Pixelworks (PXLW) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.34 million, or $ 0.01 a share in the quarter, against a net loss of $3.17 million, or $0.11 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $1.16 million, or $0.04 a share compared with a net loss of $2.24 million, or $0.08 a share in the last year period.

Revenue during the quarter grew 18.62 percent to $15.99 million from $13.48 million in the previous year period. Gross margin for the quarter expanded 263 basis points over the previous year period to 53.19 percent. Operating margin for the quarter period stood at positive 2.73 percent as compared to a negative 21.59 percent for the previous year period.

Operating income for the quarter was $0.44 million, compared with an operating loss of $2.91 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $2.08 million compared to negative $0.94 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 12.99 percent for the quarter compared to negative 6.98 percent in the last year period.

President and chief executive officer of Pixelworks, Todd DeBonis, commented, “Fourth quarter revenue increased 17% sequentially to $16 million, reaching the high-end of guidance and reflecting solid demand across the projector market. We also achieved profitability on both a GAAP and non-GAAP basis in the quarter - the first time in over three years. Finally, we significantly exceeded our stated goal earlier in the year to achieve cash flow breakeven by the fourth quarter, generating $3 million in cash from operations in the quarter.”