SOURCE: Franklin Wireless Corporation
SAN DIEGO, CA--(Marketwired - Sep 30, 2013) - Franklin Wireless Corp. (OTCQB: FKWL), the market leader in multi-mode wireless modems for 3G and 4G broadband data communications, today announced full-year financial results for the fiscal year ended June 30, 2013.
The Company reported net sales for fiscal 2013 of $32.8 million, compared with $24.3 million in net sales for the corresponding period of 2012. In addition, the Company reported net income of approximately $175,000, or $0.02 per basic and diluted share, compared with a net loss of approximately $129,000, or $0.01 per basic and diluted share, for the same period last year. Cash and cash equivalents at the end of fiscal 2013 were $10.4 million, compared with $9.4 million at the end of fiscal 2012.
The increase in net sales for fiscal 2013 was due to several factors including the market release of several new products as well as the addition of new customers in the US and the Caribbean region.
"For fiscal 2013, Franklin Wireless reported revenue of $32.8 million, which represents a 35% increase from fiscal 2012," said OC Kim, president of Franklin Wireless. "Our balance sheet remains strong with $10.7 million in cash as of June 30, 2013, which is one million higher than the same period of 2012. In addition, our outstanding shares were significantly reduced during fiscal 2013 by the 1.5 million share repurchase completed during the first quarter of the fiscal year."
The Company's 10-K filing for the twelve month period ending June 30, 2013 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCQB: FKWL) is engaged in the design, manufacture and sale of high speed wireless data products including third generation ("3G") and fourth generation ("4G") modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. For additional information, please visit www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.