Intermolecular, Inc. (IMI) saw its loss widen to $2.99 million, or $0.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.52 million, or $0.05 a share. On the other hand, adjusted net loss for the quarter widened to $2.30 million, or $0.05 a share from a loss of $1.75 million or $0.04 a share, a year ago. Revenue during the quarter dropped 19.13 percent to $10.48 million from $12.96 million in the previous year period. Gross margin for the quarter contracted 86 basis points over the previous year period to 67.11 percent. Operating margin for the quarter stood at negative 29.64 percent as compared to a negative 19.71 percent for the previous year period.
Operating loss for the quarter was $3.10 million, compared with an operating loss of $2.55 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.41 million compared to operating loss of $1.78 million in prior year period.
"Our new sales and marketing team has done a very good job at expanding IMI’s prospective customers and identifying opportunities to expand business along the semiconductor supply chain and areas beyond semiconductors", said Chris Kramer, president and chief executive officer of Intermolecular. "We are now defining and scoping programs with companies that never did business with IMI in the past as well as engaging with former customers who see great benefits in our new service model. These key industry players appreciate the value of our technology and experienced team and are interested in exploring services to advance their R&D initiatives."
Operating cash flow remains negative
Intermolecular, Inc. has spent $5.40 million cash to meet operating activities during the year as against cash outgo of $4.83 million in the last year. The company has spent $1.21 million cash to meet investing activities during the year as against cash inflow of $16.58 million in the last year.
Cash flow from financing activities was $0.70 million for the year as against cash outgo of $21.84 million in the last year period.
Cash and cash equivalents stood at $5.76 million as on Dec. 31, 2016, down 50.68 percent or $5.92 million from $11.68 million on Dec. 31, 2015.
Working capital declines
Intermolecular, Inc. has witnessed a decline in the working capital over the last year. It stood at $27.30 million as at Dec. 31, 2016, down 16.80 percent or $5.51 million from $32.81 million on Dec. 31, 2015. Current ratio was at 6.51 as on Dec. 31, 2016, up from 4.20 on Dec. 31, 2015.
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