Mannatech Inc (MTEX) has reported an 1,789.71 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.28 million, or $0.46 a share in the quarter, compared with $0.07 million, or $0.03 a share for the same period last year.
Revenue during the quarter grew 9.77 percent to $48.15 million from $43.86 million in the previous year period. Gross margin for the quarter contracted 141 basis points over the previous year period to 79.78 percent. Total expenses were 98.95 percent of quarterly revenues, up from 94.91 percent for the same period last year. That has resulted in a contraction of 404 basis points in operating margin to 1.05 percent.
Operating income for the quarter was $0.51 million, compared with $2.23 million in the previous year period.
Working capital increases
Mannatech Inc has recorded an increase in the working capital over the last year. It stood at $23.97 million as at Sep. 30, 2016, up 9.54 percent or $2.09 million from $21.88 million on Sep. 30, 2015. Current ratio was at 1.73 as on Sep. 30, 2016, up from 1.63 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 5 days for the quarter from 84 days for the last year period.
Days inventory outstanding has decreased to 49 days for the quarter compared with 143 days for the previous year period. At the same time, days payable outstanding went down to 55 days for the quarter from 60 for the same period last year.
Debt increases substantially
Mannatech Inc has witnessed an increase in total debt over the last one year. It stood at $2.24 million as on Sep. 30, 2016, up 95.28 percent or $1.09 million from $1.14 million on Sep. 30, 2015. Total debt was 2.87 percent of total assets as on Sep. 30, 2016, compared with 1.52 percent on Sep. 30, 2015. Debt to equity ratio was at 0.05 as on Sep. 30, 2016, up from 0.03 as on Sep. 30, 2015.
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