SAN JOSE, CA--(Marketwired - Apr 20, 2016) - AltiGen Communications, Inc. (
Second Quarter Fiscal Year 2016 Results
Revenue for the second quarter of fiscal year 2016 was $2.2 million, in comparison to $2.5 million for the second quarter of fiscal year 2015. GAAP net income for the second quarter of fiscal 2016 was $35,000, or $0.00 per diluted share, compared with GAAP net income of $107,000, or $0.00 per diluted share, for the comparable period of the prior year. Non-GAAP net income for the second quarter of fiscal year 2016 was $115,000, or $0.00 per diluted share, compared with non-GAAP net income of $362,000, or $0.02 per diluted share for the second quarter of fiscal year 2015. Gross margin in the second quarter of fiscal 2016 was 81.5%, compared to 80.1% in the same period in 2015. Operating expenses for the second quarter of fiscal 2016 totaled $1.7 million, compared to $1.9 million during the same period a year ago.
Six Month Fiscal Year 2016 Results
For the first six months of fiscal year 2016, revenue was $4.4 million, compared to $5.2 million during the same period in fiscal 2015. GAAP net income for the six months ended March 31, 2016 was $64,000, or $0.00 per diluted share, compared with GAAP net income of $526,000, or $0.02 per diluted share in the prior year period. Non-GAAP net income for the first six months of fiscal year 2016 was $261,000, or $0.01 per diluted share, compared with non-GAAP net income of $797,000, or $0.03 per diluted share during the same period a year ago. Gross margin was 81.1% for the first six months of fiscal 2016, compared to 80.0% in the same period in 2015. Operating expenses for the six month of fiscal 2016 totaled $3.5 million, compared to $3.6 million in the comparable period last year.
Cash, Cash Equivalents and Restricted Cash
Our cash, cash equivalents and restricted cash increased by $200,000, or 4% to $4.9 million at the end of the second quarter, compared to $4.7 million at the end of the preceding quarter. Working capital was $2.0 million at the end of the second quarter, compared to $1.7 million in the preceding quarter.
Conference Call
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) 660-6853 (domestic) or (201) 612-7415 (international), account #286 conference ID #13635372. 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
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 OTCQX 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) |
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| Second Quarter Ended | Six Months Ended | |||||||||||||
| March 31, | March 31, | |||||||||||||
| FY 2016 | FY 2015 | FY 2016 | FY 2015 | |||||||||||
| Net Revenue | $ | 2,161 | $ | 2,539 | $ | 4,381 | $ | 5,187 | ||||||
| Gross profit | 1,761 | 2,034 | 3,554 | 4,147 | ||||||||||
| Operating Expenses: | ||||||||||||||
| Research and development | 678 | 784 | 1,359 | 1,492 | ||||||||||
| Selling, general & administrative | 1,046 | 1,141 | 2,125 | 2,123 | ||||||||||
| Operating income | 37 | 109 | 70 | 532 | ||||||||||
| Other income/(expense),net | (2 | ) | (2 | ) | (5 | ) | (5 | ) | ||||||
| Net income before provision for income taxes | 35 | 107 | 65 | 527 | ||||||||||
| Provision for income taxes | - | - | (1 | ) | (1 | ) | ||||||||
| Net income | $ | 35 | $ | 107 | $ | 64 | $ | 526 | ||||||
| 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 | 23,829 | 23,167 | 23,789 | 24,699 | ||||||||||
| AltiGen Communications, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands) |
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| March 31, 2016 (unaudited) |
September 30, 2014 (audited) |
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| Cash and cash equivalents | $ | 4,902 | $ | 4,560 | ||
| Accounts receivable, net | 329 | 403 | ||||
| Inventories | 193 | 341 | ||||
| Other current assets | 158 | 54 | ||||
| Net property and equipment | 113 | 126 | ||||
| Other long-term assets | 31 | 31 | ||||
| Total Assets | $ | 5,726 | $ | 5,515 | ||
| Current liabilities | $ | 3,563 | $ | 3,803 | ||
| Long-term liabilities | 390 | 200 | ||||
| Stockholders' equity | 1,773 | 1,512 | ||||
| Total liabilities and stockholders' equity | $ | 5,726 | $ | 5,515 | ||