SAN DIEGO, CA--(Marketwired - February 15, 2017) - 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 second quarter of fiscal year 2017 ended December 31, 2016.
The Company reported net sales of $14.3 million for the quarter, compared with $20.2 million in net sales for the corresponding period of 2015. The Company also reported net income of approximately $525,000, or $0.05 per basic and diluted share, compared to net income of approximately $617,000, or $0.06 per basic and diluted share, for the same quarter last year.
On a fiscal year-to-date basis, the Company posted net sales of $27.1 million, compared with $32.1 million for the corresponding period of the 2016 fiscal year. Year-to-date net income rose to approximately $788,000, which represents a 24% increase from the same period last year.
"Despite the lower sales for our fiscal 2017 second quarter, I am pleased by the growth in net income on a year-to-date basis," said OC Kim, president of Franklin Wireless. "Further, on a sequential basis, sales grew by 13% and net income doubled compared to the first quarter of fiscal 2017."
The Company's 10-Q filing for the three month period ended December 31, 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.