SunEdison Semiconductor Ltd (SEMI) saw its loss narrow to $25.40 million, or $0.60 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $80.80 million, or $1.93 a share.
Revenue during the quarter went up marginally by 1.85 percent to $192.50 million from $189 million in the previous year period. Gross margin for the quarter contracted 254 basis points over the previous year period to 8.73 percent. Operating margin for the quarter stood at negative 7.79 percent as compared to a negative 36.40 percent for the previous year period.
Operating loss for the quarter was $15 million, compared with an operating loss of $68.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $17 million compared with $24.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 392 basis points in the quarter to 8.83 percent from 12.75 percent in the last year period.
Operating cash flow drops significantly
SunEdison Semiconductor Ltd has generated cash of $37.70 million from operating activities during the nine month period, down 33.27 percent or $18.80 million, when compared with the last year period.
The company has spent $79.50 million cash to meet investing activities during the nine month period as against cash outgo of $56.90 million in the last year period.
Cash flow from financing activities was $35.30 million for the nine month period, up 702.27 percent or $30.90 million, when compared with the last year period.
Cash and cash equivalents stood at $78.30 million as on Sep. 30, 2016, down 13.77 percent or $12.50 million from $90.80 million on Sep. 30, 2015.
Working capital declines
SunEdison Semiconductor Ltd has witnessed a decline in the working capital over the last year. It stood at $97.60 million as at Sep. 30, 2016, down 15.57 percent or $18 million from $115.60 million on Sep. 30, 2015. Current ratio was at 1.45 as on Sep. 30, 2016, down from 1.49 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 18 days for the quarter from 51 days for the last year period. Days sales outstanding went down to 50 days for the quarter compared with 53 days for the same period last year.
Days inventory outstanding has decreased to 30 days for the quarter compared with 57 days for the previous year period. At the same time, days payable outstanding went up to 62 days for the quarter from 59 for the same period last year.
Debt moves up marginally
SunEdison Semiconductor Ltd has witnessed an increase in total debt over the last one year. It stood at $215.40 million as on Sep. 30, 2016, up 1.36 percent or $2.90 million from $212.50 million on Sep. 30, 2015. Total debt was 22.84 percent of total assets as on Sep. 30, 2016, compared with 19.63 percent on Sep. 30, 2015. Debt to equity ratio was at 0.52 as on Sep. 30, 2016, up from 0.38 as on Sep. 30, 2015.
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