Revenue during the quarter went up marginally by 1.06 percent to $20.72 million from $20.50 million in the previous year period. Gross margin for the quarter expanded 169 basis points over the previous year period to 31.94 percent. Total expenses were 94.86 percent of quarterly revenues, down from 95.03 percent for the same period last year. This has led to an improvement of 16 basis points in operating margin to 5.14 percent.
However, the adjusted operating income for the quarter stood at $1.24 million compared to $1.22 million in the prior year period. At the same time, adjusted operating margin improved 5 basis points in the quarter to 5.98 percent from 5.93 percent in the last year period.
Cash conversion cycle (CCC) has decreased to 120 days for the quarter from 186 days for the last year period. Days sales outstanding went down to 69 days for the quarter compared with 71 days for the same period last year.
Days inventory outstanding has decreased to 75 days for the quarter compared with 135 days for the previous year period. At the same time, days payable outstanding went up to 24 days for the quarter from 19 for the same period last year.
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