Delta Tucker Holdings Inc (DTH) saw its loss narrow to $7.27 million in the quarter ended compared with $15.75 million, a year ago.
Revenue during the quarter grew 4.92 percent to $503.43 million from $479.81 million in the previous year period. Gross margin for the quarter expanded 69 basis points over the previous year period to 11.59 percent. Total expenses were 98.13 percent of quarterly revenues, down from 99.73 percent for the same period last year. This has led to an improvement of 159 basis points in operating margin to 1.87 percent.
Operating income for the quarter was $9.39 million, compared with $1.32 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.47 million compared with $26.71 million in the prior year period. At the same time, adjusted EBITDA margin contracted 31 basis points in the quarter to 5.26 percent from 5.57 percent in the last year period.
“Our team delivered a solid third quarter,” said Lou Von Thaer, chief executive officer. “Streamlining the organization into three business units makes us more competitive, more responsive to our customers and keeps us on a path of growth.”
Operating cash flow turns positive
Delta Tucker Holdings Inc has generated cash of $24.68 million from operating activities during the nine month period as against cash outgo of $25.52 million in the last year period.
The company has spent $19.85 million cash to meet investing activities during the nine month period as against cash outgo of $0.94 million in the last year period.
The company has spent $14.67 million cash to carry out financing activities during the nine month period as against cash outgo of $1.99 million in the last year period.
Cash and cash equivalents stood at $98.94 million as on Sep. 30, 2016, up 50.94 percent or $33.39 million from $65.55 million on Sep. 25, 2015.
Working capital increases sharply
Delta Tucker Holdings Inc has recorded an increase in the working capital over the last year. It stood at $148.46 million as at Sep. 30, 2016, up 457.18 percent or $121.82 million from $26.65 million on Sep. 25, 2015. Current ratio was at 1.43 as on Sep. 30, 2016, up from 1.05 on Sep. 25, 2015.
Days sales outstanding went down to 74 days for the quarter compared with 82 days for the same period last year.
Debt comes down marginally
Delta Tucker Holdings Inc has recorded a decline in total debt over the last one year. It stood at $630.68 million as on Sep. 30, 2016, down 1.80 percent or $11.59 million from $642.27 million on Sep. 25, 2015. Total debt was 92.05 percent of total assets as on Sep. 30, 2016, compared with 80.66 percent on Sep. 25, 2015. Interest coverage ratio improved to 0.46 for the quarter from 0.08 for the same period last year.
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