Xplore Technologies Corp. (NASDAQ:XPLR), a global leader in rugged
computing, today reported results for its fiscal 2017 fourth
quarter and full year, ended March 31, 2017.
Fiscal Fourth Quarter and Recent
Highlights:
- Reported revenue of $16.9 million, reflecting previously
disclosed supply chain constraints which delayed delivery of
multiple customer orders into the first fiscal quarter;
- Ended the quarter with backlog of $7.4 million;
- Responded to supply chain constraints through a number of
actions, including extending order forecasts, lengthening purchase
agreements and increasing inventory orders of key products in order
to resume normalized shipments for the June quarter;
- Achieved gross margin of 28.1% for the quarter;
- Reported continued reduction in operating expenses to $5.2
million, a reduction of 27.5% and the lowest quarterly expense in
fiscal 2017 or fiscal 2016;
- Reported GAAP net loss of $488 thousand, or $0.04 per share,
and adjusted EBITDA of $30 thousand;
- Generated $4.9 million in cash flows from operating activities,
bringing total cash flow to $10.6 million in the second half of
fiscal 2017;
- Announced multiple large follow-on orders, including additional
workers and divisions at a large telecommunications customer;
- Entered the vehicle emissions market with the leading software
and services provider, including Xplore’s first state-wide customer
win;
- Expanded Xplore’s global customer service organization to
enhance worldwide customer support;
- Secured a new $15 million line of credit from Bank of America,
including expanded support for inventory financing, with no debt on
the balance sheet at March 31; and
- Appointed Mark Holleran as Chief Executive Officer.
Fiscal Year 2017 Highlights:
- Reported revenue of $77.9 million, and gross margin of
28.2%;
- Reduced operating expenses 20.7% year-over-year through
aggressive focus on operating efficiency, significantly reducing
breakeven for the company;
- Reported a net loss of $2.6 million, and adjusted EBITDA of
negative $168 thousand;
- Launched the category leading XSLATE R12 designed to meet the
needs of Xplore’s targeted end user markets, including logistics,
manufacturing, public safety and others;
- Announced multiple large customer wins, including the company’s
largest ever purchase order for Android rugged tablets with a top
US telecommunications customer and a number of expansion orders
with another large US telecommunications customer; and
- Strengthened the board with the appointment of two new
independent directors.
CEO Mark Holleran stated: “Fiscal 2017 was a transformative year
for Xplore, characterized by fully integrating and refining the
acquired Motion product lines, working through industry-wide
disruptions that affected our first and fourth fiscal quarters,
rebuilding of our sales team and a 21% reduction in full-year
operating expenses. We enter fiscal 2018 as a leaner, more cost
efficient business focused on expanding sales, producing profitable
quarters and generating positive free cash flow.
“As anticipated, the previously announced supply chain
disruptions impacting the fourth quarter created tighter market
supplies and a lengthening of lead times on several key components,
such as digitizers and SSDs, leading to deferral of multiple orders
into the first quarter of 2018. While all of the affected
components remain available and shipping, we have taken a number of
actions to mitigate these disruptions, including lengthening our
order forecasts, increasing component purchase commitments,
adjusting our inventory practices and working closely with our ODMs
to manage supplier relationships, including second sourcing options
where appropriate.
“We are once again fulfilling customer orders largely on
schedule. We remain focused on expanding sales in key markets, such
as Europe, as well as working closely with a number of customer
refresh opportunities that will occur in Fiscal 2018, and
additional initiatives.”
Fiscal 2017 Fourth Quarter Financial
ResultsXplore reported revenue of $16.9 million for the
fiscal fourth quarter ended March 31, 2017, compared to revenue of
$24.5 million in the fiscal third quarter of 2017 and compared to
$20.6 million in the year-ago fourth quarter. The change in revenue
reflected typical seasonality combined with the previously
disclosed short-term supply chain constraints that limited
shipments during the March 2017 quarter.
Gross profit in the fourth quarter was $4.8 million, or 28.1% of
revenue, compared to $6.7 million, or 27.4% of revenue, in the
preceding quarter and $6.2 million, or 30.3% of revenue, in the
prior year fourth quarter. The change in gross margin was primarily
attributable to product mix.
