Superconductor Technologies (SCON) saw its loss widen to $2.87 million, or $0.93 a share for the quarter ended Oct. 01, 2016. In the previous year period, the company reported a loss of $2.37 million, or $2.08 a share.
Revenue during the quarter plunged 75.82 percent to $0.02 million from $0.09 million in the previous year period.
Operating loss for the quarter was $2.85 million, compared with an operating loss of $2.89 million in the previous year period.
"In the third quarter, STI's HTS wire program focused on demonstrating our market leading critical current performance when using our strengthened wire template," stated Jeff Quiram, STI's president and chief executive officer. "We significantly improved our Conductus® wire performance during the quarter, attaining approximately 80% of our goal while maintaining our target properties for mechanical strength. Once the full specification is achieved, we plan to ship wire promptly to key customers to complete existing qualification orders."
Operating cash flow remains negative
Superconductor Technologies has spent $5.97 million cash to meet operating activities during the nine month period as against cash outgo of $6.22 million in the last year period.
Cash flow from financing activities was $1.90 million for the nine month period, down 69.76 percent or $4.38 million, when compared with the last year period.
Cash and cash equivalents stood at $3.40 million as on Oct. 01, 2016, up 191.67 percent or $2.23 million from $1.16 million on Sep. 26, 2015.
Working capital increases sharply
Superconductor Technologies has recorded an increase in the working capital over the last year. It stood at $2.50 million as at Oct. 01, 2016, up 468.56 percent or $2.06 million from $0.44 million on Sep. 26, 2015. Current ratio was at 3.29 as on Oct. 01, 2016, up from 1.40 on Sep. 26, 2015.
Days sales outstanding went up to 91 days for the quarter compared with 38 days for the same period last year.
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