Omnitek Engineering Corporation (OMTK) saw its loss narrow to $0.22 million, or $0.01 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.27 million, or $0.01 a share.
Revenue during the quarter dropped 18.97 percent to $0.36 million from $0.44 million in the previous year period. Gross margin for the quarter contracted 57 basis points over the previous year period to 43.42 percent. Operating margin for the quarter stood at negative 60.95 percent as compared to a negative 62.06 percent for the previous year period.
Operating loss for the quarter was $0.22 million, compared with an operating loss of $0.27 million in the previous year period.
"We remain confident that the domestic shift to natural gas will continue as large domestic trucking fleet operators focus on the environment, the availability of our natural gas "drop-in" engines and the company’s extensive lineup of EPA-approved conversion kits. Equally important, our business in Mexico, Europe and Asia is continuing its expansion" supported by a global focus on environmental and economic considerations," said Werner Funk, president and chief executive officer of Omnitek Engineering Corporation.
Working capital increases sharplyOmnitek Engineering has recorded an increase in the working capital over the last year. It stood at $1,411.61 million as at Sep. 30, 2016, up 70,371.97 percent or $1,409.61 million from $2 million on Sep. 30, 2015. Current ratio was at 3.06 as on Sep. 30, 2016, down from 4.83 on Sep. 30, 2015. Days sales outstanding went up to 4586 days for the quarter compared with 19 days for the same period last year.
Days inventory outstanding has increased to 456896 days for the quarter compared with 829 days for the previous year period.
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