SAN JOSE, CA--(Marketwired - Apr 22, 2015) - AltiGen Communications, Inc. (
SECOND QUARTER 2015 FINANCIAL HIGHLIGHTS, compared with the second quarter a year ago:
YEAR-TO-DATE FINANCIAL HIGHLIGHTS, six months ended March 31, 2015, compared with the corresponding period a year ago:
Results from Continuing Operations
Revenue for the second quarter of fiscal year 2015 was $2.5 million, in comparison to $2.4 million for the second quarter of fiscal year 2014, an increase of 5%. Net income for the second quarter of fiscal 2015 from continuing operations was $107,000, or $0.00 per share (diluted), compared with net loss of $84,000, or $0.00 per share in the same period in fiscal 2014. Gross margin in the second quarter of fiscal 2015 was 80.1%, compared to 72.8% in the same period in 2014. Operating expenses for the second quarter of fiscal 2015 totaled $1.9 million, compared to $1.8 million during the same period a year ago.
For the six months of the year, revenue was $5.2 million, compared to $4.9 million during the same period in fiscal 2014, an increase of 7%. Net income was a record $526,000, or $0.02 per share (diluted), compared with net loss of $262,000, or $0.01 per share in the same period in fiscal 2014. Gross margin was 80.0% for the first six months of fiscal 2015, compared to 72.3% in the same period in 2014. Operating expenses for the second quarter of fiscal 2015 totaled $3.6 million, compared to $3.8 million in the comparable period last year.
The increase in gross margin for both the three and six month period was primarily due to an increase in the number of software only transactions in fiscal year 2015.
Our cash, cash equivalents and restricted cash increased by $313,000, or 8% to $4.4 million at the end of the second quarter, compared to $4.1 million at the end of the preceding quarter. Working capital was $1.0 million at the end of the second quarter, compared to $675,000 in the preceding quarter.
AltiGen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific 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 #13607698. 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. (
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 market acceptance of our premise and cloud-based IP-PBX and Contact Center solutions and our ability to maintain sales growth and profitability. Actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
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, 2014. 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.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)
|Second Quarter Ended||Six Months Ended|
|March 31,||March 31,|
|FY 2015||FY 2014 (1)||FY 2015||FY 2014 (1)|
|Research and development||784||745||1,492||1,489|
|Selling, general & administrative||1,141||1,096||2,123||2,277|
|Operating income (loss) from continuing operations||109||(81||)||532||(255||)|
|Interest and other income, net||(2||)||(3||)||(5||)||(6||)|
|Net income (loss) before income taxes||107||(84||)||527||(261||)|
|Provision for income taxes||-||-||(1||)||(1||)|
|Operating income (loss) from continuing operations after taxes||$||107||$||(84||)||$||526||$||(262||)|
|Operating loss from discontinued operations||-||(174||)||-||(361||)|
|Write-down of investment from discontinued operations||-||(259||)||-||(259||)|
|Total operating loss from discontinued operations||$||-||$||(433||)||$||-||$||(620||)|
|Net income (loss)||$||107||$||(517||)||$||526||$||(882||)|
|Basic and diluted net income (loss) per share||$||0.00||$||(0.00||)||$||0.02||$||(0.01||)|
|Weighted average shares outstanding basic||22,799||23,399||22,799||23,399|
|Weighted average shares outstanding diluted||23,167||23,399||24,699||23,399|
|(1) Prior year results have been retrospectively revised to reflect the discontinued China operations for comparison purposes.|
|AltiGen Communications, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
|March 31, 2015
|September 30, 2014
|Cash and cash equivalents||$||4,384||$||3,814|
|Accounts receivable, net||343||472|
|Other current assets||124||68|
|Net property and equipment||150||145|
|Other long-term assets||36||36|
|Assets of discontinued operations||-||-|
|Liabilities of discontinued operations||-||-|
|Total Liabilities and Stockholders' Equity||$||5,389||$||5,011|