Imation Corp. (IMN) saw its loss narrow to $7.10 million, or $0.19 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $152.30 million, or $3.70 a share. On the other hand, adjusted net loss for the quarter narrowed to $6 million, or $0.16 a share from a loss of $13.80 million or $0.34 a share, a year ago.

Revenue during the quarter dropped 20.69 percent to $11.50 million from $14.50 million in the previous year period. Gross margin for the quarter expanded 1004 basis points over the previous year period to 45.22 percent.

Operating loss for the quarter was $7.70 million, compared with an operating loss of $104.30 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $6.40 million compared to operating loss of $13.50 million in prior year period.

Imation's Interim chief executive officer, Robert Fernander, commented, "Q3 marked the shift from business stabilization to growth. Increasing gross margins, reduced operating expenses, new product introductions, increased customer satisfaction and revenue growth are key metrics validating Nexsan’s turnaround. Customer acceptance of UNITY and a refreshed E-Series product line exceeded management expectations."
 

Cash conversion cycle (CCC) has decreased to 149 days for the quarter from 276 days for the last year period. Days sales outstanding went down to 443 days for the quarter compared with 530 days for the same period last year.

Days inventory outstanding has decreased to 34 days for the quarter compared with 497 days for the previous year period. At the same time, days payable outstanding went down to 626 days for the quarter from 751 for the same period last year.