Operating expenses continued to decline to the lowest level of
fiscal 2017, at $5.2 million for the fiscal fourth quarter, down
16.3% sequentially from $6.3 million in the preceding quarter and
down 27.5% from $7.2 million in the prior year fourth quarter. The
company believes the reduction in operating expenses reflects the
company’s focus on operating efficiency to drive profitability as
revenue grows. A portion of the cost reduction benefit is being
reinvested in sales, marketing and channel and distributor
development to drive revenue growth into fiscal 2018 and
beyond.
For the quarter, Xplore reported net loss of $488 thousand, or
$0.04 per basic share, compared to net income of $219 thousand, or
$0.02 per basic share, in the third quarter of fiscal 2017 and a
net loss of $1.0 million, or $0.09 per share, in the prior year
fourth quarter. The change in net loss reflects lower revenue,
offset by the significantly reduced operating expenses.
EBITDA adjusted for non-cash compensation and historical
integration costs was $30 thousand, compared to positive adjusted
EBITDA of $822 thousand in the fiscal third quarter 2017, and a
negative $112 thousand in the prior year fourth quarter. A
reconciliation is provided in the tables included in this
release.
“While topline was challenged by industry headwinds in fiscal
2017, we maintained our focus on operating efficiency and low
operating expenses, which have significantly lowered our break-even
point and improved our ability to generate free cash flow from
operations,” said Tom Wilkinson, CFO of Xplore. “Looking ahead, we
anticipate multiple profitable quarters in Fiscal 2018 on improving
revenue, as well as solid free cash flow to fund operations and
investment in planned platform refreshes.”
Full Year Financial ResultsFor the full fiscal
year 2017, Xplore reported total revenue of $77.9 million, compared
to $100.5 million in fiscal 2016. The change in revenue reflected
one-time deferred orders fulfilled in fiscal 2016 related to the
Motion acquisition, as well as the global tablet slowdown observed
in the fiscal first quarter of 2017 and supply chain limitations
impacting the fiscal fourth quarter of 2017. Gross margin in fiscal
2017 was 28.2%, compared to 31.2% in fiscal 2016, reflecting
changes in product mix as well as fulfillment of several large
customer orders in fiscal 2017, including a large
telecommunications order for Xplore’s industry leading rugged
Android tablet.
Operating expenses for fiscal 2017 were $24.0 million, compared
to $30.3 million in fiscal 2016, a decline of 20.7%. The decline in
operating expenses reflects cost reductions implemented throughout
fiscal 2017, which the company believes are sustainable through its
increased focus on operating efficiency.
Net loss for fiscal 2017 was $2.6 million, compared to a net
loss of $362,000 in fiscal 2016. Adjusted EBITDA for fiscal 2017
was negative $168 thousand, compared to positive $4.5 million in
fiscal 2016. The change in net income and adjusted EBITDA reflects
the impact of revenue changes previously addressed and the
reduction in operating expenses.
Cash Flow and Balance SheetNet cash provided by
operating activities was $4.9 million for the three months ended
March 31, 2017, compared to net cash used in operating activities
of $233,000 for the three months ended March 31, 2016. At quarter
end, cash was $3.5 million with no debt under the company’s line of
credit. Xplore continues to have no debt under the new line
of credit with Bank of America. Inventory declined at the end of
the quarter, to $12.9 million, reflecting continued substantial
shipment of goods from inventory in the fiscal fourth quarter.
Accounts receivable declined to $10.5 million, compared to $16.2
million in the preceding quarter, on strong collections.
OutlookFor fiscal 2018, Xplore provided an
initial revenue outlook in a range of $75 million to $85 million.
Gross margin for the fiscal year is expected to be between 28% and
30%. Operating expenses are expected to be approximately $23-25
million, reflecting a full year of the company’s reduced operating
expense profile. The company anticipates multiple profitable
quarters and positive cash flow for the full fiscal year 2018.
Xplore maintained its previously disclosed business operating
targets as revenue scales to a $120 million run-rate, assuming both
organic growth and cost reduction initiatives are achieved in
future periods: gross margin 28-30%, operating margin 8-10%, profit
margin 6-8% and EBITDA margin 9-11%.
