SAN JOSE, CA--(Marketwired - Jul 17, 2013) - AltiGen Communications, Inc. (
Net revenue for the third quarter was $3.1 million, compared to $3.3 million reported in the second quarter of fiscal 2013, and compared to $4.0 million reported in the comparable period last year. Gross margin in the third quarter of fiscal 2013 was 70.7%, compared to 72.2% reported in the preceding quarter, and compared to 65.1% for the same period in fiscal 2012.
Operating expenses totaled $2.5 million, a decrease of 14% compared to $2.9 million reported in the preceding quarter, and a decrease of 11% from the $2.8 million reported in the comparable period last year. Net loss from operations for the third quarter of fiscal 2013 was $369,000 ($0.02 per basic share), compared to net loss of $509,000 ($0.03 per basic share) reported in the second quarter of fiscal 2013, and compared to a net loss of $193,000 ($0.01 per basic share) in the year-ago quarter.
The Company reported revenue for the nine-month period of $10.2 million, compared to $13.4 million for the comparable period last year. Gross margin was 71.2% for the nine months ended June 30, 2013, an increase of 7% from the 66.5% in the comparable period last year. Operating expenses decreased to $8.2 million in fiscal 2013 from $9.0 million in fiscal 2012.
Total cash and cash equivalents at June 30, 2013 was $3.5 million, compared to $4.0 million reported in the second quarter of fiscal 2013. The decrease was primarily due to cash used in operations during the quarter.
Conference Call
AltiGen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Daylight 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 #417648. 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 the continued market acceptance of our 100 percent Microsoft-based business phone systems and call center solutions.
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, 2012. 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. | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| Third Quarter Ended | Nine Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| FY 2013 | FY 2012 | FY 2013 | FY 2012 | |||||||||||||
| Net Revenue | $ | 3,073 | $ | 4,024 | $ | 10,201 | $ | 13,411 | ||||||||
| Gross profit | 2,171 | 2,621 | 7,260 | 8,913 | ||||||||||||
| Research and development | 1,006 | 1,054 | 3,013 | 3,531 | ||||||||||||
| Selling, general & administrative | 1,534 | 1,755 | 5,182 | 5,509 | ||||||||||||
| Operating loss | (369 | ) | (188 | ) | (935 | ) | (127 | ) | ||||||||
| Interest and other income, net | - | (5 | ) | 13 | (59 | ) | ||||||||||
| Net loss before income taxes | (369 | ) | (193 | ) | (922 | ) | (186 | ) | ||||||||
| Provision for income tax | - | - | 1 | 1 | ||||||||||||
| Net loss after taxes | $ | (369 | ) | $ | (193 | ) | $ | (923 | ) | $ | (187 | ) | ||||
| Basic and diluted net loss per share | (0.02 | ) | (0.01 | ) | (0.06 | ) | (0.01 | ) | ||||||||
| Weighted average shares outstanding | 16,732 | 16,732 | 16,732 | 16,732 | ||||||||||||
| AltiGen Communications, Inc. | ||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| (Amounts in thousands) | ||||||
| June 30, 2013 | September 30, 2012 | |||||
| Cash and cash equivalents | $ | 3,469 | $ | 4,152 | ||
| Accounts receivable, net | 1,393 | 1,452 | ||||
| Inventories | 1,409 | 1,890 | ||||
| Other current assets | 398 | 196 | ||||
| Net property and equipment | 176 | 338 | ||||
| Other long-term assets | 121 | 119 | ||||
| Total Assets | $ | 6,966 | $ | 8,147 | ||
| Current liabilities | $ | 5,991 | $ | 6,354 | ||
| Long-term liabilities | 133 | 200 | ||||
| Stockholders' equity | 842 | 1,593 | ||||
| Total Liabilities and Stockholders' Equity | $ | 6,966 | $ | 8,147 | ||