Amtech Systems, Inc. (ASYS) saw its loss narrow to $0.05 million in the quarter ended compared with $4.02 million, a year ago.
Revenue during the quarter surged 31.99 percent to $29.14 million from $22.07 million in the previous year period. Gross margin for the quarter expanded 200 basis points over the previous year period to 28.98 percent. Operating margin for the quarter stood at negative 0.62 percent as compared to a negative 17.80 percent for the previous year period.
Operating loss for the quarter was $0.18 million, compared with an operating loss of $3.93 million in the previous year period.
Mr. Fokko Pentinga, chief executive officer of Amtech, commented, "A significant portion of the Solar orders in the first quarter were for our new high throughput PECVD and N-type diffusion products. The first quarter shipments included our superior PERC solution that combines SoLayTec's spatial ALD deposition tool and Tempress' high throughput PECVD tool."
For the second-quarter 2017, Amtech Systems, Inc. forecasts revenue to be in the range of $27 million to $30 million.
Operating cash flow remains negative
Amtech Systems, Inc. has spent $3.54 million cash to meet operating activities during the quarter as against cash outgo of $10.75 million in the last year period.
The company has spent $0.08 million cash to meet investing activities during the quarter as against cash inflow of $6.90 million in the last year period.
The company has spent $0.14 million cash to carry out financing activities during the quarter as against cash inflow of $0.65 million in the last year period.
Cash and cash equivalents stood at $23.64 million as on Dec. 31, 2016, up 4.51 percent or $1.02 million from $22.62 million on Dec. 31, 2015.
Working capital decreases marginally
Amtech Systems, Inc. has witnessed a decline in the working capital over the last year. It stood at $45.41 million as at Dec. 31, 2016, down 1.12 percent or $0.51 million from $45.92 million on Dec. 31, 2015. Current ratio was at 2.25 as on Dec. 31, 2016, down from 2.51 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 62 days for the quarter from 145 days for the last year period. Days sales outstanding went down to 84 days for the quarter compared with 92 days for the same period last year.
Days inventory outstanding has decreased to 46 days for the quarter compared with 121 days for the previous year period. At the same time, days payable outstanding was almost stable at 68 days for the quarter, when compared with the previous year period.
Debt remains almost stable
Amtech Systems, Inc. has witnessed an increase in total debt over the last one year. It stood at $10.12 million as on Dec. 31, 2016, up 0.59 percent or $0.06 million from $10.06 million on Dec. 31, 2015. Total debt was 8.73 percent of total assets as on Dec. 31, 2016, compared with 8.87 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.16 as on Dec. 31, 2016, when compared with the last year.
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