Mannatech, Incorporated (MTEX) swung to a net loss for the year ended Dec. 31, 2016. The company has made a net loss of $0.59 million, or $ 0.22 a share in the year, against a net profit of $5.84 million, or $2.14 a share in the last year.
Revenue during the year went up marginally by 0.02 percent to $180.30 million from $180.27 million in the previous year. Gross margin for the year contracted 136 basis points over the previous year to 79.72 percent. Total expenses were 99.61 percent of annual revenues, up from 93.26 percent for the last year. That has resulted in a contraction of 635 basis points in operating margin to 0.39 percent.
Operating income for the year was $0.70 million, compared with $12.14 million in the previous year.
Working capital declines
Mannatech, Incorporated has witnessed a decline in the working capital over the last year. It stood at $20.78 million as at Dec. 31, 2016, down 11.59 percent or $2.72 million from $23.51 million on Dec. 31, 2015. Current ratio was at 1.69 as on Dec. 31, 2016, down from 1.89 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 35 days for the year from 33 days for the last year.
Days inventory outstanding has decreased to 60 days for the year compared with 110 days for the previous year period. At the same time, days payable outstanding went up to 97 days for the year from 78 for the same period last year.
Debt comes down significantly
Mannatech, Incorporated has recorded a decline in total debt over the last one year. It stood at $1.99 million as on Dec. 31, 2016, down 30.10 percent or $0.86 million from $2.84 million on Dec. 31, 2015. Total debt was 2.79 percent of total assets as on Dec. 31, 2016, compared with 4.14 percent on Dec. 31, 2015. Debt to equity ratio was at 0.05 as on Dec. 31, 2016, down from 0.07 as on Dec. 31, 2015.
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