Communications Systems inc (JCS) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $1.26 million, or $ 0.14 a share in the quarter, against a net profit of $1.28 million, or $0.15 a share in the last year period.
Revenue during the quarter dropped 20.56 percent to $25.62 million from $32.25 million in the previous year period. Gross margin for the quarter contracted 621 basis points over the previous year period to 26.12 percent. Operating margin for the quarter stood at negative 4.59 percent as compared to a positive 1.34 percent for the previous year period.
Operating loss for the quarter was $1.18 million, compared with an operating income of $0.43 million in the previous year period.
CSI’s chief executive officer Roger H.D. Lacey commented, “In Q3 2016, we continued to grow new product sales at our manufacturing businesses, implemented corporate and business unit cost reductions and achieved company-wide operational improvements through our Lean Six Sigma initiative, “OneCSI.” This quarter Transition Networks demonstrated the significant potential of our cost-reduction efforts, reporting an 80% year-over-year increase in operating income on roughly flat year-over-year revenue growth. We remain optimistic that the right-sizing initiatives we implemented at Suttle similarly will lead to operating improvement in 2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
