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28 February, 2024 18:41 IST
EnSync third-quarter loss widens on a YOY basis
Source: IRIS | 24 May, 2017, 11.39AM

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EnSync, Inc (ESNC) saw its loss widen to $4.45 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.95 million, or $0.08 a share.      

Revenue during the quarter plunged 68.46 percent to $0.05 million from $0.16 million in the previous year period.

Operating loss for the quarter was $4.41 million, compared with an operating loss of $3.97 million in the previous year period.

“Solid progress was made during the quarter to set the stage for the remainder of the year and the future,” commented Brad Hansen, President and Chief Executive Officer of EnSync Energy Systems. “The estimated value of our current backlog of projects is approximately $13.4 million, an increase of more than $9 million from the beginning of the calendar year. We recently sold our Oceanic Time Warner project, and have several additional projects now being packaged for sale. Our Hawaii pipeline still dominates our project intake, but we are also getting traction on projects in California and in the Northeastern United States. The velocity of our PPA contracts is improving; the signing of the Kalaeloa Makai PPA this week further strengthens our backlog. This project will benefit the more than 200 residential units at the property. The operational success during the quarter was significant and will be recognized in upcoming quarters.”

Operating cash flow remains negative
EnSync, Inc has spent $4.58 million cash to meet operating activities during the nine month period as against cash outgo of $8.37 million in the last year period.

The company has spent $0.03 million cash to meet investing activities during the nine month period as against cash outgo of $0.55 million in the last year period.

The company has spent $0.18 million cash to carry out financing activities during the nine month period as against cash inflow of $19.97 million in the last year period.

Cash and cash equivalents stood at $12.40 million as on Mar. 31, 2017, down 43.13 percent or $9.40 million from $21.80 million on Mar. 31, 2016.

Working capital drops significantly
EnSync, Inc has witnessed a decline in the working capital over the last year. It stood at $14.28 million as at Mar. 31, 2017, down 53.73 percent or $16.58 million from $30.85 million on Mar. 31, 2016. Current ratio was at 8.72 as on Mar. 31, 2017, down from 13 on Mar. 31, 2016.

Cash conversion cycle (CCC) has increased to 570 days for the quarter from 551 days for the last year period. Days sales outstanding went up to 590 days for the quarter compared with 130 days for the same period last year.

Days inventory outstanding has decreased to 425 days for the quarter compared with 713 days for the previous year period. At the same time, days payable outstanding went up to 446 days for the quarter from 292 for the same period last year.

Debt comes down
EnSync, Inc has recorded a decline in total debt over the last one year. It stood at $
1.14 million as on Mar. 31, 2017, down 22.20 percent or $0.33 million from $1.47 million on Mar. 31, 2016. Total debt was 5.04 percent of total assets as on Mar. 31, 2017, compared with 3.62 percent on Mar. 31, 2016. Debt to equity ratio was at 0.19 as on Mar. 31, 2017, up from 0.06 as on Mar. 31, 2016.    Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]



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