Image Sensing Systems, Inc. (ISNS) saw its loss widen to $0.68 million, or $0.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.27 million, or $0.05 a share.
Revenue during the quarter dropped 19.15 percent to $2.84 million from $3.52 million in the previous year period. Gross margin for the quarter contracted 1822 basis points over the previous year period to 50.72 percent. Operating margin for the quarter stood at negative 25.10 percent as compared to a negative 11.34 percent for the previous year period.
Operating loss for the quarter was $0.71 million, compared with an operating loss of $0.40 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $0.55 million compared to operating loss of $0.23 million in prior year period.
"Shipment of Autoscope Vision, our new intersection product, began in the fourth quarter and the market has responded enthusiastically," said Chad Stelzig, president and chief executive officer for ISS. "The rapid acceptance of the Vision product is a testament to the level of detection performance, product quality, and user experience achieved by our talented engineering staff. Early feedback from the market and preliminary bookings from our partner Econolite, give us optimism that our royalty revenue will continue on this improved trajectory in the quarters to come."
Operating cash flow turns positive
Image Sensing Systems, Inc. has generated cash of $0.45 million from operating activities during the year as against cash outgo of $1.78 million in the last year.
The company has spent $1.42 million cash to meet investing activities during the year as against cash inflow of $1.89 million in the last year.
Cash flow from financing activities was almost stable for the quarter at $0.02 million, when compared with the previous year period.
Cash and cash equivalents stood at $1.55 million as on Dec. 31, 2016, down 41.58 percent or $1.10 million from $2.65 million on Dec. 31, 2015.
Working capital declines
Image Sensing Systems, Inc. has witnessed a decline in the working capital over the last year. It stood at $2.99 million as at Dec. 31, 2016, down 7.59 percent or $0.25 million from $3.23 million on Dec. 31, 2015. Current ratio was at 2.50 as on Dec. 31, 2016, up from 1.90 on Dec. 31, 2015.
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