Includes a gain of over $2.4 Million on a passive investment
IRVINE,
Calif., Jan. 17, 2023 /PRNewswire/ -- Interlink
Electronics, Inc. (NASDAQ: LINK), an industry-leading trusted
advisor and technology partner in the advancing world of
human-machine interface (HMI) and force-sensing technologies, today
announced an investment gain realized in 2022 and disclosed its
preliminary financial results for the fiscal year ended
December 31, 2022.
The Company realized a non-operating gain of approximately
$2.45 million on a passive investment
of approximately $6 million it made
earlier in 2022 in public equity securities, for a return of over
40%. This gain more than offset the operating loss preliminarily
estimated at $700,000 the Company
incurred for the year on revenues of approximately $7.5 million and will help to fund the Company's
investment in executive talent and its acquisition program.
"We invested heavily in executive talent in 2022, and this gain
provides more than enough funding for those investments and for the
previously-announced acquisition of KWJ Engineering and SPEC
Sensors in December 2022," said
Steven N. Bronson, Chairman,
President, and CEO of Interlink Electronics. "We will continue
those investments in 2023, which will impact our earnings, but we
believe it's prudent to support our acquisition strategy of
complementary sensor and printed electronics companies to
accelerate our growth and increase long-term profitability."
About Interlink Electronics,
Inc.
Interlink Electronics is a world-leading trusted provider of
HMI, sensor, and IoT solutions. In addition to standard product
offerings, Interlink utilizes its expertise in materials science,
manufacturing, firmware, and software to produce in-house system
solutions for custom applications. For 35 years, Interlink has led
the printed electronics industry in the commercialization of its
patented Force Sensing Resistor® technology and has supplied some
of the world's top electronics manufacturers with intuitive sensor
and interface technologies like the VersaPad and the new VersaPad
Plus, which boasts the largest active surface area of any resistive
touchpad. It also has a proven track record of supplying
technological solutions for mission-critical applications in a
diverse range of markets—including medical, automotive, consumer
electronics, telecommunications, and industrial control—providing
standard and custom-designed sensors that give engineers the
flexibility and functionally they seek in today's sophisticated
electronic devices. Interlink serves an international customer base
from its headquarters in Irvine,
California, and world-class materials science lab and
R&D center in Camarillo,
California. They are supported by strategic global locations
covering manufacturing, distribution, and sales support. For more
information, please visit InterlinkElectronics.com.
Forward Looking
Statements
This release contains "forward-looking statements"
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be generally identified by phrases such as "thinks,"
"anticipates," "believes," "estimates," "expects," "intends,"
"plans," and similar words. Forward-looking statements in this
press include statements about our preliminary unaudited financial
results for the fiscal year ended December
31, 2022, and our ability to fund acquisitions and
investments in personnel. Forward-looking statements are not
guarantees of future performance and are inherently subject to
uncertainties and other factors which could cause actual results to
differ materially from the forward-looking statement. These
statements are based upon, among other things, assumptions made by,
and information currently available to, management, including
management's own knowledge and assessment of the company's
industry, R&D initiatives, competition and capital
requirements. Other factors and uncertainties that could affect the
company's forward-looking statements include, among other things,
the following: risks related to changes in Interlink's
preliminary unaudited financial results for the recently completed
fiscal year based on the completion of our financial statement
closing procedures and the audit by our independent registered
public accounting firm of such financial statements; our success in
predicting new markets and the acceptance of our new products;
efficient management of our infrastructure; the pace of
technological developments and industry standards evolution and
their effect on our target product and market choices; the effect
of outsourcing technology development; changes in the ordering
patterns of our customers; a decrease in the quality and/or
reliability of our products; protection of our proprietary
intellectual property; competition by alternative sophisticated as
well as generic products; continued availability of raw materials
for our products at competitive prices; disruptions in our
manufacturing facilities; risks of international sales and
operations including fluctuations in exchange rates; compliance
with regulatory requirements applicable to our manufacturing
operations; and customer concentrations. Additional factors that
could cause actual results to differ materially from those
anticipated by our forward-looking statements are under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in our most
recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q)
filed with the Securities and Exchange Commission. Forward-looking
statements are made as of the date of this release, and we
expressly disclaim any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Interlink Electronics, Inc.
IR@iefsr.com
Steven N. Bronson, CEO
805-623-4184
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SOURCE Interlink Electronics