Xplore Technologies Corporation (XPLR) has reported 72.14 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.22 million, or $0.02 a share in the quarter, compared with $0.79 million, or $0.07 a share for the same period last year.
Revenue during the quarter dropped 9.34 percent to $24.50 million from $27.02 million in the previous year period. Gross margin for the quarter contracted 531 basis points over the previous year period to 27.41 percent. Total expenses were 98.19 percent of quarterly revenues, up from 95.31 percent for the same period last year. That has resulted in a contraction of 288 basis points in operating margin to 1.81 percent.
Operating income for the quarter was $0.44 million, compared with $1.27 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.82 million compared with $1.98 million in the prior year period. At the same time, adjusted EBITDA margin contracted 398 basis points in the quarter to 3.36 percent from 7.34 percent in the last year period.
"We are pleased to report a profitable fiscal third quarter, including GAAP net income of $0.02 per share, on 22% sequential revenue growth and continued lower operating expenses," said Philip Sassower, chairman and chief executive officer. "In addition to fulfillment of the largest purchase order in company history with a top US telecommunications customer, we also secured a number of follow-on orders from customers in multiple end markets. These include our second follow-on order in six months from another major telecommunications customer, our second follow-on order this year from a top-10 US electric utility customer, and an initial 1,000-unit OEM order from CLS America, among others."
Operating cash flow remains negativeXplore Technologies Corporation has spent $4.79 million cash to meet operating activities during the nine month period as against cash outgo of $4.91 million in the last year period. The company has spent $1.91 million cash to meet investing activities during the nine month period as against cash inflow of $0.01 million in the last year period
Cash flow from financing activities was $5.21 million for the nine month period as against cash outgo of $8.52 million in the last year period.
Cash and cash equivalents stood at $4.10 million as on Dec. 31, 2016, down 32.08 percent or $1.94 million from $6.04 million on Dec. 31, 2015.
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