Arrhythmia Research Technology (HRT) saw its loss narrow to $0.07 million, or $0.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.27 million, or $0.10 a share.
Revenue during the quarter dropped 9.82 percent to $4.71 million from $5.23 million in the previous year period. Gross margin for the quarter expanded 347 basis points over the previous year period to 17.20 percent. Operating margin for the quarter period stood at positive 0.02 percent as compared to a negative 3.87 percent for the previous year period.
"We continue to work vigorously toward improved market share in sensors. Our continued use of automation and our unique partnerships with suppliers are helping to improve gross margin," commented Salvatore Emma, Jr., president and chief executive officer.
Outlook:
Improved Operating Leverage Mr. Emma concluded, "Micron’s strength is in its talented staff and their expertise in lean manufacturing, tight tolerance machining, injection molding and silver coating. Our OEM customers trust Micron with their brand which is a responsibility we take very seriously and is demonstrated by winning additional orders and new business. As we look forward into 2017, a continued strong sales effort, cost discipline, and our operating leverage will help to improve earnings."
Operating cash flow remains almost stableThe company has spent $1.07 million cash to meet investing activities during the nine month period as against cash outgo of $1.04 million in the last year period. Cash flow from financing activities was $0.15 million for the nine month period, down 39.01 percent or $0.10 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $0.21 million as at Sep. 30, 2016.
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