Innovative Solutions & Support, Inc. (ISSC) saw its loss widen to $1.19 million, or $0.07 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.22 million, or $0.01 a share.
Revenue during the quarter plunged 48.87 percent to $3.37 million from $6.58 million in the previous year period. Gross margin for the quarter contracted 468 basis points over the previous year period to 45.69 percent. Operating margin for the quarter stood at negative 47.40 percent as compared to a negative 4.69 percent for the previous year period.
Operating loss for the quarter was $1.60 million, compared with an operating loss of $0.31 million in the previous year period.
Geoffrey Hedrick, chairman and chief executive officer of IS&S, said, "Our disappointment in program delays with the resulting revenue impact is partially mitigated by a pick-up in new orders and continued progress with the new products we are developing in anticipation of the implementation of NextGen mandates."
Working capital remains almost stable
Innovative Solutions & Support, Inc. has recorded an increase in the working capital over the last year. It stood at $24.66 million as at Dec. 31, 2016, up 0.76 percent or $0.19 million from $24.48 million on Dec. 31, 2015. Current ratio was at 6.72 as on Dec. 31, 2016, up from 4.94 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 186 days for the quarter from 172 days for the last year period. Days sales outstanding went up to 160 days for the quarter compared with 100 days for the same period last year.
Days inventory outstanding has decreased to 106 days for the quarter compared with 128 days for the previous year period. At the same time, days payable outstanding went up to 79 days for the quarter from 56 for the same period last year.
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