percent for the previous year period.
Operating loss for the quarter was $0.42 million, compared with an operating loss of $0.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.24 million compared with $0.08 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 9.49 percent for the quarter compared to 2.77 percent in the last year period.
"The timing of shipments impacts any particular quarter," commented Nanophase chief executive officer and president Jess Jankowski. "But the overall direction is strong. Just as the first quarter was lighter and we made up for it in the second quarter, our third quarter shipments were on the low side and we expect to see some of that volume added to the fourth quarter."
Working capital increases sharply
Nanophase Technologies Corporation has recorded an increase in the working capital over the last year. It stood at $2.66 million as at Sep. 30, 2016, up 29.82 percent or $0.61 million from $2.05 million on Sep. 30, 2015. Current ratio was at 2.94 as on Sep. 30, 2016, up from 2.30 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 36 days for the quarter from 43 days for the last year period. Days sales outstanding went up to 53 days for the quarter compared with 51 days for the same period last year.
Days inventory outstanding has decreased to 16 days for the quarter compared with 28 days for the previous year period. At the same time, days payable outstanding went down to 33 days for the quarter from 36 for the same period last year.
Debt comes down significantly
Nanophase Technologies Corporation has recorded a decline in total debt over the last one year. It stood at $0.17 million as on Sep. 30, 2016, down 57.57 percent or $0.23 million from $0.40 million on Sep. 30, 2015. Total debt was 3.03 percent of total assets as on Sep. 30, 2016, compared with 7.10 percent on Sep. 30, 2015. Debt to equity ratio was at 0.05 as on Sep. 30, 2016, down from 0.13 as on Sep. 30, 2015.
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