Geospace Technologies (GEOS) saw its loss widen to $11.70 million, or $0.89 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $11.04 million, or $0.85 a share. Revenue during the quarter grew 16.35 percent to $15.28 million from $13.14 million in the previous year period. Gross margin for the quarter stood at negative 21.77 percent as compared to a negative 48.73 percent for the previous year period.
Operating loss for the quarter was $11.31 million, compared with an operating loss of $14.69 million in the previous year period.
Walter R. ("Rick") Wheeler, President and Chief executive officer of Geospace Technologies said, “While our first quarter revenue was down 6% sequentially from last year’s fourth quarter, we did realize a revenue increase of 16% from last year’s first quarter.
Operating cash flow remains negative
Geospace Technologies has spent $1.90 million cash to meet operating activities during the quarter as against cash outgo of $2.36 million in the last year period. Cash flow from investing activities was $4.48 million for the quarter as against cash outgo of $2.31 million in the last year period.
Cash flow from financing activities was almost stable for the quarter at $0.05 million, when compared with the previous year period.
Cash and cash equivalents stood at $12.79 million as on Dec. 31, 2016, down 26.58 percent or $4.63 million from $17.42 million on Dec. 31, 2015.
Working capital declines
Geospace Technologies has witnessed a decline in the working capital over the last year. It stood at $159.67 million as at Dec. 31, 2016, down 11.77 percent or $21.30 million from $180.97 million on Dec. 31, 2015. Current ratio was at 16.55 as on Dec. 31, 2016, up from 16.21 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 420 days for the quarter from 792 days for the last year period. Days sales outstanding went down to 183 days for the quarter compared with 230 days for the same period last year.
Days inventory outstanding has decreased to 252 days for the quarter compared with 577 days for the previous year period. At the same time, days payable outstanding was almost stable at 14 days for the quarter, when compared with the previous year period.
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