Xplore Technologies Corp. (XPLR) saw its loss widen to $2.55 million, or $0.23 a share for the year ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.36 million, or $0.03 a share.
Revenue during the year dropped 22.48 percent to $77.93 million from $100.53 million in the previous year. Gross margin for the year contracted 299 basis points over the previous year to 28.20 percent. Operating margin for the year stood at negative 2.63 percent as compared to a positive 1.05 percent for the previous year.
Operating loss for the year was $2.05 million, compared with an operating income of $1.05 million in the previous year.
However, the adjusted EBITDA for the year stood at negative $0.17 million compared with $4.49 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 0.22 percent for the year compared to 4.47 percent in the last year.
Chief executive officer Mark Holleran stated: "Fiscal 2017 was a transformative year for Xplore, characterized by fully integrating and refining the acquired Motion product lines, working through industry-wide disruptions that affected our first and fourth fiscal quarters, rebuilding of our sales team and a 21% reduction in full-year operating expenses. We enter fiscal 2018 as a leaner, more cost efficient business focused on expanding sales, producing profitable quarters and generating positive free cash flow. "We are once again fulfilling customer orders largely on schedule. We remain focused on expanding sales in key markets, such as Europe, as well as working closely with a number of customer refresh opportunities that will occur in Fiscal 2018, and additional initiatives."
For financial year 2018, Xplore Technologies Corp. projects revenue to be in the range of $75 million to $85 million.
Operating cash flow turns positive
Xplore Technologies Corp. has generated cash of $0.12 million from operating activities during the year as against cash outgo of $5.15 million in the last year.
The company has spent $2.38 million cash to meet investing activities during the year as against cash outgo of $0.22 million in the last year.
Cash flow from financing activities was $0.04 million for the year as against cash outgo of $8.50 million in the last year period.
Cash and cash equivalents stood at $3.46 million as on Mar. 31, 2017, down 38.15 percent or $2.13 million from $5.59 million on Mar. 31, 2016.
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