Conference Call The company will conduct a
conference call and webcast to review the results on Wednesday, May
31, 2017, at 4:30 p.m. ET. Interested parties in the United
States can access the call by dialing 866-777-2509; interested
parties outside the United States can access the call by dialing
+1-412-317-5413. Callers should dial in at least 5 minutes prior to
the all start time. A live and archived webcast will be available
online in the investor relations section of Xplore’s website at
www.xploretech.com. A replay of the conference call will be
available until 5 p.m. ET on June 14, 2017, by calling 877-344-7529
from the United States or +1-412-317-0088 from outside the United
States and entering conference ID number 10107744.
About Xplore TechnologiesXplore
is The Rugged Tablet Authority™, exclusively manufacturing
powerful, long-lasting, and customer-defined rugged tablet PCs
since 1996. Today, Xplore offers the broadest portfolio of
genuinely rugged tablets – and the most complete lineup of rugged
tablet accessories – on Earth. Its mobility solutions are
purpose-built for the energy, utilities, telecommunications,
military and defense, manufacturing, distribution, public safety,
healthcare, government, and field service sectors. The company’s
award-winning military-grade computers are also among the most
powerful and longest lasting in their class, built to withstand
nearly any hazardous condition or environmental extreme for years
without fail. Visit www.xploretech.com for more information on how
Xplore and its global channel partners engineer complete mobility
solutions to meet specialized workflow demands. Follow us on
Twitter, Facebook, LinkedIn, and YouTube.
Forward Looking StatementsThis
news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ
materially from the statements made. When used in this document,
the words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar
expressions are intended to identify forward-looking statements.
Such statements reflect Xplore’s current views with respect to
future events and are subject to such risks and uncertainties. Many
factors could cause actual results to differ materially from the
statements made including those factors detailed from time to time
in filings made by Xplore with securities regulatory authorities.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated or expected. Xplore does
not intend and does not assume any obligation to update these
forward-looking statements.
|
|
XPLORE TECHNOLOGIES CORP. |
|
Consolidated Balance
Sheets |
|
(in thousands) |
|
|
|
|
|
March 31, 2017 |
|
|
March 31, 2016 |
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
3,460 |
|
|
$ |
5,594 |
|
Accounts receivable,
net |
|
|
10,452 |
|
|
|
14,277 |
|
Inventory, net |
|
|
12,858 |
|
|
|
14,858 |
|
Prepaid expenses and
other current assets |
|
|
469 |
|
|
|
800 |
|
Total current
assets |
|
|
27,239 |
|
|
|
35,529 |
|
Fixed assets, net |
|
|
1,862 |
|
|
|
1,003 |
|
Intangible assets,
net |
|
|
1,425 |
|
|
|
1,785 |
|
Goodwill |
|
|
15,159 |
|
|
|
14,872 |
|
|
|
$ |
45,685 |
|
|
$ |
53,189 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,342 |
|
|
$ |
9,611 |
|
Accrued
liabilities |
|
|
2,266 |
|
|
|
3,409 |
|
Deferred revenue and
current warranty liabilities |
|
|
3,145 |
|
|
|
