Revenue during the quarter dropped 6.82 percent to $2.89 million from $3.10 million in the previous year period. Gross margin for the quarter expanded 110 basis points over the previous year period to 47.56 percent. Operating margin for the quarter stood at negative 4 percent as compared to a negative 5.87 percent for the previous year period.

Operating loss for the quarter was $0.12 million, compared with an operating loss of $0.18 million in the previous year period.

“Although our total net sales were lower in the first quarter of Fiscal 2017 as compared to the same period in the prior year, we were able to improve company-wide margin through our product sales mix and reduction of operating expenses to limit the impact to our overall net loss. While both SBS sales in North America and Asia were lower in comparison with prior quarters, we continue to experience modest growth in sales of our SBS products in Europe, our Xact product line posted a significant increase in sales and Acuity continues to be a strong contributor to our overall business,” commented Schmitt Industries Inc of Schmitt Industries. “Our SBS sales group had great response from our customers and partners at the IMTS 2016 show in Chicago in early September, and we look forward to translating that success into strengthening of sales in our global markets through the remainder of Fiscal 2017,” Hudson concluded.

Cash conversion cycle (CCC) has decreased to 166 days for the quarter from 293 days for the last year period. Days sales outstanding went down to 73 days for the quarter compared with 78 days for the same period last year.

Days inventory outstanding has decreased to 140 days for the quarter compared with 258 days for the previous year period. At the same time, days payable outstanding went up to 47 days for the quarter from 43 for the same period last year.