SOURCE: AmbiCom Holdings

AmbiCom Holdings

March 15, 2011 08:30 ET

AmbiCom Reports Strong Second Quarter Results -- Continues Profitability on 46% Revenue Growth

MILPITAS, CA--(Marketwire - March 15, 2011) - AmbiCom Holdings (OTCQB: ABHI), a leading developer of wireless solutions for healthcare and automotive suppliers, today reported a strong second quarter for 2011. The company showed 46% revenue growth as compared to the second quarter of 2010 as well as a 75% growth in gross margins, 401% EBIT growth and 456% net income growth.

For the quarter ending January 31, 2011, AmbiCom reported revenue of $1,268,148 with net income of $246,984 or $0.005 per share, compared to revenue of $870,604 and net income of $44,400 or $0.002 per share for the same quarter one year ago. For the six months ending January 31, 2011, AmbiCom reported revenue of $2,203,161 with net income of $261,309 or $0.005 per share compared to revenue of $1,648,257 and net income of $162,150 or $0.008 per share for the six month period one year ago.

Working capital increased to $778,264 at January 31, 2011 compared to $529,644 at July 31, 2010, an increase of $248,620. The Company negotiated a $1 million secured line of bank credit as of July 14, 2010 and at January 31, 2011 only $350,000 had been drawn against it.

AmbiCom recently announced a move to larger corporate headquarters to accommodate the company's growth plans as well as its proposed acquisition of E-Care Technology, a Taiwan Corporation that manufactures electronic temperature monitoring devices including an Infrared Ear/Forehead Thermometer that is recognized as one of the top 10 in its field throughout Europe. This acquisition is expected to close within the next several weeks.

About AmbiCom
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value. Quotes can be found at http://www.otcmarkets.com.

Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although the forward- looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our ability to maintain our website and associated computer systems, our ability generate sufficient market acceptance for our shipping products and services, our inability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on November 13, 2007, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward- looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contact Information

  • Contact:
    Beverly Jedynak
    Martin E. Janis & Company, Inc.
    312-943-1123
    Email Contact