Invensense (INVN) swung to a net loss for the quarter ended Oct. 02, 2016. The company has made a net loss of $12.51 million, or $ 0.13 a share in the quarter, against a net profit of $5.69 million, or $0.06 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $1.66 million, or $0.02 a share compared with $14.86 million or $0.16 a share, a year ago.
Revenue during the quarter dropped 29.07 percent to $79.83 million from $112.54 million in the previous year period. Gross margin for the quarter expanded 62 basis points over the previous year period to 42 percent. Operating margin for the quarter stood at negative 11.88 percent as compared to a positive 5.68 percent for the previous year period.
Operating loss for the quarter was $9.48 million, compared with an operating income of $6.39 million in the previous year period.
"The InvenSense team delivered solid results in the second fiscal quarter. We are encouraged that our R&D investments are beginning to pay off with new design wins which we anticipate will allow us to penetrate new markets," said Behrooz Abdi, president and chief executive officer. "While the consumer and mobile markets were and remain soft, we believe this design win activity will position us for strong top line growth in fiscal 2018 as we strive to diversify our business."
Working capital remains almost stableWorking capital of Invensense remained almost stable for the quarter at $320.42 million, when compared with the previous year period. Current ratio was at 7.73 as on Oct. 02, 2016, up from 5.06 on Sep. 27, 2015. Cash conversion cycle (CCC) has decreased to 52 days for the quarter from 85 days for the last year period. Days sales outstanding went up to 50 days for the quarter compared with 41 days for the same period last year.
Days inventory outstanding has decreased to 45 days for the quarter compared with 87 days for the previous year period. At the same time, days payable outstanding was almost stable at 43 days for the quarter, when compared with the previous year period.
Debt moves upInvensense has witnessed an increase in total debt over the last one year. It stood at $155.31 million as on Oct. 02, 2016, up 5.82 percent or $8.54 million from $146.77 million on Sep. 27, 2015. Invensense has witnessed an increase in long-term debt over the last one year. It stood at $155.31 million as on Oct. 02, 2016, up 5.82 percent or $8.54 million from $146.77 million on Sep. 27, 2015. Total debt was 26.13 percent of total assets as on Oct. 02, 2016, compared with 23.21 percent on Sep. 27, 2015. Debt to equity ratio was at 0.43 as on Oct. 02, 2016, up from 0.39 as on Sep. 27, 2015. 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
