Avalon Holdings Corporation (AWX) saw its loss widen to $0.93 million, or $0.24 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.91 million, or $0.24 a share.
Revenue during the quarter went down marginally by 2.70 percent to $10.70 million from $11 million in the previous year period. Gross margin for the quarter expanded 295 basis points over the previous year period to 17.28 percent. Operating margin for the quarter stood at negative 8.42 percent as compared to a negative 8.87 percent for the previous year period.
Operating loss for the quarter was $0.90 million, compared with an operating loss of $0.98 million in the previous year period.
Working capital remains negative
Working capital of Avalon Holdings Corp was negative $0.82 million on Mar. 31, 2017 compared with negative $8.57 million on Mar. 31, 2016. Current ratio was at 0.93 as on Mar. 31, 2017, up from 0.57 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 10 days for the quarter from 12 days for the last year period. Days sales outstanding went up to 78 days for the quarter compared with 76 days for the same period last year.
Days inventory outstanding has decreased to 5 days for the quarter compared with 8 days for the previous year period. At the same time, days payable outstanding went up to 73 days for the quarter from 72 for the same period last year.
Debt increases substantially
Avalon Holdings Corp has witnessed an increase in total debt over the last one year. It stood at $12.86 million as on Mar. 31, 2017, up 46.12 percent or $4.06 million from $8.80 million on Mar. 31, 2016. Total debt was 19.82 percent of total assets as on Mar. 31, 2017, compared with 14.41 percent on Mar. 31, 2016. Debt to equity ratio was at 0.32 as on Mar. 31, 2017, up from 0.22 as on Mar. 31, 2016.
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