Lrad Corporation (LRAD) saw its loss widen to $0.81 million, or $0.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.38 million, or $0.01 a share. Revenue during the quarter grew 4.25 percent to $2.94 million from $2.82 million in the previous year period. Gross margin for the quarter contracted 436 basis points over the previous year period to 41.65 percent. Operating margin for the quarter stood at negative 45.19 percent as compared to a negative 25.63 percent for the previous year period.
Operating loss for the quarter was $1.33 million, compared with an operating loss of $0.72 million in the previous year period.
"We had strong bookings in our first quarter, most notably from our mass notification products, where bookings exceeded full fiscal year 2016 mass notification revenues," remarked Richard S. Danforth, chief executive officer of LRAD Corporation. "The superior performance of our mass notification products is being recognized as facility infrastructure safety and security orders fueled bookings and revenue growth in our energy and oil gas business segment."
Working capital declinesLrad Corporation has witnessed a decline in the working capital over the last year. It stood at $22.56 million as at Dec. 31, 2016, down 5.61 percent or $1.34 million from $23.90 million on Dec. 31, 2015. Current ratio was at 9.66 as on Dec. 31, 2016, down from 13.37 on Dec. 31, 2015. Cash conversion cycle (CCC) has decreased to 145 days for the quarter from 337 days for the last year period. Days sales outstanding went down to 56 days for the quarter compared with 66 days for the same period last year.
Days inventory outstanding has decreased to 136 days for the quarter compared with 306 days for the previous year period. At the same time, days payable outstanding went up to 48 days for the quarter from 36 for the same period last year.
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