Straight Path Communications Inc. saw its loss widen to $4.13 million, or $0.34 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $0.63 million, or $0.05 a share.
Revenue during the quarter plunged 90.66 percent to $0.16 million from $1.70 million in the previous year period. Gross margin for the quarter expanded 2013 basis points over the previous year period to 74.21 percent.
Operating loss for the quarter was $4.28 million, compared with an operating loss of $0.69 million in the previous year period.
Davidi Jonas, chief executive officer of Straight Path commented, "I am proud to announce that Straight Path continues to deliver on its strategic objectives and adhere to its mission. We maintain our commitment to operating efficiently in the face of serious challenges." Mr. Jonas concluded, "We are energized by our progress to date, while still cognizant of the challenges we face. As we look to the future, we hope to continue to deliver on our strategic objectives and generate increased value for our stockholders."
Working capital drops significantly
Straight Path Communications Inc. has witnessed a decline in the working capital over the last year. It stood at $9.26 million as at Oct. 31, 2016, down 41.18 percent or $6.48 million from $15.74 million on Oct. 31, 2015. Current ratio was at 5.66 as on Oct. 31, 2016, down from 16.60 on Oct. 31, 2015. Days sales outstanding went up to 37 days for the quarter compared with 4 days for the same period last year.
At the same time, days payable outstanding went up to 1464 days for the quarter from 22 for the same period last year.
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