Intermolecular, Inc. (IMI) saw its loss widen to $5.84 million, or $0.12 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.68 million, or $0.03 a share. On the other hand, adjusted net loss for the quarter widened to $5.18 million, or $0.10 a share from a loss of $0.56 million or $0.01 a share, a year ago. Revenue during the quarter plunged 31.50 percent to $9.94 million from $14.52 million in the previous year period. Gross margin for the quarter expanded 300 basis points over the previous year period to 69.96 percent. Operating margin for the quarter stood at negative 60.20 percent as compared to a negative 11.88 percent for the previous year period.
Operating loss for the quarter was $5.99 million, compared with an operating loss of $1.72 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $5.33 million compared to operating loss of $0.60 million in prior year period.
"We are pleased to report that our customer engagement efforts have succeeded in bringing in 3 new customers with contracts signed this year. Our pipeline has deepened with additional opportunities that leverage our core capabilities for materials innovation particularly in the semiconductor ecosystem,” said Chris Kramer, president and chief executive officer of Intermolecular. "The restructuring that we implemented in March 2017 has enabled IMI to become a leaner and more nimble organization. Our reduced cost structure coupled with our new customer relationships position us well for future growth and profitability."
Operating cash flow remains negativeIntermolecular, Inc. has spent $0.95 million cash to meet operating activities during the quarter as against cash outgo of $2.51 million in the last year period. Cash flow from investing activities was $2.82 million for the quarter, down 61.22 percent or $4.46 million, when compared with the last year period.
Cash and cash equivalents stood at $7.63 million as on Mar. 31, 2017, down 55.49 percent or $9.51 million from $17.14 million on Mar. 31, 2016.
Working capital declines
Intermolecular, Inc. has witnessed a decline in the working capital over the last year. It stood at $25.59 million as at Mar. 31, 2017, down 11.49 percent or $3.32 million from $28.91 million on Mar. 31, 2016. Current ratio was at 4.64 as on Mar. 31, 2017, down from 5.13 on Mar. 31, 2016.
Days sales outstanding went up to 45 days for the quarter compared with 43 days for the same period last year.
At the same time, days payable outstanding went up to 24 days for the quarter from 10 for the same period last year.
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