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EuroSite Power Inc. (EUSP) saw its loss widen to $0.58 million, or $0.01 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.46 million, or $0.01 a share.
Revenue during the quarter grew 8.80 percent to $0.46 million from $0.42 million in the previous year period. Gross margin for the quarter period stood at positive 8.46 percent as compared to a negative 10.80 percent for the previous year period.
Operating loss for the quarter was $0.58 million, compared with an operating loss of $0.45 million in the previous year period.
chief executive officer Dr. Elias Samaras noted, "These are exciting times at EuroSite Power, via a series of transactions executed over the last several months we are now a fully independent company. As such, the third quarter was about investing for growth. We have the in-house maintenance, gas purchase arrangement, and project financing agreements as well as an improved balance sheet. This has positioned the Company to actively pursue larger projects as well as acquisitions alongside geographic expansion. While these projects take time to develop, I am confident we have the pieces in place to deliver strong growth for shareholders going forward."
Operating cash flow remains negative
The company has spent $0.82 million cash to meet investing activities during the nine month period as against cash outgo of $1.57 million in the last year period.
Cash flow from financing activities was $5.60 million for the nine month period as against cash outgo of $1 million in the last year period.
Cash and cash equivalents stood at $4.60 million as on Sep. 30, 2016, up 282.55 percent or $3.40 million from $1.20 million on Sep. 30, 2015.
Working capital turns positive
Working capital of EuroSite Power Inc. has turned positive to $4.55 million on Sep. 30, 2016 from negative $1.12 million on Sep. 30, 2015. Current ratio was at 9.11 as on Sep. 30, 2016, up from 0.60 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 4 days for the quarter from 11 days for the last year period. Days sales outstanding went down to 48 days for the quarter compared with 56 days for the same period last year.
Days inventory outstanding was almost stable at 21 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went down to 65 days for the quarter from 89 for the same period last year.
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