SAN DIEGO, CA--(Marketwired - September 29, 2016) - Franklin Wireless Corp. (OTCQB: FKWL), a market leader in broadband data communications including hardware and software solutions for M2M and the IoT (Internet of Things), today announced full-year financial results for the fiscal year ended June 30, 2016.
The Company reported net sales for fiscal 2016 of $59.8 million, compared with $46.3 million in net sales for fiscal 2015. The Company also reported net income of approximately $1.6 million, or $0.15 per basic and diluted share, compared to net income of approximately $760,000, or $0.07 per basic and dilute share, for fiscal 2015.
The 29% growth in net sales for fiscal 2016 was primarily due to higher sales in the US, driven by increased demand for one of the Company's products, as well as the launch of a new product with a carrier customer. In addition, sales in EMEA (Europe, the Middle East and Africa) were higher due to increased orders from a carrier customer in Africa.
"Our fiscal 2016 financial results reflect solid year-over-year growth in both revenue and net income," said OC Kim, president of Franklin Wireless. "I am pleased that our balance sheet remains strong with $13 million in cash and that we closed out the year with a customer base that includes two tier 1 US carriers."
The Company's 10-K filing for the year ending June 30, 2016 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCQB: FKWL) is a global leader in innovative hardware and software products that support machine-to-machine (M2M) applications and the Internet of Things (IoT), as well as intelligent wireless solutions including mobile hotspots, routers and modems. For more 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.