SAN JOSE, CA--(Marketwired - Jan 20, 2016) - AltiGen Communications, Inc. (
Financial Results GAAP net income for the first quarter of fiscal 2016 was $30,000, or $0.00 per diluted share, compared with net income of $209,000, or $0.01 per diluted share in the preceding quarter, and compared to a net income of $420,000, or $0.02 per diluted share in the same period in 2015.
Non-GAAP net income for the first quarter of fiscal 2016 was $159,000, or $0.01 per diluted share, compared with net income of $369,000, or $0.02 per diluted share in the preceding quarter, and compared to a net income of $453,000, or $0.02 per diluted share in the same period in 2015.
Revenue for the first quarter of fiscal 2016 was $2.2 million, compared to $2.4 million in the preceding quarter, and compared to $2.6 million during the same period in fiscal 2015. Gross margin in the first quarter of fiscal 2016 was 80.8%, compared to 81.5% in the preceding quarter, and compared to 79.8% during the first quarter of fiscal 2015.
Operating expenses totaled $1.7 million for the first quarter of fiscal 2016, compared to $1.7 million in the preceding quarter, and $1.7 million during the same period in fiscal 2015.
Our cash, cash equivalents and restricted cash totaled $4.7 million at the end of the first quarter, compared to $4.6 million at the end of the preceding quarter. Working capital increased to $1.7 million the end of the first quarter, compared to $1.6 million as of September 30, 2015.
Conference Call AltiGen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. ET). The conference call can be accessed by dialing (877) 407-8031 (domestic) or (201) 689-8031 (international). A live webcast will also be made available at http://www.altigen.com . To access the replay, dial (877) 660-6853 (domestic) or (201) 612-7415 (international), account #286 conference ID #13628801. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.
About AltiGen Communications
AltiGen Communications, Inc. (
Safe Harbor Statement This release may contain forward-looking statements. Forward-looking statements are based only on the Company's views of future events and financial performances, current expectations, beliefs, plans and assumptions. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company's control that may cause the Company's actual results to be materially different from planned or expected results. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Please refer to the Company's most recent Annual Report filed with the OTCQX over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.
| AltiGen Communications, Inc. Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) | |||||||||
| First Quarter Ended December 31, | |||||||||
| (unaudited) | |||||||||
| FY 2016 | FY 2015 | ||||||||
| Net Revenue | $ | 2,220 | $ | 2,648 | |||||
| Gross profit | 1,793 | 2,113 | |||||||
| Operating expenses: | |||||||||
| Research and development | 681 | 707 | |||||||
| Selling, general & administrative | 1,079 | 983 | |||||||
| Operating income | 33 | 423 | |||||||
| Other income/(expense),net | (2 | ) | (2 | ) | |||||
| Income before provision for income taxes | 31 | 421 | |||||||
| Provision for income taxes | 1 | 1 | |||||||
| Net income | $ | 30 | $ | 420 | |||||
| Basic and diluted net income per share | $ | 0.00 | $ | 0.02 | |||||
| Weighted average shares outstanding - basic | 22,799 | 22,799 | |||||||
| Weighted average shares outstanding - diluted | 23,759 | 22,799 | |||||||
| AltiGen Communications, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands) | ||||||||
| December 31, 2015 (unaudited) | September 30, 2015 (audited) | |||||||
| Cash and cash equivalents | $ | 4,658 | $ | 4,560 | ||||
| Accounts receivable, net | 321 | 403 | ||||||
| Inventories | 331 | 341 | ||||||
| Other current assets | 115 | 54 | ||||||
| Net property and equipment | 126 | 126 | ||||||
| Other long-term assets | 31 | 31 | ||||||
| Total Assets | $ | 5,582 | $ | 5,515 | ||||
| Current liabilities | $ | 3,686 | $ | 3,803 | ||||
| Long-term liabilities | 238 | 200 | ||||||
| Stockholders' equity | 1,658 | 1,512 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 5,582 | $ | 5,515 | ||||
