Amtech Systems, Inc. (ASYS) saw its loss narrow to $1.42 million, or $0.11 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.50 million, or $0.11 a share.
Revenue during the quarter surged 46.53 percent to $32.94 million from $22.48 million in the previous year period. Gross margin for the quarter contracted 121 basis points over the previous year period to 25.48 percent. Operating margin for the quarter stood at negative 4.25 percent as compared to a negative 16.04 percent for the previous year period.
Operating loss for the quarter was $1.40 million, compared with an operating loss of $3.61 million in the previous year period.
Mr. Fokko Pentinga, Chief Executive Officer of Amtech, commented, "Our second quarter financial results show that our three segments, solar, semi, and polishing, all contributed to the 46% increase in revenue and the significantly improved operating margin compared to one year ago."
For the third-quarter, Amtech Systems, Inc. forecasts revenue to be in the range of $39 million to $42 million.
Operating cash flow turns positive
Amtech Systems, Inc. has generated cash of $11.59 million from operating activities during the first half as against cash outgo of $6.39 million in the last year period.
The company has spent $0.18 million cash to meet investing activities during the first half as against cash inflow of $11.70 million in the last year period
The company has spent $0.09 million cash to carry out financing activities during the first six months as against cash inflow of $0.60 million in the last year period.
Cash and cash equivalents stood at $38.86 million as on Mar. 31, 2017, up 22.13 percent or $7.04 million from $31.82 million on Mar. 31, 2016.
Working capital remains almost stable
Working capital of Amtech Systems, Inc. remained almost stable for the quarter at $44.60 million, when compared with the previous year period. Current ratio was at 1.79 as on Mar. 31, 2017, down from 2.11 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 59 days for the quarter from 148 days for the last year period. Days sales outstanding went down to 71 days for the quarter compared with 93 days for the same period last year.
Days inventory outstanding has decreased to 38 days for the quarter compared with 126 days for the previous year period. At the same time, days payable outstanding went down to 50 days for the quarter from 71 for the same period last year.
Debt remains almost stable
Total debt of Amtech Systems, Inc. remained almost stable for the quarter at $10.14 million, when compared with the last year period. Total debt was 7.51 percent of total assets as on Mar. 31, 2017, compared with 8.23 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.16 as on Mar. 31, 2017, when compared with the last year.
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