4,413 |
|
Total current
liabilities |
|
|
12,753 |
|
|
|
17,433 |
|
Deferred revenue and
non-current warranty liabilities |
|
|
3,650 |
|
|
|
4,568 |
|
Total liabilities |
|
|
16,403 |
|
|
|
22,001 |
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
Preferred Stock, par
value $0.001 per share; authorized 5,000, and none, respectively;
shares issued none and none, respectively |
|
|
— |
|
|
|
— |
|
Common Stock, par value
$0.001 per share; authorized 15,000; shares issued 10,970 and
10,908, respectively |
|
|
11 |
|
|
|
11 |
|
Additional paid-in
capital |
|
|
171,784 |
|
|
|
171,138 |
|
Accumulated
deficit |
|
|
(142,513 |
) |
|
|
(139,961 |
) |
|
|
|
29,282 |
|
|
|
31,188 |
|
|
|
$ |
45,685 |
|
|
$ |
53,189 |
|
|
|
|
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP. |
|
Consolidated Statements of
Loss—Unaudited |
|
(in thousands of dollars, except share
and per share amounts) |
|
|
|
|
|
Years Ended March 31, |
|
|
|
2017 |
|
|
2016 |
|
Revenue |
|
$ |
77,928 |
|
|
$ |
100,530 |
|
Cost of revenue |
|
|
55,956 |
|
|
|
69,183 |
|
Gross profit |
|
|
21,972 |
|
|
|
31,347 |
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Sales, marketing and
support |
|
|
12,370 |
|
|
|
15,096 |
|
Product research,
development and engineering |
|
|
4,462 |
|
|
|
5,771 |
|
General
administration |
|
|
7,193 |
|
|
|
9,427 |
|
|
|
|
24,025 |
|
|
|
30,294 |
|
Income (loss)
from operations |
|
|
(2,053 |
) |
|
|
1,053 |
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(173 |
) |
|
|
(58 |
) |
Cost of
integration |
|
|
— |
|
|
|
(913 |
) |
Other income
(expense) |
|
|
(197 |
) |
|
|
(450 |
) |
|
|
|
(370 |
) |
|
|
(1,421 |
) |
Income (loss) before
income taxes |
|
|
(2,423 |
) |
|
|
(368 |
) |
Income tax (expense)
benefit |
|
|
(129 |
) |
|
|
6 |
|
Net income (loss) |
|
$ |
(2,552 |
) |
|
$ |
(362 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) per
common share, primary |
|
$ |
(0.23 |
) |
|
$ |
(0.03 |
) |
Income (loss) per
common share, fully diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.03 |
) |
Weighted average number
of common shares outstanding, primary |
|
|
10,938,057 |
|
|
|
10,848,255 |
|
Weighted average number
of common shares outstanding, fully diluted |
|
|
10,938,057 |
|
|
|
10,848,255 |
|
|
|
|
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP. |
|
Consolidated Statements of Cash
Flows—Unaudited |
|
(in thousands) |
|
|
|
|
|
Years Ended March 31, |
|
|
|
2017 |
|
|
2016 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Cash provided by (used
in) operations: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,552 |
) |
|
$ |
(362 |
) |
Items not affecting
cash: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,571 |
|
|
|
1,730 |
|
Provision for doubtful
accounts |
|
|
(91 |
) |
|
|
69 |
|
Stock‑based
compensation expense |
|
|
511 |
|
|
|
2,156 |
|
Loss on disposal of
asset |
|
|
28 |
|
|
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
3,916 |
|
|
|
(329 |
) |
Inventory |
|
|
2,000 |
|
|
|
(1,180 |
) |
Prepaid expenses and
other current assets |
|
|
331 |
|
|
|
(514 |
) |
Accounts payable and
accrued liabilities, including deferred revenue |
|
|
(5,598 |
) |
|
|
(6,717 |
) |
Net cash provided by
(used in) operating activities |
|
|
116 |
|
|
|
(5,147 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net cash received
