AltiGen Communications, Inc. Reports Third Quarter and Nine Months Fiscal Year 2013 Financial Results
July 17 2013 - 4:05PM
Marketwired
AltiGen Communications, Inc. (OTCQX: ATGN), the leading provider of
integrated Microsoft-based Unified Communications solutions,
announced today its third quarter ended June 30, 2013 financial
results.
Net revenue for the third quarter was $3.1 million, compared to
$3.3 million reported in the second quarter of fiscal 2013, and
compared to $4.0 million reported in the comparable period last
year. Gross margin in the third quarter of fiscal 2013 was 70.7%,
compared to 72.2% reported in the preceding quarter, and compared
to 65.1% for the same period in fiscal 2012.
Operating expenses totaled $2.5 million, a decrease of 14%
compared to $2.9 million reported in the preceding quarter, and a
decrease of 11% from the $2.8 million reported in the comparable
period last year. Net loss from operations for the third quarter of
fiscal 2013 was $369,000 ($0.02 per basic share), compared to net
loss of $509,000 ($0.03 per basic share) reported in the second
quarter of fiscal 2013, and compared to a net loss of $193,000
($0.01 per basic share) in the year-ago quarter.
The Company reported revenue for the nine-month period of $10.2
million, compared to $13.4 million for the comparable period last
year. Gross margin was 71.2% for the nine months ended June 30,
2013, an increase of 7% from the 66.5% in the comparable period
last year. Operating expenses decreased to $8.2 million in fiscal
2013 from $9.0 million in fiscal 2012.
Total cash and cash equivalents at June 30, 2013 was $3.5
million, compared to $4.0 million reported in the second quarter of
fiscal 2013. The decrease was primarily due to cash used in
operations during the quarter.
Conference Call
AltiGen will be discussing its financial results and outlook on
a conference call today at 2:00 p.m. Pacific Daylight Time (5:00
p.m. ET). The conference call can be accessed by dialing (877)
407-8031 (domestic) or (201) 689-8031 (international). A live
webcast will also be made available at www.altigen.com. To access
the replay, dial (877) 660-6853 (domestic) or (201) 612-7415
(international), account #286 conference ID #417648. A web archive
will be made available at www.altigen.com for 90 days following the
call's conclusion.
About AltiGen Communications
AltiGen Communications, Inc. (OTCQX: ATGN) is a leading provider
of 100% Microsoft-based VoIP business phone systems and Unified
Communications solutions. Having more than 10,000 customers around
the world, AltiGen solutions are designed for high reliability,
ease of use, seamless integration to Microsoft infrastructure
technologies, and are built on a scalable, open standards platform.
AltiGen's worldwide headquarters is in Silicon Valley, California,
with international operations based in Shanghai, China. Local
sales, service and support are provided by AltiGen's worldwide
network of over 300 certified partners. For more information, call
1-888-ALTIGEN or visit the web site at www.altigen.com.
Safe Harbor Statement
The forward-looking statements contained in this press release
are based upon the Company's current expectations, beliefs, plans
and assumptions, which are subject to a number of risks and
uncertainties including, but not limited to: statements regarding
the continued market acceptance of our 100 percent Microsoft-based
business phone systems and call center solutions.
The forward-looking statements contained in this press release
are also subject to unknown risks and uncertainties, including but
not limited to, risks related to AltiGen's limited operating
history. For a more detailed description of AltiGen's performance,
please refer to AltiGen's audited Annual Report filed with the
OTCQX over-the-counter market for the fiscal year ended September
30, 2012. Since these statements involve risks and uncertainties
and are subject to change at any time, the Company's actual results
could differ materially from expected results. Forward-looking
statements speak only as of the date the statement was made. The
Company does not undertake any obligation to update any
forward-looking statements.
AltiGen Communications, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Third Quarter Ended Nine Months Ended
June 30, June 30,
---------------------- ----------------------
FY 2013 FY 2012 FY 2013 FY 2012
---------- ---------- ---------- ----------
Net Revenue $ 3,073 $ 4,024 $ 10,201 $ 13,411
Gross profit 2,171 2,621 7,260 8,913
Research and development 1,006 1,054 3,013 3,531
Selling, general &
administrative 1,534 1,755 5,182 5,509
---------- ---------- ---------- ----------
Operating loss (369) (188) (935) (127)
Interest and other income,
net - (5) 13 (59)
---------- ---------- ---------- ----------
Net loss before income taxes (369) (193) (922) (186)
Provision for income tax - - 1 1
---------- ---------- ---------- ----------
Net loss after taxes $ (369) $ (193) $ (923) $ (187)
========== ========== ========== ==========
Basic and diluted net loss
per share (0.02) (0.01) (0.06) (0.01)
Weighted average shares
outstanding 16,732 16,732 16,732 16,732
---------- ---------- ---------- ----------
AltiGen Communications, Inc.
Unaudited Condensed Consolidated Balance Sheets
(Amounts in thousands)
June 30, 2013 September 30, 2012
------------------- -------------------
Cash and cash equivalents $ 3,469 $ 4,152
Accounts receivable, net 1,393 1,452
Inventories 1,409 1,890
Other current assets 398 196
Net property and equipment 176 338
Other long-term assets 121 119
------------------- -------------------
Total Assets $ 6,966 $ 8,147
=================== ===================
Current liabilities $ 5,991 $ 6,354
Long-term liabilities 133 200
Stockholders' equity 842 1,593
------------------- -------------------
Total Liabilities and Stockholders'
Equity $ 6,966 $ 8,147
=================== ===================
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