Intricon Corporation (IIN) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $1.30 million, or $ 0.19 a share in the quarter, against a net profit of $0.63 million, or $0.10 a share in the last year period. Revenue during the quarter dropped 7.66 percent to $16.01 million from $17.34 million in the previous year period. Gross margin for the quarter contracted 384 basis points over the previous year period to 22.89 percent. Operating margin for the quarter stood at negative 6.18 percent as compared to a positive 4.20 percent for the previous year period.
Operating loss for the quarter was $0.99 million, compared with an operating income of $0.73 million in the previous year period.
"Third-quarter results reflect the continued timing shift in orders from our largest medical customer," said Mark S. Gorder, president and chief executive officer of IntriCon. "Despite this challenge, we were able to deliver year-over-year gains in hearing health and professional audio. And we anticipate medical revenues will begin to rebound in our fourth quarter."
Working capital increasesIntricon Corporation has recorded an increase in the working capital over the last year. It stood at $10.63 million as at Sep. 30, 2016, up 22.95 percent or $1.98 million from $8.64 million on Sep. 30, 2015. Current ratio was at 1.98 as on Sep. 30, 2016, up from 1.62 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 43 days for the quarter from 81 days for the last year period. Days sales outstanding were almost stable at 41 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 50 days for the quarter compared with 88 days for the previous year period. At the same time, days payable outstanding went down to 47 days for the quarter from 48 for the same period last year.
Debt moves up
Intricon Corporation has witnessed an increase in total debt over the last one year. It stood at $8.86 million as on Sep. 30, 2016, up 9.34 percent or $0.76 million from $8.11 million on Sep. 30, 2015. Total debt was 22.55 percent of total assets as on Sep. 30, 2016, compared with 21.03 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.44 as on Sep. 30, 2016, when compared with the last year. 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
