AIRGAIN (airg) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $1.10 million, or $ 0.12 a share in the quarter, against a net loss of $0.04 million, or $0.99 a share in the last year period.
Revenue during the quarter surged 35.28 percent to $12.63 million from $9.33 million in the previous year period. Gross margin for the quarter expanded 220 basis points over the previous year period to 43.37 percent. Total expenses were 91.04 percent of quarterly revenues, down from 97.85 percent for the same period last year. This has led to an improvement of 681 basis points in operating margin to 8.96 percent.
Operating income for the quarter was $1.13 million, compared with $0.20 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.44 million compared with $0.84 million in the prior year period. At the same time, adjusted EBITDA margin improved 245 basis points in the quarter to 11.41 percent from 8.96 percent in the last year period.
"2016 was an exciting year for Airgain," said Airgain president and chief executive officer, Charles Myers. "First and foremost, we became a publicly traded company listed on the NASDAQ stock exchange. Operationally, we experienced continued growth in our core gateway and set-top-box markets, while making accelerated progress in some of our key emerging markets, and even expanding into newer markets, like automotive and small cell. This led to impressive results across the board, with our sales up 56%, gross profit up 66%, and adjusted EBITDA more than tripling for the year. On top of that, we generated $2.2 million of net income, or $0.40 per share on a fully diluted basis."
Operating cash flow improves significantlyAIRGAIN has generated cash of $4.67 million from operating activities during the year, up 152.55 percent or $2.82 million, when compared with the last year. The company has spent $0.28 million cash to meet investing activities during the year as against cash outgo of $4.13 million in the last year.
Cash flow from financing activities was $35.43 million for the year, up 779.38 percent or $31.40 million, when compared with the last year.
Cash and cash equivalents stood at $45.16 million as on Dec. 31, 2016, up 746.37 percent or $39.83 million from $5.34 million on Dec. 31, 2015.
Debt comes down significantly
AIRGAIN has recorded a decline in total debt over the last one year. It stood at $2.72 million as on Dec. 31, 2016, down 37.38 percent or $1.62 million from $4.35 million on Dec. 31, 2015. Interest coverage ratio improved to 30.68 for the quarter from 13.82 for the same period last year.
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