Intrusion Inc. (INTZ) saw its loss narrow to $0.28 million, or $0.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.43 million, or $0.04 a share.
Revenue during the quarter went up marginally by 2.77 percent to $1.60 million from $1.55 million in the previous year period. Gross margin for the quarter contracted 152 basis points over the previous year period to 61.76 percent. Operating margin for the quarter stood at negative 15.30 percent as compared to a negative 26.10 percent for the previous year period.
Operating loss for the quarter was $0.24 million, compared with an operating loss of $0.40 million in the previous year period.
"Orders booked in the third quarter 2016 were $1.2 million. An order for $1.0 million was delayed in our customer's purchasing department; however, $625,000 of the delayed order has been booked in October with the balance expected in November," stated G. Ward Paxton, president and chief executive officer of Intrusion.
Working capital remains negative
Working capital of Intrusion Inc. was negative $1.02 million on Sep. 30, 2016 compared with negative $1.83 million on Sep. 30, 2015. Current ratio was at 0.47 as on Sep. 30, 2016, down from 0.49 on Sep. 30, 2015.
Days sales outstanding went down to 61 days for the quarter compared with 63 days for the same period last year.
Days inventory outstanding has increased to 4 days for the quarter compared with 2 days for the previous year period.
Debt comes down significantly
Intrusion Inc. has recorded a decline in total debt over the last one year. It stood at $0.19 million as on Sep. 30, 2016, down 43.07 percent or $0.15 million from $0.34 million on Sep. 30, 2015. Total debt was 15.49 percent of total assets as on Sep. 30, 2016, compared with 14.83 percent on Sep. 30, 2015.
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