AltiGen Communications, Inc. Reports Fourth Quarter and Fiscal Year 2013 Financial Results
November 20 2013 - 4:05PM
Marketwired
AltiGen Communications, Inc. Reports Fourth Quarter and Fiscal Year
2013 Financial Results
SAN JOSE, CA--(Marketwired - Nov 20, 2013) - AltiGen
Communications, Inc. (OTCQX: ATGN), the leading provider of
integrated Microsoft-based Unified Communications solutions,
announced today its financial results for the fourth quarter and
fiscal year ended September 30, 2013.
Fiscal Year 2013 Fourth
Quarter Performance Revenue for the fourth quarter of fiscal
year 2013 was $2.8 million, in comparison to $3.5 million for the
fourth quarter of fiscal year 2012, a decrease of 20%. During the
fourth quarter of fiscal 2013, net loss from operations was
$398,000, or a loss of $0.02 per share, compared to a net loss of
$1.6 million, or a loss of $0.09 per share, for the fourth quarter
of fiscal year 2012. The decrease in net loss was approximately 75%
and was the result of a significant increase in gross profit
percentage as well as a significant reduction in overall operating
expenses.
Gross margin for the fourth quarter of fiscal year 2013 was
71.2%, up from 35.9% in the fourth quarter of fiscal year 2012. The
increase in gross margin in the fourth quarter of 2013 compared
with the prior-year fourth quarter was primarily due to reduced
cost of goods as a result of a one-time adjustment of $1.1 million
in excess inventory reserves recorded in the fourth quarter of
2012. Operating expenses were $2.5 million for the fourth quarter
of fiscal year 2013, a decrease of 13.8% from $2.9 million in the
fourth quarter of fiscal year 2012. Our expenses continued to
decline due to our cost control measures executed over the past
year.
Fiscal Year 2013 Full
Year Performance For the twelve months ended September 30,
2013, revenue was $13.1 million, compared to $16.9 million for
fiscal 2012, a decrease of 22.5%. For fiscal 2013, net loss from
operations was $1.3 million, or a loss of $0.08 per share, compared
to a net loss of $1.8 million, or a loss of $0.11 per share, for
fiscal 2012.
Gross margin was 71.2% for the twelve-month period of fiscal
2013, compared to 60.1% in the comparable period last year. The
increase in gross margin for 2013 was primarily due to the
aforementioned reduced cost of goods as a result of a one-time
adjustment of $1.1 million in excess inventory reserves recorded in
fiscal 2012. Operating expenses were $10.6 million for fiscal year
2013, a decrease of 10.9% from $11.9 million for fiscal 2012. Our
expenses continued to decline due to our cost control measures
executed over the past year.
As of September 30, 2013, total cash and cash equivalents was
$3.4 million, compared to total cash and cash equivalents of $4.2
million as of September 30, 2012.
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 #382731. 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.
(OTCQX: ATGN) is a leading provider of 100% Microsoft-based VoIP
business phone systems and Unified Communications solutions. Having
more than 10,000 customers around the world, AltiGen solutions are
designed for high reliability, ease of use, seamless integration to
Microsoft infrastructure technologies, and are built on a scalable,
open standards platform. AltiGen's worldwide headquarters is in
Silicon Valley, California, with international operations based in
Shanghai, China. Local sales, service and support are provided by
AltiGen's worldwide network of over 300 certified partners. For
more information, call 1-888-ALTIGEN or visit the web site at
www.altigen.com.
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. Actual results in future periods are subject to risks
and uncertainties that could cause actual results to differ
materially from those projected.
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. |
|
| Condensed Consolidated Statements of Operations |
|
| (Amounts in thousands, except per share data) |
|
| |
|
|
|
|
Fourth Quarter Ended |
|
|
Twelve Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
FY 2013 |
|
|
FY 2012 |
|
|
FY 2013 |
|
|
FY 2012 |
|
| Net
Revenue |
|
$ |
2,849 |
|
|
$ |
3,530 |
|
|
$ |
13,051 |
|
|
$ |
16,941 |
|
| Gross
profit |
|
|
2,029 |
|
|
|
1,269 |
|
|
|
9,289 |
|
|
|
10,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
987 |
|
|
|
1,225 |
|
|
|
4,000 |
|
|
|
4,756 |
|
|
Selling, general & administrative |
|
|
1,477 |
|
|
|
1,631 |
|
|
|
6,658 |
|
|
|
7,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(435 |
) |
|
|
(1,587 |
) |
|
|
(1,369 |
) |
|
|
(1,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income, net |
|
|
37 |
|
|
|
2 |
|
|
|
49 |
|
|
|
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss before tax |
|
|
(398 |
) |
|
|
(1,585 |
) |
|
|
(1,320 |
) |
|
|
(1,771 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income tax |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss after tax |
|
$ |
(398 |
) |
|
$ |
(1,585 |
) |
|
$ |
(1,321 |
) |
|
$ |
(1,772 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
and diluted net loss per share |
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
(0.08 |
) |
|
|
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
16,732 |
|
|
|
16,732 |
|
|
|
16,732 |
|
|
|
16,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
| AltiGen Communications, Inc. Condensed Consolidated
Balance Sheets (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
September 30, 2013 |
|
September 30, 2012 |
| Cash
and cash equivalents |
|
$ |
3,433 |
|
$ |
4,152 |
|
Short-term investments |
|
|
- |
|
|
- |
|
Accounts receivable, net |
|
|
1,177 |
|
|
1,452 |
|
Inventories |
|
|
1,323 |
|
|
1,890 |
| Other
current assets |
|
|
282 |
|
|
196 |
| Net
property and equipment |
|
|
125 |
|
|
338 |
| Other
long-term assets |
|
|
88 |
|
|
119 |
| Total
Assets |
|
$ |
6,428 |
|
$ |
8,147 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
5,834 |
|
$ |
6,354 |
|
Long-term liabilities |
|
|
113 |
|
|
200 |
|
Stockholders' equity |
|
|
481 |
|
|
1,593 |
|
|
|
|
|
|
|
|
| Total
Liabilities and Stockholders' Equity |
|
$ |
6,428 |
|
$ |
8,147 |
|
|
|
|
|
|
|
|
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