American States Water Company (AWR) has reported a 2.66 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $21.64 million, or $0.59 a share in the quarter, compared with $21.08 million, or $0.56 a share for the same period last year.
Revenue during the quarter dropped 6.90 percent to $123.81 million from $132.98 million in the previous year period. Gross margin for the quarter expanded 320 basis points over the previous year period to 65.13 percent. Total expenses were 68 percent of quarterly revenues, down from 69.03 percent for the same period last year. This has led to an improvement of 103 basis points in operating margin to 32 percent.
Operating income for the quarter was $39.62 million, compared with $41.18 million in the previous year period.
Working capital turns negative
Working capital of American States Water Company has turned negative to $42.99 million on Sep. 30, 2016 from positive $11.49 million on Sep. 30, 2015. Current ratio was at 0.76 as on Sep. 30, 2016, down from 1.09 on Sep. 30, 2015.
Days sales outstanding went down to 16 days for the quarter compared with 33 days for the same period last year.
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