Nanophase Technologies Corporation (NANX) saw its loss widen to $0.71 million, or $0.02 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.34 million, or $0.01 a share.
Revenue during the quarter grew 3.84 percent to $2.37 million from $2.28 million in the previous year period. Gross margin for the quarter contracted 457 basis points over the previous year period to 24.95 percent. Operating margin for the quarter stood at negative 29.84 percent as compared to a negative 14.64 percent for the previous year period.
Operating loss for the quarter was $0.71 million, compared with an operating loss of $0.33 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.47 million compared to negative $0.11 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 19.66 percent for the quarter compared to negative 4.70 percent in the last year period.
"2016 demonstrated continued financial growth on the top line and bottom line from the base business, prior to launch costs for our new fully formulated personal care solutions, and featured our first outright quarterly profit during the second quarter,” commented Nanophase chief executive officer and President Jess Jankowski. "And with revenue starting to come in from these new products, we expect continued improvement heading into 2017."
Working capital increasesNanophase Technologies has recorded an increase in the working capital over the last year. It stood at $2.13 million as at Dec. 31, 2016, up 17.46 percent or $0.32 million from $1.81 million on Dec. 31, 2015. Current ratio was at 2.64 as on Dec. 31, 2016, down from 3.06 on Dec. 31, 2015.
Debt comes downNanophase Technologies has recorded a decline in total debt over the last one year. It stood at $0.22 million as on Dec. 31, 2016, down 9.03 percent or $0.02 million from $0.24 million on Dec. 31, 2015. Total debt was 4.47 percent of total assets as on Dec. 31, 2016, compared with 5.20 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.08 as on Dec. 31, 2016, when compared with the last year. 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
