QuickLogic Corporation (QUIK) saw its loss narrow to $4.62 million, or $0.07 a share for the quarter ended Oct. 02, 2016. In the previous year period, the company reported a loss of $5.09 million, or $0.09 a share. On the other hand, adjusted net loss for the quarter narrowed to $4.13 million, or $0.06 a share from a loss of $4.52 million or $0.08 a share, a year ago. Revenue during the quarter plunged 33.02 percent to $2.81 million from $4.19 million in the previous year period. Gross margin for the quarter expanded 211 basis points over the previous year period to 31.72 percent.
Operating loss for the quarter was $4.57 million, compared with an operating loss of $5.03 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $4.07 million compared to operating loss of $4.46 million in prior year period.
Working capital drops significantly
QuickLogic Corporation has witnessed a decline in the working capital over the last year. It stood at $12.40 million as at Oct. 02, 2016, down 45.90 percent or $10.52 million from $22.92 million on Sep. 27, 2015. Current ratio was at 2.39 as on Oct. 02, 2016, down from 5.28 on Sep. 27, 2015. Cash conversion cycle (CCC) has increased to 132 days for the quarter from 38 days for the last year period. Days sales outstanding went up to 42 days for the quarter compared with 35 days for the same period last year.
Days inventory outstanding has decreased to 34 days for the quarter compared with 83 days for the previous year period. At the same time, days payable outstanding went up to 208 days for the quarter from 80 for the same period last year.
Debt comes down significantly
QuickLogic Corporation has recorded a decline in total debt over the last one year. It stood at $0.23 million as on Oct. 02, 2016, down 82.95 percent or $1.12 million from $1.35 million on Sep. 27, 2015. Total debt was 0.93 percent of total assets as on Oct. 02, 2016, compared with 4.34 percent on Sep. 27, 2015. Debt to equity ratio was at 0.01 as on Oct. 02, 2016, down from 0.06 as on Sep. 27, 2015. 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