(paid) in purchase transaction |
|
|
(287 |
) |
|
|
669 |
|
Additions to fixed
assets |
|
|
(2,098 |
) |
|
|
(888 |
) |
Net cash used in
investing activities |
|
|
(2,385 |
) |
|
|
(219 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from
short-term borrowings |
|
|
50,476 |
|
|
|
18,000 |
|
Repayment of short-term
indebtedness |
|
|
(50,576 |
) |
|
|
(27,098 |
) |
Net proceeds on
issuance of Common Stock |
|
|
135 |
|
|
|
603 |
|
Net cash provided by
(used in) financing activities |
|
|
35 |
|
|
|
(8,495 |
) |
CHANGE IN CASH AND CASH
EQUIVALENTS |
|
|
(2,134 |
) |
|
|
(13,861 |
) |
CASH AND CASH
EQUIVALENTS, BEGINNING OF PERIOD |
|
|
5,594 |
|
|
|
19,455 |
|
CASH AND CASH
EQUIVALENTS, END OF PERIOD |
|
$ |
3,460 |
|
|
$ |
5,594 |
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOWS: |
|
|
|
|
|
|
|
|
Payments for
interest |
|
$ |
173 |
|
|
$ |
58 |
|
Payments for income
taxes, net of refunds |
|
$ |
129 |
|
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP. |
|
|
Adjusted EBITDA
Reconciliation—Unaudited |
|
|
(in thousands) |
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(488) |
|
|
$ |
(1,002) |
|
|
|
|
|
|
|
|
|
|
Income
taxes |
|
- |
|
|
(75) |
|
|
|
Interest
expense |
|
17 |
|
|
— |
|
|
|
Depreciation and amortization |
|
403 |
|
|
417 |
|
|
|
Stock-based compensation expense |
|
98 |
|
|
522 |
|
|
|
Cost of
integration |
|
— |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
|
$ |
30 |
|
|
$ |
(112) |
|
|
|
|
|
|
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP. |
|
|
Supplemental Three Months Consolidated
Statements of Cash Flows—Unaudited |
|
|
(in thousands) |
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(488) |
|
|
$ |
(1,002) |
|
|
|
Items not affecting
cash: |
|
|
|
|
|
|
Depreciation and amortization |
|
403 |
|
|
417 |
|
|
|
Provision
for doubtful accounts |
|
(47) |
|
|
21 |
|
|
|
Stock
based compensation expense |
|
98 |
|
|
522 |
|
|
|
Other
adjustments to cash used in operations |
|
4,940 |
|
|
(191) |
|
|
|
Net cash used in
operating activities |
|
4,906 |
|
|
(233) |
|
|
|
Net cash used in
investing activities |
|
(472) |
|
|
(231) |
|
|
|
Net cash provided by
(used in) financing activities |
|
(5,073) |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
Change in cash and cash
equivalents |
|
$ |
(639) |
|
|
$ |
(441) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Xplore Technologies Quarterly Historical
Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2017 |
|
|
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
16,473 |
|
$ |
20,007 |
|
$ |
24,499 |
|
$ |
16,949 |
|
$ |
77,928 |
|
Cost of revenue |
|
11,609 |
|
|
14,31 |
|
|
17,784 |
|
|
12,192 |
|
|
55,956 |
|
|
Gross profit |
|
4,864 |
|
|
5,636 |
|
|
6,715 |
|
|
4,757 |
|
|
21,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales,
marketing and support |
|
3,435 |
|
|
2,896 |
|
|
3,153 |
|
|
2,886 |
|
|
12,370 |
|
|
Product
research, development & engineering |
|
953 |
|
|
1,317 |
|
|
1,303 |
|
|
889 |
|
|
4,462 |
|
|
General
administrative |
|
2,039 |
|
|
1,868 |
|
|
1,816 |
|
|
1,470 |
|
|
7,193 |
|
Total expenses |
|
6,427 |
|
|
6,081 |
|
|
6,272 |
|
|
5,245 |
|
|
24,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) from operations |
|
(1,563) |
|
|
(445) |
|
|
