SAN DIEGO, CA--(Marketwired - November 16, 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 financial results for the first quarter of fiscal year 2017 ended September 30, 2016.
The Company reported net sales of $12.7 million for the quarter, compared with $11.9 million in net sales for the corresponding period of 2015. The Company also reported net income of approximately $262,000, or $0.03 and $0.02 per basic and diluted share, respectively, compared to net income of approximately $18,000 for the same quarter last year.
"For the first quarter of fiscal 2017, the Company's net income grew to $262,000, driven by the modest increase in sales as well as higher gross margins which improved to 17.8% from 16.4%," said OC Kim, president of Franklin Wireless.
The Company's 10-Q filing for the three month period ended September 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.