EPS Increases to $0.65 per Basic Share
Balance Sheet Fortified with $43.3 Million in Cash, No Debt
SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Franklin Wireless Corp.(FKWL), a market leader in broadband data communications including hardware and software solutions for M2M and the IoT (Internet of Things), today announced record financial results for the first fiscal quarter, the period ended September 30, 2020.
Financial and Operational Highlights
- First quarter revenues increased 605% to a record $62.6 million.
- First quarter operating income of $9.2 million versus $276,000 in the first quarter last year.
- First quarter net income increased to $6.9 million, a positive swing of $6.6 million versus the first quarter last year.
“The record quarterly results reflect continued strong demand for our solutions as schools and businesses adapt to the network requirements of today,” said OC Kim, president of Franklin Wireless. “This level of activity is likely to normalize over time as the global situation improves, but we remain well-positioned with compelling, American solutions for in-demand technologies like broadband mobile hotspots.”
First Quarter Financial Results (three months ended September 30, 2020 compared to three months ended September 30, 2019)
The Company reported net sales of $62.6 million, compared with $8.9 million in net sales in the same period last year. The 605% year-over-year growth in net sales was due to increased demand for wireless connectivity, including broadband mobile devices and IOT products.
Net income was approximately $6.9 million, or $0.65 per basic share, compared to approximately $254,000, or $0.02 per basic share last year.
The Company’s 10-Q filing for the period ending September 30, 2020 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (FKWL) is a global leader in innovative hardware and software products that support machine-to-machine (M2M) applications and the Internet of Things (IoT), as well as intelligent wireless solutions including mobile hotspots, routers and modems. For more information, please visit www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Contact:
Franklin Wireless Corp.
+1 858 623 0000
ir@franklinwireless.com