New Customers and Products Strengthen Sales Pipeline
Company to Announce New Strategic Initiatives as Part of Fiscal 2017 Final Results
LOS ANGELES, Aug. 21, 2017 (GLOBE NEWSWIRE) -- Atlas Technology International, Inc. (OTCQB:ATLT), a rapidly growing designer, manufacturer and distributor of touchscreen devices, today announced that it expects to report record sales and profits for its fourth fiscal quarter ended, June 30, 2017.
Revenues in the fourth quarter of fiscal 2017 are expected to be in the range of $1.6 to $1.8 million, an increase of 32% on a sequential basis compared to revenues of $1,393,365 in the Company’s third fiscal quarter ended March 31, 2017. Net income is expected to increase faster than revenues, rising 210% on a sequential basis to a range of between $180k to 220k. In the third quarter, the Company posted net income of $99,399 compared with net income $4,346 in the second fiscal quarter.
CEO Sees Continued Sequential Gains in Both Revenues and Earnings
“Our fourth quarter is a testament of our ability to expand existing customer relationships, invest in acquiring new customers and develop new and innovative product lines, all of which contributed to yet another quarter of strong sequential gains in both revenues and earnings,” said Matthew Tsai, Chief Executive Officer of Atlas Technology International, Inc. “The relocation of our headquarters to Los Angeles has already begun to expand our sales pipeline with the addition of a number of new North American blue-chip clients which we believe will grow to sizable accounts in the new fiscal year.”
Gross margins for the fourth quarter of fiscal 2017 are expected to hold at approximately 33%, following the 160 basis point sequential increase in the third fiscal quarter. The Company expects to see continued growth in operating earnings due to both new revenue channels as well as improving economies of scale.
“We continue to successfully execute on our three-pronged growth strategy – increased orders from our existing customer base, the addition of new customers and the development and launch of new product lines. During this past quarter, we’ve expanded our relationships with some of our largest blue-chip clients, such as Honeywell, Inc. (traded on NYSE under symbol "HON"), by enhancing their industrial machine controls and consumer product lines, such as their smart home thermostats, with our proprietary touchscreen technologies. We are pleased to now be able to offer composable screen solutions to our clients. Composable screens are 10-to-30-inch touch screens that can merge together to become mega-size touch screens. The products have multi-purpose designs and uses, including public information inquiries, industrial controlling, multimedia teaching, electronic games and military commanding. Our new 10-to-30-inch touch screens also benefit from strong pricing advantages resulting from our ability to our lower our manufacturing costs, thereby further enhancing our margins and providing us with yet another competitive advantage.”
“We are also taking a number of key initiatives to fuel our future growth by increasing our visibility with both new customers as well as investors. We held our first investor conference call on May 15, 2017 and on June 7, 2017 presented our investment story for the first time as a public company at the LD Micro Conference. With a strong balance sheet, leading edge technology, and a dedicated focus on each and every customer, we strongly believe we are just at the cusp of what will prove to be an extended period of significant revenue and earnings growth. This growth would not be possible without the many contributions from our growing and dedicated employee base, loyal clientele and supportive shareholders. We look forward to keeping our investors updated on our progress through the upcoming series of investor conferences, quarterly earnings conference calls as well as special investor conference calls designed to provide additional detail regarding any news announcements while also answering any investor questions,” concluded Mr. Tsai.
Company to Announce Fourth Quarter and Full Year Fiscal 2017 Results Next Month Followed by Outline of Its New Strategic Initiatives
The Company expects to provide additional information, including its new strategic initiatives designed to enhance shareholder value, to investors during the Company’s fourth quarter and full year fiscal 2017 earnings release and conference call to be held during the second half of September 2017.
To be added to Atlas Technology’s investor lists, please contact Bill Miller at Investor Relations Partners at (844) 565-5665 or via email at bmiller@irpartnersinc.com.
About Atlas Technology International, Inc.
Atlas Technology International, Inc. (OTCQB:ATLT) is a designer, manufacturer and distributor of touchscreen devices to consumer electronic producers all over the world. Their products power the interface to a wide array of smart devices including GPS systems, point of sale machines, hospitality and medical devices and small appliances. For further information on Atlas Technology International, please visit our website at www.atlastechintl.com.
(This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Atlas Technology International, Inc. has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect Atlas Technology International's current beliefs and are based on information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause Atlas Technology International's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Atlas Technology International undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements.)