UniPixel, Inc. (UNXL) saw its loss narrow to $7.13 million, or $0.15 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.41 million, or $0.24 a share. Revenue during the quarter surged 52.59 percent to $1.30 million from $0.85 million in the previous year period.
Operating loss for the quarter was $7.88 million, compared with an operating loss of $6.18 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $6.26 million compared to negative $4.42 million in the prior year second quarter.
Jeff Hawthorne, president and chief executive officer of UniPixel, said, "Several important developments with significant implications for the future of UniPixel took place during the first quarter. We are pleased to have many of our 2016 program wins in early stages of volume production and the factory focused on ramping output for these programs."
Working capital declines
UniPixel, Inc. has witnessed a decline in the working capital over the last year. It stood at $6.58 million as at Mar. 31, 2017, down 20.02 percent or $1.65 million from $8.22 million on Mar. 31, 2016. Current ratio was at 2.07 as on Mar. 31, 2017, down from 3.32 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 15 days for the quarter from 44 days for the last year period. Days sales outstanding went down to 47 days for the quarter compared with 57 days for the same period last year.
Days inventory outstanding has decreased to 10 days for the quarter compared with 16 days for the previous year period. At the same time, days payable outstanding went up to 42 days for the quarter from 29 for the same period last year.
Debt increases substantially
UniPixel, Inc. has witnessed an increase in total debt over the last one year. It stood at $0.72 million as on Mar. 31, 2017, up 60.89 percent or $0.27 million from $0.45 million on Mar. 31, 2016. Long-term debt stood at $0.72 million as on Mar. 31, 2017. Total debt was 5.16 percent of total assets as on Mar. 31, 2017, compared with 2.52 percent on Mar. 31, 2016. Debt to equity ratio was at 0.12 as on Mar. 31, 2017, up from 0.04 as on Mar. 31, 2016.
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