Astrotech Corporation (ASTC) saw its loss widen to $2.60 million, or $0.13 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.53 million, or $0.12 a share. Revenue during the quarter plunged 43.91 percent to $0.52 million from $0.93 million in the previous year period. Gross margin for the quarter expanded 683 basis points over the previous year period to 38.65 percent.
Operating loss for the quarter was $2.69 million, compared with an operating loss of $2.70 million in the previous year period.
"In the second quarter, Astrotech achieved important milestones with subsidiaries 1st Detect and Astral Images," stated Thomas B. Pickens III, chairman and chief executive officer of Astrotech Corporation. "1st Detect and its partner, an incumbent TSA explosive trace detection (ETD) systems provider, made great progress on the next-generation system for passenger and carry-on baggage screening at airports and other homeland security operations. During the team’s critical design review in October, 1st Detects OEM-1000 chemical analyzer technology performed according to design specs. Also, 1st Detects collaboration with the University of Texas Health Science Center (UTHSC) on a bedside chemical analyzer for breath analysis is progressing well and we are beginning to test human samples of hospital-acquired pneumonia (HAP).
Working capital drops significantlyAstrotech Corporation has witnessed a decline in the working capital over the last year. It stood at $15.72 million as at Dec. 31, 2016, down 40.43 percent or $10.67 million from $26.40 million on Dec. 31, 2015. Current ratio was at 9.16 as on Dec. 31, 2016, down from 14.95 on Dec. 31, 2015. Cash conversion cycle (CCC) has decreased to 185 days for the quarter from 721 days for the last year period. Days sales outstanding went down to 156 days for the quarter compared with 623 days for the same period last year.
Days inventory outstanding has decreased to 95 days for the quarter compared with 147 days for the previous year period. At the same time, days payable outstanding went up to 66 days for the quarter from 49 for the same period last year.
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