Ultratech, Inc. (UTEK) saw its loss narrow to $1.69 million, or $0.06 a share for the quarter ended Apr. 04, 2015. In the previous year period, the company reported a loss of $6.97 million, or $0.25 a share. Revenue during the quarter surged 32.51 percent to $41.89 million from $31.61 million in the previous year period. Gross margin for the quarter expanded 434 basis points over the previous year period to 45.44 percent. Operating margin for the quarter stood at negative 3.43 percent as compared to a negative 22.74 percent for the previous year period.
Operating loss for the quarter was $1.44 million, compared with an operating loss of $7.19 million in the previous year period.
Arthur W. Zafiropoulo, chairman and chief executive officer, stated, "Our first quarter 2015 results were better than expected, driven primarily by sales of our advanced packaging tools. We believe that our customers depend on Ultratech’s innovative technology and world-class customer service in order to meet their production objectives. We remain confident in our ability to deliver growth going forward."
Working capital decreases marginally
Ultratech, Inc. has witnessed a decline in the working capital over the last year. It stood at $337.44 million as at Apr. 04, 2015, down 1.91 percent or $6.56 million from $344 million on Mar. 29, 2014. Current ratio was at 9.71 as on Apr. 04, 2015, down from 11.93 on Mar. 29, 2014. Cash conversion cycle (CCC) has decreased to 267 days for the quarter from 276 days for the last year period. Days sales outstanding went up to 97 days for the quarter compared with 92 days for the same period last year.
Days inventory outstanding has decreased to 223 days for the quarter compared with 226 days for the previous year period. At the same time, days payable outstanding went up to 53 days for the quarter from 41 for the same period last year.
Debt remains stable
Short-term debt remained stable at $5.12 million as on Apr. 04, 2015, when compared with the last year. Total debt was 1.22 percent of total assets as on Apr. 04, 2015, compared with 1.21 percent on Mar. 29, 2014. Debt to equity ratio was almost stable at 0.01 as on Apr. 04, 2015, when compared with the last year. Interest coverage ratio improved to 46.29 for the quarter from 3,594 for the same period last year.
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