SAN JOSE, CA--(Marketwired - Apr 19, 2017) - AltiGen Communications, Inc. (
Second Quarter Fiscal Year 2017 Results
Revenue for the second quarter of fiscal 2017 was $2.0 million, compared to $2.1 million in the preceding quarter, and compared to $2.2 million during the same period in fiscal 2016. Gross margin in the second quarter of fiscal 2017 was 84.9%, compared to 85.0% in the preceding quarter, and compared to 81.5% during the second quarter of fiscal 2016.
GAAP net loss for the second quarter of fiscal 2017 was $16,000, or $(0.00) per share, compared with net income of $85,000, or $0.00 per diluted share in the preceding quarter, and compared to a net income of $35,000, or $0.00 per diluted share during the same period a year ago.
Non-GAAP net income for the second quarter of fiscal 2017 was $11,000, or $0.00 per diluted share, compared with non-GAAP net income of $90,000, or $0.00 per diluted share in the preceding quarter, and compared to a non-GAAP net income of $115,000, or $0.00 per diluted share in the same period in 2016.
Operating expenses totaled $1.7 million for the second quarter of fiscal 2017, the same as in the preceding quarter and for the second quarter of fiscal 2016.
Six Month Fiscal Year 2017 Results
For the first six months of fiscal year 2017, revenue was $4.2 million, compared to $4.4 million during the same period in fiscal 2016. Gross margin was 84.9% for the first six months of fiscal 2017, compared to 81.1% in the same period in 2016.
GAAP net income for the six months ended March 31, 2017 was $69,000, or $0.00 per diluted share, compared with GAAP net income of $64,000, or $0.00 per diluted share in the prior year period.
Non-GAAP net income for the first six months of fiscal year 2017 was $101,000, or $0.00 per diluted share, compared with non-GAAP net income of $261,000, or $0.01 per diluted share during the same period a year ago.
Operating expenses for the six month of fiscal 2017 totaled $3.5 million, the same as in the comparable period last year.
Cash, Cash Equivalents and Restricted Cash
As of March 31, 2017, total cash, cash equivalents and restricted cash was $3.8 million and working capital was $1.2 million, the same as 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 http://www.altigen.com. To access the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international), account #286 conference ID #10323. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.
About AltiGen Communications, Inc.
AltiGen Communications, Inc. (
Safe Harbor Statement
This release may contain forward-looking statements. Forward-looking statements are based only on the Company's views of future events and financial performances, current expectations, beliefs, plans and assumptions. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company's control that may cause the Company's actual results to be materially different from planned or expected results. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Please refer to the Company's most recent Annual Report filed with the OTCQB over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.
|AltiGen Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited; amounts in thousands, except per share data)
|Second Quarter Ended||Six Months Ended|
|March 31,||March 31,|
|FY 2017||FY 2016||FY 2017||FY 2016|
|Research and development||720||678||1,417||1,359|
|Selling, general & administrative||1,021||1,046||2,047||2,125|
|Operating (loss) income||(14||)||37||74||70|
|Other income/(expense), net||(2||)||(2||)||(4||)||(5||)|
|Net (loss) income before provision for income taxes||(16||)||35||70||65|
|Provision for income taxes||-||-||(1||)||(1||)|
|Net (loss) income||$||(16||)||$||35||$||69||$||64|
|Basic and diluted net income per share||$||0.00||$||0.00||$||0.00||$||0.02|
|Weighted average shares outstanding - basic||22,799||22,799||22,799||22,799|
|Weighted average shares outstanding - diluted||22,799||23,829||23,304||23,789|
|AltiGen Communications, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
|March 31, 2017
|September 30, 2016
|Cash and cash equivalents||$||3,830||$||4,490|
|Accounts receivable, net||309||306|
|Other current assets||210||95|
|Net property and equipment||81||125|
|Other long-term assets||36||31|
|Total liabilities and stockholders' equity||$||4,466||$||5,090|