Data Io Corporation (DAIO) has reported a 42.37 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $0.62 million, or $0.08 a share in the quarter, compared with $0.44 million, or $0.05 a share for the same period last year.
Revenue during the quarter grew 6.97 percent to $6.59 million from $6.16 million in the previous year period. Gross margin for the quarter expanded 384 basis points over the previous year period to 55.30 percent. Total expenses were 90.57 percent of quarterly revenues, down from 92.27 percent for the same period last year. This has led to an improvement of 170 basis points in operating margin to 9.43 percent.
Operating income for the quarter was $0.62 million, compared with $0.48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.86 million compared with $0.64 million in the prior year period. At the same time, adjusted EBITDA margin improved 266 basis points in the quarter to 13.13 percent from 10.47 percent in the last year period.
"We had an outstanding third quarter of 2016 borne out of our investments to develop industry leading programming technologies and successful transition into higher growth sectors while benefiting from the leverage in our model," said Anthony Ambrose, President and CEO of Data I/O Corporation.
Working capital increases marginally
Data Io Corp has recorded an increase in the working capital over the last year. It stood at $14.28 million as at Sep. 30, 2016, up 3.07 percent or $0.42 million from $13.86 million on Sep. 30, 2015. Current ratio was at 3.92 as on Sep. 30, 2016, down from 4.29 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 86 days for the quarter from 153 days for the last year period. Days sales outstanding went down to 61 days for the quarter compared with 64 days for the same period last year.
Days inventory outstanding has decreased to 61 days for the quarter compared with 119 days for the previous year period. At the same time, days payable outstanding went up to 36 days for the quarter from 31 for the same period last year.
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