Integer Holdings Corporation swung to a net profit for the quarter ended Dec. 30, 2016. The company has made a net profit of $7.93 million, or $ 0.25 a share in the quarter, against a net loss of $24.91 million, or $0.85 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $27.17 million, or $0.87 a share compared with $27.86 million or $0.92 a share, a year ago. Revenue during the quarter grew 13.23 percent to $359.59 million from $317.57 million in the previous year period. Gross margin for the quarter expanded 280 basis points over the previous year period to 25.83 percent. Operating margin for the quarter period stood at positive 8.62 percent as compared to a negative 3.30 percent for the previous year period.
Operating income for the quarter was $31 million, compared with an operating loss of $10.47 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $70.54 million compared with $69 million in the prior year period. At the same time, adjusted EBITDA margin contracted 211 basis points in the quarter to 19.62 percent from 21.73 percent in the last year period.
"We had solid performance in the fourth quarter and are pleased with the continued operational and financial stabilization of the business," said Thomas J. Hook, Integer’s president and chief executive officer. "The successful steps we have taken to integrate and stabilize our business establish a strong foundation and increase our confidence as we move into 2017. We are well-positioned to drive profitable revenue growth as we seek to deliver innovative, cost-effective solutions to our customers and drive shareholder returns over the long-term."
For fiscal year 2017, Integer Holdings Corporation forecasts revenue to be in the range of $1,390 million to $1,430 million and adjusted revenue to be in the range of $1,390 million to $1,430 million. The company expects diluted earnings per share to be in the range of $1.10 to $1.50. It company expects diluted earnings per share to be in the range of $2.70 to $3.10 on adjusted basis.
Operating cash flow improves significantly
Integer Holdings Corporation has generated cash of $105.53 million from operating activities during the year, up 745.68 percent or $93.05 million, when compared with the last year. The company has spent $63.30 million cash to meet investing activities during the year as against cash outgo of $473.56 million in the last year. It has incurred net capital expenditure of $58.28 million on net basis during the year, up 32.86 percent or $14.42 million from year ago.
The company has spent $72.15 million cash to carry out financing activities during the year as against cash inflow of $467.91 million in the last year period.
Cash and cash equivalents stood at $52.12 million as on Dec. 30, 2016, down 36.81 percent or $30.36 million from $82.48 million on Jan. 01, 2016.
Working capital declines
Integer Holdings Corporation has witnessed a decline in the working capital over the last year. It stood at $332.09 million as at Dec. 30, 2016, down 7.95 percent or $28.68 million from $360.76 million on Jan. 01, 2016. Current ratio was at 2.79 as on Dec. 30, 2016, up from 2.69 on Jan. 01, 2016.
Cash conversion cycle (CCC) has decreased to 51 days for the quarter from 63 days for the last year period. Days sales outstanding went down to 26 days for the quarter compared with 31 days for the same period last year.
Days inventory outstanding has decreased to 38 days for the quarter compared with 47 days for the previous year period. At the same time, days payable outstanding went down to 13 days for the quarter from 16 for the same period last year.
Debt remains almost stable
Integer Holdings Corporation has witnessed an increase in total debt over the last one year. It stood at $1,730.16 million as on Dec. 30, 2016, up 0.94 percent or $16.11 million from $1,714.05 million on Jan. 01, 2016. Total debt was 61.08 percent of total assets as on Dec. 30, 2016, compared with 57.48 percent on Jan. 01, 2016. Debt to equity ratio was at 2.39 as on Dec. 30, 2016, up from 2.02 as on Jan. 01, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
