Research Frontiers Inc. (REFR) saw its loss narrow to $4.24 million, or $0.18 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.28 million, or $0.18 a share.
Revenue during the year plunged 38.43 percent to $1.24 million from $2.01 million in the previous year.
Operating loss for the year was $4.27 million, compared with an operating loss of $4.32 million in the previous year.
Operating cash flow remains negative
Research Frontiers Inc. has spent $4.01 million cash to meet operating activities during the year as against cash outgo of $3.58 million in the last year.
The company has spent $0.02 million cash to meet investing activities during the year as against cash inflow of $1.18 million in the last year.
Cash and cash equivalents stood at $1.69 million as on Dec. 31, 2016, down 70.39 percent or $4.02 million from $5.71 million on Dec. 31, 2015.
Working capital drops significantly
Research Frontiers Inc. has witnessed a decline in the working capital over the last year. It stood at $4.22 million as at Dec. 31, 2016, down 48.58 percent or $3.99 million from $8.21 million on Dec. 31, 2015. Current ratio was at 12.43 as on Dec. 31, 2016, down from 18.53 on Dec. 31, 2015.
Days sales outstanding went up to 165 days for the year compared with 120 days for the same period last year.
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