Pc Tel (PCTI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.18 million, or $ 0.01 a share in the quarter, against a net loss of $1.06 million, or $0.06 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $1.10 million, or $0.07 a share compared with $0.11 million or $0.01 a share, a year ago. Revenue during the quarter dropped 6.93 percent to $24.69 million from $26.53 million in the previous year period. Gross margin for the quarter expanded 430 basis points over the previous year period to 36.20 percent. Operating margin for the quarter stood at negative 0.66 percent as compared to a negative 8.37 percent for the previous year period.
Operating loss for the quarter was $0.16 million, compared with an operating loss of $2.22 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1.31 million compared to $0.11 million in the prior year period. At the same time, adjusted operating margin improved 490 basis points in the quarter to 5.31 percent from 0.41 percent in the last year period.
"We made great progress this past quarter in our Connected Solutions business. Small cell, indoor and outdoor broadband, and the Internet of Things (IoT) continue to drive our engineering and sales investments," said Marty Singer, PCTELs chairman and chief executive officer. "We saw growing strength in our China and APAC markets and we anticipate continued interest in our IBflex® and test and measurement solutions as the IoT demands greater capacity and coverage," added Singer.
Working capital declinesPc Tel has witnessed a decline in the working capital over the last year. It stood at $54.36 million as at Sep. 30, 2016, down 16.12 percent or $10.45 million from $64.80 million on Sep. 30, 2015. Current ratio was at 6.01 as on Sep. 30, 2016, down from 6.37 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 84 days for the quarter from 133 days for the last year period. Days sales outstanding were almost stable at 74 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 43 days for the quarter compared with 89 days for the previous year period. At the same time, days payable outstanding went up to 32 days for the quarter from 29 for the same period last year.
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