AltiGen Communications, Inc. Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) (Audited) Fourth Quarter Ended Year Ended September 30 September 30 ---------------------- ---------------------- FY 2010 FY 2009 FY 2010 FY 2009 ---------- ---------- ---------- ---------- Net Revenue $ 3,804 $ 4,866 $ 16,645 $ 17,385 Gross profit 2,565 3,167 11,158 10,781 Research and development 1,230 1,329 4,577 4,924 Selling, general & administrative 2,024 2,575 8,362 10,691 ---------- ---------- ---------- ---------- Operating loss (689) (737) (1,781) (4,834) Interest and other income,net 15 8 39 109 ---------- ---------- ---------- ---------- Net loss before tax (674) (729) (1,742) (4,725) Provision for income tax (36) - (34) (15) ---------- ---------- ---------- ---------- Net loss after tax $ (638) $ (729) $ (1,708) $ (4,710) ========== ========== ========== ========== Basic and diluted net loss per share $ (0.04) $ (0.05) $ (0.10) $ (0.30) Weighted average shares outstanding 16,495 16,137 16,417 15,937 Condensed Consolidated Balance Sheets (Amounts in thousands) (Audited) September 30, September 30, 2010 2009 ----------- ----------- Cash and cash equivalents $ 3,776 $ 7,397 Short-term investments 2,748 - Accounts receivable, net 1,018 1,545 Inventories 1,385 1,266 Other current assets 345 128 Net property and equipment 613 501 Other long-term assets 476 494 ----------- ----------- Total Assets $ 10,361 $ 11,331 =========== =========== Current liabilities $ 5,085 $ 5,342 Long-term liabilities 469 232 Stockholders' equity 4,807 5,757 ----------- ----------- Total Liabilities and Stockholders' Equity $ 10,361 $ 11,331 =========== ===========
AltiGen Communications Reports Fourth Quarter Fiscal 2010 Results
| Source: AltiGen Communications, Inc.
SAN JOSE, CA--(Marketwire - November 17, 2010) - AltiGen Communications, Inc. (OTCQX : ATGN )
(PINKSHEETS : ATGN ), the leading provider of integrated Microsoft-based
Unified Communications solutions, today reported financial results for its
fourth quarter of fiscal 2010 ended September 30, 2010.
Jeremiah Fleming, AltiGen's President and Chief Executive Officer, stated,
"Our financial results this quarter reflect the continued softness in the
SMB PBX business, in which low cost is the primary decision factor. Now
that AltiGen has introduced a software-based communications solution able
to meet the requirements of larger enterprises with respect to both
scalability and functionally we are seeing measuring traction in this
market. As these decision cycles tend to be longer we haven't yet realized
the financial impact of our software-based solutions."
Revenue for the fourth quarter of fiscal 2010 was $3.8 million, compared to
$4.2 million in the preceding quarter, and compared to revenue of $4.8
million in fourth quarter of fiscal 2009. Gross margin in the fourth
quarter was 67.4%, compared to 65.1% a year ago and 68.1% in the preceding
quarter. Operating expenses totaled $3.3 million, compared to $3.9 million
a year ago and $3.1 million in the preceding quarter. Net loss for the
fourth quarter of fiscal 2010 was $638,000, or a loss of $0.04 per share,
compared to a net loss of $729,000, or a loss of $0.05 per share, in the
fourth quarter of 2009 and a net loss of $259,000, or a loss of $0.02 per
share, in the preceding quarter. Total cash and cash equivalents, plus
short term investments at September 30, 2010 were $6.5 million, compared to
$7.2 million at June 30, 2010.
For the fiscal 2010 full-year, revenue was $16.6 million, compared to $17.4
million for fiscal 2009. Net loss for fiscal 2010 was $1.7 million, or a
loss of $0.10, compared to a net loss of $4.7 million, or a loss of $0.30
per share, for fiscal 2009.
Conference Call
AltiGen will conduct a conference call with investment professionals at
2:00 p.m. Pacific Time (5:00 p.m. ET) today, November 17, 2010 to discuss
AltiGen's results of operations for the fiscal 2010 fourth quarter. Dial
(877) 407-8031 (domestic) or (201) 689-8031 (international) to listen in to
the call. A live webcast will also be made available at www.altigen.com.
To access the replay, dial (877) 660-6853 (domestic) or (201) 612-7415
(international), account #286 conference ID #361038. 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 ) (PINKSHEETS : ATGN ) is a leading
provider of 100 percent Microsoft-based VoIP business phone systems and
Unified Communications solutions. Having more than 10,000 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. AltiGen's worldwide
headquarters is in Silicon Valley, California, with international
operations based in Shanghai, China. Local sales, service and support are
provided by AltiGen's worldwide network of over 200 certified partners. For
more information, call 1-888-ALTIGEN or visit the web site at
www.altigen.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, including, without
limitation, statements regarding the continued market acceptance of our 100
percent Microsoft-based business phone systems and Unified Communications
solutions, and AltiGen's ability to successfully convert to an open
software communications platform. These statements reflect management's
current expectation. However, actual results could differ materially as a
result of unknown risks and uncertainties, including but not limited to,
risks related to AltiGen's limited operating history. For a more detailed
description of these and other risks and uncertainties affecting AltiGen's
performance, please refer to AltiGen's Annual Report on Form 10-K for the
fiscal year ended September 30, 2009 and all subsequent current reports on
Form 8-K and quarterly reports on Form 10-Q. All forward-looking statements
in this press release are based on information available to AltiGen as of
the date hereof and AltiGen assumes no obligation to update these
forward-looking statements.