443 |
|
|
(488) |
|
|
(2,053) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(8) |
|
|
(69) |
|
|
(79) |
|
|
(17) |
|
|
(173) |
|
|
Other
income/expenses |
|
(96) |
|
|
(22) |
|
|
(96) |
|
|
17 |
|
|
(197) |
|
|
|
|
(104) |
|
|
(91) |
|
|
(175) |
|
|
- |
|
|
(370) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) before taxes |
|
(1,667) |
|
|
(536) |
|
|
268 |
|
|
(488) |
|
|
(2,423) |
|
|
Income
taxes |
|
(80) |
|
|
- |
|
|
(49) |
|
|
- |
|
|
(129) |
|
Net
income/(loss) |
$ |
(1,747) |
|
$ |
(536) |
|
$ |
219 |
|
$ |
(488) |
|
$ |
(2,552) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
348 |
|
|
456 |
|
|
364 |
|
|
403 |
|
|
1,571 |
|
|
Interest
expense |
|
8 |
|
|
69 |
|
|
79 |
|
|
17 |
|
|
173 |
|
|
Income
taxes |
|
80 |
|
|
- |
|
|
49 |
|
|
- |
|
|
129 |
|
|
EBITDA |
|
(1,311) |
|
|
(11) |
|
|
711 |
|
|
(632) |
|
|
(679) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
compensation |
|
175 |
|
|
127 |
|
|
111 |
|
|
98 |
|
|
511 |
|
|
Adjusted EBITDA |
$ |
(1,136) |
|
$ |
116 |
|
$ |
822 |
|
$ |
30 |
|
$ |
(168) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2016 |
|
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|
|
|
|
|
|
|
Revenue |
$ |
24,043 |
|
$ |
28,853 |
|
$ |
27,023 |
|
$ |
20,611 |
|
$ |
100,530 |
|
Cost of revenue |
|
15,893 |
|
|
20,744 |
|
|
18,181 |
|
|
14,365 |
|
|
69,183 |
|
|
Gross profit |
|
8,150 |
|
|
8,109 |
|
|
8,842 |
|
|
6,246 |
|
|
31,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales,
marketing and support |
|
3,620 |
|
|
3,642 |
|
|
3,925 |
|
|
3,909 |
|
|
15,096 |
|
|
Product
research, development & engineering |
|
1,830 |
|
|
1,577 |
|
|
1,129 |
|
|
1,235 |
|
|
5,771 |
|
|
General
administrative |
|
2,331 |
|
|
2,487 |
|
|
2,521 |
|
|
2,088 |
|
|
9,427 |
|
Total operating expenses |
|
7,781 |
|
|
7,706 |
|
|
7,575 |
|
|
7,232 |
|
|
30,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) from operations |
|
369 |
|
|
403 |
|
|
1,267 |
|
|
(986) |
|
|
1,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(6) |
|
|
(52) |
|
|
- |
|
|
- |
|
|
(58) |
|
|
Cost of
integration |
|
(670) |
|
|
(122) |
|
|
(95) |
|
|
(26) |
|
|
(913) |
|
|
Other
income/expenses |
|
63 |
|
|
(131) |
|
|
(317) |
|
|
(65) |
|
|
(450) |
|
|
|
|
(613) |
|
|
(305) |
|
|
(412) |
|
|
(91) |
|
|
(1,421) |
|
|
Income/(loss) before taxes |
|
(244) |
|
|
98 |
|
|
855 |
|
|
(1,077) |
|
|
(368) |
|
|
Income
taxes |
|
- |
|
|
- |
|
|
(69) |
|
|
75 |
|
|
6 |
|
Net
income/(loss) |
$ |
(244) |
|
$ |
98 |
|
$ |
786 |
|
$ |
(1,002) |
|
$ |
(362) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
358 |
|
|
457 |
|
|
498 |
|
|
417 |
|
|
1,730 |
|
|
Interest
expense |
|
6 |
|
|
52 |
|
|
- |
|
|
- |
|
|
58 |
|
|
Income
taxes |
|
- |
|
|
- |
|
|
69 |
|
|
(75) |
|
|
(6) |
|
|
EBITDA |
|
120 |
|
|
607 |
|
|
1,353 |
|
|
(660) |
|
|
1,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
compensation |
|
607 |
|
|
492 |
|
|
535 |
|
|
522 |
|
|
2,156 |
|
|
Cost of
integration |
|
670 |
|
|
122 |
|
|
95 |
|
|
26 |
|
|
913 |
|
|
Adjusted EBITDA |
$ |
1,397 |
|
$ |
1,221 |
|
$ |
1,983 |
|
$ |
(112) |
|
$ |
4,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2015 |
|
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|
|
|
|
|
|
|
Revenue |
$ |
8,267 |
|
$ |
7,522 |
|
$ |
16,443 |
|
$ |
10,407 |
|
$ |
42,639 |
|
