Lantronix (LTRX) saw its loss narrow to $0.10 million, or $0.01 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.33 million, or $0.02 a share. On the other hand, adjusted net income for the quarter stood at $265 million, or $0.01 a share compared with $124 million or $0.01 a share, a year ago.
Revenue during the quarter grew 3.47 percent to $10.94 million from $10.57 million in the previous year period. Gross margin for the quarter expanded 418 basis points over the previous year period to 52.10 percent. Operating margin for the quarter stood at negative 0.80 percent as compared to a negative 3.11 percent for the previous year period.
Operating loss for the quarter was $0.09 million, compared with an operating loss of $0.33 million in the previous year period.
"I'm pleased with the team’s execution in the quarter, as we delivered year-over-year and sequential revenue growth and significantly improved gross margins. It’s a great way to start off fiscal 2017," said Jeffrey Benck, Lantronix president and chief executive officer. "Last week, we launched the SGX 5150 advanced IoT device gateway. The SGX 5150 launch represents a key milestone in our strategy to deliver compelling new secure data access and management solutions that will allow Lantronix to capture more of the opportunity that the IoT market represents."
Working capital increasesLantronix has recorded an increase in the working capital over the last year. It stood at $9.23 million as at Sep. 30, 2016, up 21.90 percent or $1.66 million from $7.58 million on Sep. 30, 2015. Current ratio was at 2.13 as on Sep. 30, 2016, up from 1.77 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 34 days for the quarter from 124 days for the last year period. Days sales outstanding went up to 26 days for the quarter compared with 24 days for the same period last year.
Days inventory outstanding has decreased to 65 days for the quarter compared with 154 days for the previous year period. At the same time, days payable outstanding went up to 57 days for the quarter from 55 for the same period last year.
Debt comes down significantly Lantronix has recorded a decline in total debt over the last one year. It stood at $0.10 million as on Sep. 30, 2016, down 87.83 percent or $0.74 million from $0.84 million on Sep. 30, 2015. Total debt was 0.36 percent of total assets as on Sep. 30, 2016, compared with 2.91 percent on Sep. 30, 2015. Debt to equity ratio was at 0.01 as on Sep. 30, 2016, down from 0.05 as on Sep. 30, 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
