SOURCE: AltiGen Communications, Inc.

AltiGen Communications, Inc.

July 20, 2016 16:05 ET

AltiGen Communications, Inc. Reports Third Quarter Fiscal Year 2016 Financial Results

SAN JOSE, CA--(Marketwired - Jul 20, 2016) - AltiGen Communications, Inc. (OTCQX: ATGN), a leading provider of premise and cloud-based IP-PBX and Contact Center solutions, announced today its third quarter ended June 30, 2016 financial results.

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. (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  
(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