SOURCE: AltiGen Communications, Inc.

AltiGen Communications, Inc.

January 20, 2016 16:05 ET

AltiGen Communications, Inc. Reports First Quarter Results for Fiscal Year 2016

SAN JOSE, CA--(Marketwired - Jan 20, 2016) - AltiGen Communications, Inc. (OTCQX: ATGN), a leading provider of premise and cloud-based IP-PBX and Contact Center solutions, announced today its financial results for the first quarter ended December 31, 2015.

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. (OTCQX: ATGN) is a leading provider of premise and cloud-based IP-PBX and Contact Center solutions headquartered in Silicon Valley, California. With thousands of customers around the world, AltiGen solutions are designed for high reliability, ease of use, seamless integration to Microsoft infrastructure technologies, and are built on a scalable, open standards platform. For more information, call 1-888-ALTIGEN or visit the web site at www.altigen.com.

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