SAN JOSE, CA--(Marketwired - Jul 20, 2016) - AltiGen Communications, Inc. (
Third Quarter Fiscal Year 2016 Results Revenue for the third quarter of fiscal year 2016 was $2.0 million, in comparison to $2.2 million for the third quarter of fiscal year 2016. GAAP net loss for the third quarter of fiscal 2016 was $430,000, or $0.02 per share, compared with GAAP net loss of $91,000, or $0.00 per share, for the comparable period of the prior year. Non-GAAP net loss for the third quarter of fiscal year 2016 was $366,000, or $0.02 per share, compared with non-GAAP net income of $112,000, or $0.00 per diluted share for the third quarter of fiscal year 2015. Gross margin in the third quarter of fiscal 2016 was 81.6%, compared to 79.9% in the same period in 2015. Operating expenses for the third quarter of fiscal 2016 totaled $2.1 million, compared to $1.9 million during the same period a year ago.
Nine Month Fiscal Year 2016 Results For the nine months of fiscal year 2016, revenue was $6.4 million, compared to $7.4 million during the same period in fiscal 2015. GAAP net loss for the nine months ended June 30, 2016 was $366,000, or $0.02 per share, compared with GAAP net income of $435,000, or $0.02 per diluted share in the prior year period. Non-GAAP net loss for the nine months of fiscal year 2016 was $105,000, or $0.00 per share, compared with non-GAAP net income of $909,000, or $0.04 per diluted share during the same period a year ago. Gross margin was 81.3% for the nine months of fiscal 2016, compared to 79.9% in the same period in 2015. Operating expenses for the nine months of fiscal year 2016 totaled $5.6 million, compared to $5.5 million in the comparable period last year.
Cash, Cash Equivalents and Restricted Cash Total cash, cash equivalents and restricted cash was $4.5 million for the third quarter of fiscal 2016 and working capital was $1.6 million.
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 #13640817. 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 | |||||||||||||||||
| (Unaudited; amounts in thousands, except per share data) | |||||||||||||||||
| Third Quarter Ended | Nine Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| FY 2016 | FY 2015 | FY 2016 | FY 2015 | ||||||||||||||
| Net Revenue | $ | 2,042 | $ | 2,224 | $ | 6,423 | $ | 7,411 | |||||||||
| Gross profit | 1,667 | 1,778 | 5,221 | 5,925 | |||||||||||||
| Operating Expenses: | |||||||||||||||||
| Research and development | 771 | 760 | 2,130 | 2,252 | |||||||||||||
| Selling, general & administrative | 1,331 | 1,107 | 3,456 | 3,230 | |||||||||||||
| Operating income | (435 | ) | (89 | ) | (365 | ) | 443 | ||||||||||
| Other income/(expense), net | (2 | ) | (2 | ) | (7 | ) | (7 | ) | |||||||||
| Net income before provision for income taxes | (437 | ) | (91 | ) | (372 | ) | 436 | ||||||||||
| Provision for income taxes | 7 | - | 6 | 1 | |||||||||||||
| Net income | $ | (430 | ) | $ | (91 | ) | $ | (366 | ) | $ | 435 | ||||||
| Basic and diluted net income per share | $ | (0.02 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.02 | ||||||
| Weighted average shares outstanding - basic | 22,799 | 22,799 | 22,799 | 22,799 | |||||||||||||
| Weighted average shares outstanding - diluted | 22,799 | 22,799 | 22,799 | 23,849 | |||||||||||||
| AltiGen Communications, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (Amounts in thousands) | ||||||
| June 30, 2016 (unaudited) | September 30, 2015 (audited) | |||||
| Cash and cash equivalents | $ | 4,528 | $ | 4,560 | ||
| Accounts receivable, net | 418 | 403 | ||||
| Inventories | 77 | 341 | ||||
| Other current assets | 198 | 54 | ||||
| Net property and equipment | 100 | 126 | ||||
| Other long-term assets | 31 | 31 | ||||
| Total Assets | $ | 5,352 | $ | 5,515 | ||
| Current liabilities | $ | 3,582 | $ | 3,803 | ||
| Long-term liabilities | 363 | 200 | ||||
| Stockholders' equity | 1,407 | 1,512 | ||||
| Total liabilities and stockholders' equity | $ | 5,352 | $ | 5,515 | ||
