e.Digital Corporation (EDIG) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.07 million in the quarter, against a net loss of $0.36 million in the last year period. Revenues for the quarter were $0.15 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 56.95 percent.
Operating income for the quarter was $0.07 million, compared with an operating loss of $0.36 million in the previous year period.
"In addition to our Nunchi based IoT product development, we are also focusing on cyber security opportunities that leverage the teachings of our Nunchi, SYNAP™ and microSignet™ technologies," commented Fred Falk, president and chief executive officer of eDigital. "The cyber security space is a notoriously difficult space to penetrate without long standing relationships or the financial resources to support product development, but can be very lucrative once a foothold is established. We continue to meet with potential investors and partners that could allow us to bring products to this burgeoning and expansive industry which is expected to grow to $170 billion annually by 2020," concluded Falk.
Working capital drops significantly
e.Digital Corporation has witnessed a decline in the working capital over the last year. It stood at $0.21 million as at Dec. 31, 2016, down 77.59 percent or $0.72 million from $0.92 million on Dec. 31, 2015. Current ratio was at 2.53 as on Dec. 31, 2016, down from 5.59 on Dec. 31, 2015.
At the same time, days payable outstanding went up to 143 days for the quarter from 100 for the same period last year.
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
