SAN JOSE, CA--(Marketwire - January 26, 2011) - AltiGen Communications, Inc. (OTCQX: ATGN)
(PINKSHEETS: ATGN), the leading provider of integrated Microsoft-based
Unified Communications solutions, today reported financial results for its
fiscal 2011 first quarter ended December 31, 2010.
First Quarter Financial Highlights:
-- First quarter revenue of $4.6 million
-- Gross margin improved to 67.6%
-- Net (P&L) cash loss decreased to $233,000
-- Ending cash balance of $6.8 million
Jeremiah Fleming, AltiGen's President and Chief Executive Officer, stated,
"We are pleased with the progress we made this quarter. We reduced our net
loss by more than 40% versus the previous quarter. At the same time, we
improved our cash position by approximately $300,000 this quarter. We've
been gaining a lot of traction with both larger enterprise customers and
service providers, and are now beginning to experience tangible results
associated with these efforts."
Revenue for the first quarter of fiscal 2011 was $4.6 million, compared to
$3.8 million in the preceding quarter, and compared to $4.2 million during
the same period in fiscal 2010. Gross margin in the first quarter of fiscal
2011 was 67.6%, compared to 67.4% in the preceding quarter, and compared to
66.6% for the same period in fiscal 2010. Operating expenses totaled $3.5
million, compared to $3.3 million in both the preceding quarter and during
the same period in fiscal 2010.
Net loss for the first quarter of fiscal 2011 was $372,000, or a loss of
$0.02 per share, compared to a net loss of $638,000, or a loss of $0.04 per
share in the preceding quarter, and compared to a net loss of $470,000, or
a loss of $0.03 per share during the first quarter of fiscal 2010. Total
cash and cash equivalents, plus short term investments at December 31, 2010
were $6.8 million, compared to $6.5 million at September 30, 2010.
Conference Call
AltiGen will conduct a conference call with investment professionals at
2:00 p.m. Pacific Time (5:00 p.m. ET) today, January 26, 2011 to discuss
AltiGen's results of operations for the fiscal 2011 first quarter. Dial
(877) 407-8031 (domestic) or (201) 689-8031 (international) to listen in to
the call. 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 #365724. 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) (PINKSHEETS: 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
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, including, without
limitation, statements regarding the continued market acceptance of our 100
percent Microsoft-based business phone systems and call center solutions,
AltiGen's favorable business outlook, and our ability to gain traction with
both large enterprise customers and service providers. These statements
reflect management's current expectation. However, actual results could
differ materially as a result of unknown risks and uncertainties, including
but not limited to, risks related to AltiGen's limited operating history.
For a more detailed description of these and other risks and uncertainties
affecting AltiGen's performance, please refer to AltiGen's Annual Report on
Form 10-K for the fiscal year ended September 30, 2010. All forward-looking
statements in this press release are based on information available to
AltiGen as of the date hereof and AltiGen assumes no obligation to update
these forward-looking statements.
AltiGen Communications, Inc.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
First Quarter Ended
December 31,
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FY 2011 FY 2010
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Net Revenue $ 4,607 $ 4,221
Gross profit 3,116 2,810
Research and development 1,497 1,147
Selling, general & administrative 1,997 2,154
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Operating loss (378) (491)
Interest and other income, net 7 22
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Net loss before tax (371) (469)
Provision for income tax 1 1
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Net loss after tax $ (372) $ (470)
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Basic and diluted net loss per
share (0.02) (0.03)
Weighted average shares outstanding 16,495 16,293
December 31, 2010 September 30, 2010
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Cash and cash equivalents $ 4,031 $ 3,776
Short-term investments 2,748 2,748
Accounts receivable, net 1,291 1,018
Inventories 1,158 1,385
Other current assets 237 345
Net property and equipment 739 613
Other long-term assets 478 476
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Total Assets $ 10,682 $ 10,361
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Current liabilities $ 5,623 $ 5,085
Long-term liabilities 457 469
Stockholders' equity 4,602 4,807
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Total Liabilities and Stockholders'
Equity $ 10,682 $ 10,361
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