SAN JOSE, CA--(Marketwired - Apr 17, 2013) - AltiGen Communications, Inc. (
Revenue for the second quarter of fiscal 2013 was $3.3 million, compared to $4.6 million during the same period in fiscal 2012. Gross margin in the second quarter of fiscal 2013 was 72.2%, compared to 64.5% during the second quarter of fiscal 2012. Operating expenses for the three months ended March 31, 2013 and 2012, respectively, totaled $2.9 million. Net loss for the second quarter of fiscal 2013 was $509,000 ($0.03 per share basic), compared to a net earnings of $15,000 ($0.00 per share diluted) in the second quarter of fiscal 2012.
For the first six months of the year, revenue was $7.1 million, compared to $9.4 million during the same period in fiscal 2012. Gross margin was 71.4% for the six-month periods of fiscal 2013, compared to 67% in the comparable period last year. Operating expenses decreased to $5.7 million in fiscal 2013 from $6.2 million in fiscal 2012. For the first six months of the year, net loss was $554,000 ($0.03 per share basic), compared to net earnings of $6,000 ($0.00 per share diluted) in the first half of 2012.
As of March 31, 2013, total cash and cash equivalents was $4.0 million.
Jeremiah Fleming, AltiGen's President and Chief Executive Officer, stated, "Our second quarter revenues reflect the continued softness in the SMB premise PBX market. While we do not expect to see any significant improvements in the premise business, the launch of our new cloud-based PBX solution will begin to contribute to revenue and gross margins in the next few quarters."
Conference Call
AltiGen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Daylight 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 #412743. 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
The Forward-looking statements contained in this press release are based upon the Company's current expectations, beliefs, plans and assumptions, which are subject to a number of risks and uncertainties including, but not limited to: statements regarding the continued market acceptance of our 100 percent Microsoft-based business phone systems and call center solutions and our ability to successfully launch our new cloud-based PBX solution. Actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
The forward-looking statements contained in this press release are also subject to unknown risks and uncertainties, including but not limited to, risks related to AltiGen's limited operating history. For a more detailed description of AltiGen's performance, please refer to AltiGen's audited Annual Report filed with the OTCQX over-the-counter market for the fiscal year ended September 30, 2012. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. Forward-looking statements speak only as of the date the statement was made. The Company does not undertake any obligation to update any forward-looking statements.
| AltiGen Communications, Inc. Condensed Consolidated Statements of Operations |
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| (Amounts in thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended March 31, |
Six Months Ended March 31, |
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| FY 2013 | FY 2012 | FY 2013 | FY 2012 | ||||||||||||||
| Net Revenue | $ | 3,294 | $ | 4,613 | $ | 7,129 | $ | 9,387 | |||||||||
| Gross profit | 2,379 | 2,976 | 5,089 | 6,292 | |||||||||||||
| Research and development | 1,019 | 1,139 | 2,007 | 2,477 | |||||||||||||
| Selling, general & administrative | 1,866 | 1,757 | 3,648 | 3,754 | |||||||||||||
| Income (loss) from operations | (506 | ) | 80 | (566 | ) | 61 | |||||||||||
| Interest and other income, net | (3 | ) | (65 | ) | 13 | (54 | ) | ||||||||||
| Net income (loss) before income taxes | (509 | ) | 15 | (553 | ) | 7 | |||||||||||
| Provision for income tax | - | - | 1 | 1 | |||||||||||||
| Net income (loss) after taxes | $ | (509 | ) | $ | 15 | $ | (554 | ) | $ | 6 | |||||||
| Basic and diluted net income (loss) per share | (0.03 | ) | 0.00 | (0.03 | ) | 0.00 | |||||||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 16,732 | 16,732 | 16,732 | 16,732 | |||||||||||||
| Diluted | 16,732 | 16,736 | 16,732 | 16,734 | |||||||||||||
| AltiGen Communications, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (Amounts in thousands) | ||||||
| March 31, 2013 | September 30, 2012 | |||||
| Cash and cash equivalents | $ | 4,003 | $ | 4,152 | ||
| Accounts receivable, net | 1,310 | 1,452 | ||||
| Inventories | 1,540 | 1,890 | ||||
| Other current assets | 301 | 196 | ||||
| Net property and equipment | 231 | 338 | ||||
| Other long-term assets | 119 | 119 | ||||
| Total Assets | $ | 7,504 | $ | 8,147 | ||
| Current liabilities | $ | 6,217 | $ | 6,354 | ||
| Long-term liabilities | 144 | 200 | ||||
| Stockholders' equity | 1,143 | 1,593 | ||||
| Total Liabilities and Stockholders' Equity | $ | 7,504 | $ | 8,147 | ||