Cost of revenue |
|
5,203 |
|
|
5,255 |
|
|
10,569 |
|
|
7,293 |
|
|
28,320 |
|
|
Gross profit |
|
3,064 |
|
|
2,267 |
|
|
5,874 |
|
|
3,114 |
|
|
14,319 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
Sales,
marketing and support |
|
1,598 |
|
|
1,714 |
|
|
1,630 |
|
|
1,410 |
|
|
6,352 |
|
|
Product
research, development & engineering |
|
991 |
|
|
739 |
|
|
815 |
|
|
992 |
|
|
3,537 |
|
|
General
administrative |
|
1,007 |
|
|
977 |
|
|
980 |
|
|
1,139 |
|
|
4,103 |
|
Total operating expenses |
|
3,596 |
|
|
3,430 |
|
|
3,425 |
|
|
3,541 |
|
|
13,992 |
|
|
|
|
|
|
|
|
|
Profit/(loss)
from operations |
|
(532) |
|
|
(1,163) |
|
|
2,449 |
|
|
(427) |
|
|
327 |
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
Interest
expense |
|
|
(1) |
|
|
(2) |
|
|
- |
|
|
(3) |
|
|
Cost of
integration |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Other
income/expenses |
|
(19) |
|
|
(3) |
|
|
(7) |
|
|
(7) |
|
|
(36) |
|
|
|
|
(19) |
|
|
(4) |
|
|
(9) |
|
|
(7) |
|
|
(39) |
|
|
|
|
|
|
|
|
|
Income/(loss) before taxes |
|
(551) |
|
|
(1,167) |
|
|
2,440 |
|
|
(434) |
|
|
288 |
|
|
Income
taxes |
|
- |
|
|
- |
|
|
(39) |
|
|
- |
|
|
(39) |
|
Net
income/(loss) |
$ |
(551) |
|
$ |
(1,167) |
|
$ |
2,401 |
|
$ |
(434) |
|
$ |
249 |
|
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
172 |
|
|
264 |
|
|
253 |
|
|
230 |
|
|
919 |
|
|
Interest
expense |
|
- |
|
|
1 |
|
|
2 |
|
|
- |
|
|
3 |
|
|
Income
taxes |
|
- |
|
|
- |
|
|
39 |
|
|
- |
|
|
39 |
|
|
EBITDA |
|
(379) |
|
|
(902) |
|
|
2,695 |
|
|
(204) |
|
|
1,210 |
|
|
|
|
|
|
|
|
|
Non-cash
compensation |
|
159 |
|
|
166 |
|
|
152 |
|
|
207 |
|
|
684 |
|
|
Cost of
integration |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Adjusted EBITDA |
$ |
(220) |
|
$ |
(736) |
|
$ |
2,847 |
|
$ |
3 |
|
$ |
1,894 |
|
|
|
|
|
|
|
|
Xplore Technologies Quarterly Key
Statistics |
|
|
|
FY 2017 |
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|
|
|
|
|
|
Gross margin |
29.5 |
% |
28.2 |
% |
27.4 |
% |
28.1 |
% |
28.2 |
% |
Operating margin |
-9.5 |
% |
-2.2 |
% |
1.8 |
% |
-2.9 |
% |
-2.6 |
% |
Periodic revenue % |
21.1 |
% |
25.7 |
% |
31.4 |
% |
21.7 |
% |
100.0 |
% |
Quarter over
Quarter |
|
|
|
|
|
Revenue
Change % |
-20.1 |
% |
21.5 |
% |
22.5 |
% |
-30.8 |
% |
|
|
FY 2016 |
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|
|
|
|
|
|
Gross margin |
33.9 |
% |
28.1 |
% |
32.7 |
% |
30.3 |
% |
31.2 |
% |
Operating margin |
1.5 |
% |
1.4 |
% |
4.7 |
% |
-4.8 |
% |
1.0 |
% |
Periodic revenue % |
23.9 |
% |
28.7 |
% |
26.9 |
% |
20.5 |
% |
100.0 |
% |
Quarter over
Quarter |
|
|
|
|
|
Revenue
Change % |
131.0 |
% |
20.0 |
% |
-6.3 |
% |
-23.7 |
% |
|
|
FY 2015 |
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
YTD |
|
|
|
|
|
|
Gross margin |
37.1 |
% |
30.1 |
% |
35.7 |
% |
29.9 |
% |
33.6 |
% |
Operating margin |
-6.4 |
% |
-15.5 |
% |
14.9 |
% |
-4.1 |
% |
0.8 |
% |
Periodic revenue % |
19.4 |
% |
17.6 |
% |
38.6 |
% |
24.4 |
% |
100.0 |
% |
Quarter over
Quarter |
|
|
|
|
|
Revenue
Change % |
-0.9 |
% |
-9.0 |
% |
118.6 |
% |
-36.7 |
% |
|
Contact Information:
Tom Wilkinson
Chief Financial Officer
(512) 637-1162
twilkinson@xploretech.com
Matt Kreps, Darrow Associates Investor Relations
(512) 696-6401
xplr@darrowir.com
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