Abtech Holdings, Inc. (ABHD) saw its loss narrow to $0.56 million in the quarter ended compared with $4.74 million, a year ago.
Revenue during the quarter grew 6.33 percent to $0.15 million from $0.14 million in the previous year period. Gross margin for the quarter expanded 553 basis points over the previous year period to 28.92 percent.
Operating loss for the quarter was $0.61 million, compared with an operating loss of $1.46 million in the previous year period.
"2016 was a rough year as we worked to transition the sales effort. During 2016, we expanded the Company's capabilities and addressable markets, reestablished our presence at the most notable and heavily trafficked trade shows, reengaged in active marketing and social media presence, and began to open customer dialog and relationships that we anticipate could yield positive results in 2017," commented Jeff Gutierrez, AbTech's Vice president of sales. "We firmly believe that as our distribution channels mature, economic conditions improve, and targeted market applications are validated and accepted, AbTech will be able to generate significant revenue growth."
Working capital remains negative
Working capital of Abtech Holdings, Inc. was negative $6.53 million on Dec. 31, 2016 compared with negative $1.71 million on Dec. 31, 2015. Current ratio was at 0.07 as on Dec. 31, 2016, down from 0.41 on Dec. 31, 2015.
Debt moves up
Abtech Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $1.18 million as on Dec. 31, 2016, up 7.53 percent or $0.08 million from $1.10 million on Dec. 31, 2015. Abtech Holdings, Inc. has witnessed an increase in short-term debt over the last one year. It stood at $1.18 million as on Dec. 31, 2016, up 7.53 percent or $0.08 million from $1.10 million on Dec. 31, 2015. Total debt was 207.68 percent of total assets as on Dec. 31, 2016, compared with 85.89 percent on Dec. 31, 2015.
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