Wayside Technology Group, Inc. (WSTG) has reported an 11.27 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $1.38 million, or $0.31 a share in the quarter, compared with $1.55 million, or $0.33 a share for the same period last year.
Revenue during the quarter went up marginally by 1.98 percent to $99.59 million from $97.65 million in the previous year period. Gross margin for the quarter contracted 65 basis points over the previous year period to 6.40 percent. Total expenses were 97.97 percent of quarterly revenues, up from 97.68 percent for the same period last year. That has resulted in a contraction of 29 basis points in operating margin to 2.03 percent.
Operating income for the quarter was $2.02 million, compared with $2.26 million in the previous year period.
"We are pleased to report solid quarterly results as compared to a strong Q3 2015." said Simon F. Nynens, Chairman and Chief Executive Officer. "We see opportunities for growth in the remainder of this year. We bought back a total of approximately 86,000 shares in the third quarter of 2016 and we still have approximately 278,000 shares of Common Stock available for future repurchase. We will continue to buy back shares according to our 10-b5 Stock Repurchase Plan."
Working capital declines
Wayside Technology Group, Inc. has witnessed a decline in the working capital over the last year. It stood at $28.83 million as at Sep. 30, 2016, down 7.81 percent or $2.44 million from $31.27 million on Sep. 30, 2015. Current ratio was at 1.50 as on Sep. 30, 2016, down from 1.64 on Sep. 30, 2015.
Days sales outstanding went up to 55 days for the quarter compared with 53 days for the same period last year.
Days inventory outstanding has decreased to 1 days for the quarter compared with 2 days for the previous year period.
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
