Immersion Corporation (IMMR) has reported 3,714.13 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $7.02 million, or $0.24 a share in the quarter, compared with $0.18 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $9.94 million, or $0.34 a share compared with $2.25 million or $0.08 a share, a year ago.
Revenue during the quarter surged 83.79 percent to $26.31 million from $14.31 million in the previous year period. Gross margin for the quarter expanded 62 basis points over the previous year period to 99.81 percent. Total expenses were 61.55 percent of quarterly revenues, down from 91.04 percent for the same period last year. This has led to an improvement of 2948 basis points in operating margin to 38.45 percent.
Operating income for the quarter was $10.11 million, compared with $1.28 million in the previous year period.
"We exited the quarter with a strong balance sheet and positive momentum as we expanded our customer base across the markets we serve. The opportunities in front of us continue to increase as haptics is being more broadly adopted than ever, across existing markets as well as new and emerging areas. Immersion’s foundation of innovation and the strength of our patent portfolio makes us uniquely positioned to lead and succeed in this market," said Vic Viegas, chief executive officer of Immersion. "As we enter the fourth quarter, we continue to expect 2016 revenues to be in the range of $55 to $65 million, which we now anticipate generating bottom line results of a net loss between $11 million and $800,000 and between a non-GAAP net loss of $6 million and non-GAAP net income of $4 million."
Working capital increases sharplyImmersion Corporation has recorded an increase in the working capital over the last year. It stood at $83.62 million as at Sep. 30, 2016, up 51.69 percent or $28.49 million from $55.13 million on Sep. 30, 2015. Current ratio was at 5.77 as on Sep. 30, 2016, up from 3.83 on Sep. 30, 2015. Days sales outstanding were almost stable at 8 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding went up to 3302 days for the quarter from 1094 for the same period last year.
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