UniPixel, Inc. (UNXL) saw its loss narrow to $7.56 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.02 million, or $0.60 a share.
Revenue during the quarter plunged 39.45 percent to $0.91 million from $1.50 million in the previous year period.
Operating loss for the quarter was $7.32 million, compared with an operating loss of $6.42 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $5.38 million compared to negative $4.42 million in the prior year second quarter.
Jeffrey A. Hawthorne, president and chief executive officer of UniPixel, said, "Financial results for the quarter came in as anticipated as the legacy programs that were part of the April 2015 acquisition are approaching end-of-life status. We are currently delivering to three of these legacy programs. We are also delivering touchscreen sensors for a new 8-inch Android tablet that we announced as a design win in January 2016. The tablet is being offered by a major telecom company. As expected, this program took eight months for the customer to move into production."
Working capital increases
UniPixel, Inc. has recorded an increase in the working capital over the last year. It stood at $8.51 million as at Sep. 30, 2016, up 5.05 percent or $0.41 million from $8.10 million on Sep. 30, 2015. Current ratio was at 2.79 as on Sep. 30, 2016, up from 1.89 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 41 days for the quarter from 50 days for the last year period. Days sales outstanding went up to 92 days for the quarter compared with 61 days for the same period last year.
Days inventory outstanding has decreased to 10 days for the quarter compared with 17 days for the previous year period. At the same time, days payable outstanding went up to 60 days for the quarter from 28 for the same period last year.
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