Acorn Energy (ACFN) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.65 million, or $ 0.02 a share in the quarter, against a net loss of $2.76 million, or $0.10 a share in the last year period. Revenue during the quarter plunged 78.60 percent to $0.94 million from $4.40 million in the previous year period. Gross margin for the quarter expanded 1421 basis points over the previous year period to 55.63 percent. Operating margin for the quarter stood at negative 66.24 percent as compared to a negative 21.56 percent for the previous year period.
Operating loss for the quarter was $0.62 million, compared with an operating loss of $0.95 million in the previous year period.
Jan Loeb, chief executive officer of Acorn commented, "Acorn continued to advance its turnaround and strategic repositioning, from closing the sale of GridSense assets, to continued growth at OmniMetrix and maintaining low operating costs - all key steps in our path to positioning Acorn for profitable growth.
Working capital remains negativeWorking capital of Acorn Energy was negative $2.72 million on Sep. 30, 2016 compared with negative $1.11 million on Sep. 30, 2015. Current ratio was at 0.44 as on Sep. 30, 2016, down from 0.94 on Sep. 30, 2015. Cash conversion cycle (CCC) has increased to 173 days for the quarter from 157 days for the last year period. Days sales outstanding went up to 579 days for the quarter compared with 240 days for the same period last year.
Days inventory outstanding has decreased to 26 days for the quarter compared with 42 days for the previous year period. At the same time, days payable outstanding went up to 432 days for the quarter from 126 for the same period last year.
Debt comes down significantly
Acorn Energy has recorded a decline in total debt over the last one year. It stood at $0.05 million as on Sep. 30, 2016, down 98.98 percent or $4.58 million from $4.62 million on Sep. 30, 2015. Acorn Energy has recorded a decline in short-term debt over the last one year. Total debt was 0.55 percent of total assets as on Sep. 30, 2016, compared with 16.72 percent on Sep. 30, 2015. Debt to equity ratio was at 0.02 as on Sep. 30, 2016, down from 1.87 as on Sep. 30, 2015. 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: editor@irisindia.net
