Ambertech Posts $634K Loss, Revenue Drops 11.9%, Shares Fall Further
Sydney-based distributor of audio and vision equipment, Ambertech, has notched a consolidated loss for the most recent fiscal year of $634,000 – down from a profit after tax of $237,000 for the previous period.
Ambertech distributes brands such as Onkyo, Integra, Optomo and iPort.
In August, ChannelNews exclusively revealed Ambertech lost two key consumer brands, Marshall and Urbanears, to Melbourne based start-up Aqipa.
Total revenues for the fiscal year dropped 11.9% to $48,176,000, from $54,681,000 the year prior.
Last year was reportedly the first time in five years the distributor reported a significant increase in consumer sales, which sources state made it a target for a takeover.
Ambertech’s net assets for the recent fiscal year fell by $632,000 from the previous period to $10,208,000.
Net cash provided by operating activities has notched a negative balance of $708,000, notably down from a positive $719,000 the year prior.
Disclosed in its fiscal year earnings report, Ambertech’s directors believe the company is “in a reasonably strong and stable financial position, with the potential to expand and grow its current operations”.
The company’s borrowings increased by $859,000 during the financial year.
Working capital – current assets less current liabilities – dropped by $546,000 to $8,180,000 – this follows $8,726,000 the year prior.
Ambertech’s share price has steadily dropped since 2013.
End of financial year 2013, the company’s share price closed at 23 cents, compared to 15 cents at the end of the most recent fiscal year.
Earnings per share dropped to -2.1 cents, compared to 0.8 cents in 2016.
Directors total remuneration has reduced since 2016, whilst that of Executives has increased.
Directors total remuneration fell to $548,322 from $551,807 in 2016.
Executives total remuneration increased to $830,564, from $793,759 the previous year.