[June 29, 2015] |
|
Xplore Technologies Reports Record Revenue and Net Income for Fiscal Year 2015, Continues to Broaden Product Line
Xplore Technologies (News - Alert) Corp. (NASDAQ: XPLR) reported results for its fiscal
year 2015 , including record revenue of $42,639,000 for the fiscal year
ended March 31, 2015, compared to revenue of $35,585,000 for the prior
year, an increase of $7,054,000, or approximately 20 percent. The
increase in revenue was due to an approximate 37% increase in unit sales
for the year ended March 31, 2015, as compared to the year ended March
31, 2014. The increase in unit sales was partially offset by a decrease
in Xplore's average sales price of approximately 17% due to changes in
the product mix sold, primarily arising from sales of its RangerX Pro
and Bobcat systems, which have a lower price point than its iX104
systems.
"Another strong year of growth gives evidence that our strategy is
working. The company continues to grow its addressable markets through
the release of new products and broadening awareness of our offering
through greater marketing and sales activities. Once again, the company
has posted record revenue," said Philip S. Sassower, chairman and chief
executive officer for Xplore. "Increased gross profit, combined with
decreased operating expenses, once again produced positive EBITDA, as
well as net profit."
"The company continued to execute its plan to bring new, lighter weight
products to market at a lower price point with the introduction of the
Bobcat line," said Mark Holleran, president and chief operating officer
for Xplore. "Sales of the Bobcat line, along with the RangerX Pro that
was introduced last year, have made major contributions to revenue
growth both within existing accounts, and in new verticals that require
these lighter weight and still fully rugged mobile computing solutions."
Gross profit increased by $1,598,000 to $14,319,000 (approximately 33.6
percent of revenue) for the fiscal year ended March 31, 2015, from
$12,721,000 (approximately 35.7 percent of revenue) for the fiscal year
ended March 31, 2014. The increase in gross profit for the year ended
March 31, 2015, as compared to the prior year, was attributable to the
increase in revenue. The decrease in the gross profit percentage was due
to changes in sales product mix, as well as, increases in freight,
indirect labor and tooling amortization.
Xplore's operating expenses for the fiscal years ended March 31, 2015
and 2014 were approximately $13,992,000 and $15,140,000, respectively, a
decrease of approximately 8 percent. The decrease was primarily due to a
decline in product research and development expenses associated with a
reduction in major product activities with the recent releases of new
products, partially offset by an increase in sales and marketing
expenses associated with efforts to generate more awareness of Xplore's
products through expanded initiatives.
Xplore had net income for the fiscal year ended March 31, 2015 of
$249,000, compared to net loss of $1,758,000 for the prior year period.
The fluctuation was primarily attributable to the increase in revenue
coupled with the reduction in operating expenses.
The company will conduct a conference call and webcast to review the
results on Monday, June 29, 2015, at 4:30 p.m. ET. In addition, the
company will be discussing its recent acquisition of certain assets of
Motion Computing, Inc. and related information filed on Form 8-K by
Xplore with the SEC (News - Alert) today.
Interested parties in the United States can access the call by dialing
877-269-7756, interested parties outside the United States can access
the call by dialing 201-689-7817, or anyone can listen via a live
Internet webcast at http://www.investorcalendar.com/IC/CEPage.asp?ID=173986.
A replay of the conference call will be available until July 29, 2015 by
calling 877-660-6853 from the United States or 201-612-7415 from outside
the United States and entering conference ID number 13607960.
About Xplore Technologies
Established in 1996, Xplore Technologies Corp. is the number two
provider of rugged tablet computers worldwide. With its recent
acquisition of the Motion product line, the company now has the broadest
range of purpose-built tablets for a variety of industries including
energy, utilities, telecommunications, military operations,
manufacturing, distribution, public services, public safety, healthcare,
government and other areas with hazardous work conditions. The company's
tablets are among the most powerful and longest lasting in their class -
able to withstand nearly any hazardous condition or environmental
extreme. Xplore's products are sold and serviced on a global basis
across the Americas, Europe, Middle East, Africa, and Asia Pacific
regions. For more information, visit the Xplore Technologies website at www.xploretech.com.
Forward Looking Statements
This news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ materially
from the statements made. When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions are intended to identify
forward-looking statements. Such statements reflect Xplore's current
views with respect to future events and are subject to such risks and
uncertainties. Many factors could cause actual results to differ
materially from the statements made including those factors detailed
from time to time in filings made by Xplore with securities regulatory
authorities. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated or expected.
Xplore does not intend and does not assume any obligation to update
these forward-looking statements.
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP.
Audited Consolidated Balance Sheets
(in thousands)
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
March 31, 2014
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
19,455
|
|
|
$
|
5,400
|
|
Accounts receivable, net
|
|
|
|
6,633
|
|
|
|
6,182
|
|
Inventory, net
|
|
|
|
7,883
|
|
|
|
7,240
|
|
Prepaid expenses and other current assets
|
|
|
|
315
|
|
|
|
441
|
|
Total current assets
|
|
|
|
34,286
|
|
|
|
19,263
|
|
Fixed assets, net
|
|
|
|
1,030
|
|
|
|
883
|
|
|
|
|
$
|
35,316
|
|
|
$
|
20,146
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
5,008
|
|
|
$
|
4,381
|
|
Total current liabilities
|
|
|
|
5,008
|
|
|
|
4,381
|
|
Deferred revenue and non-current warranty liabilities
|
|
|
|
1,517
|
|
|
|
636
|
|
Total liabilities
|
|
|
|
6,525
|
|
|
|
5,017
|
|
Commitments and contingencies
|
|
|
|
-
|
|
|
|
-
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
Preferred Stock, par value $0.001 per share; authorized 5,000, and
none, respectively; shares issued none and none, respectively
|
|
|
|
-
|
|
|
|
-
|
|
Common Stock, par value $0.001 per share; authorized 15,000; shares
issued 10,784 and 8,430, respectively
|
|
|
|
11
|
|
|
|
8
|
|
Additional paid-in capital
|
|
|
|
168,379
|
|
|
|
154,969
|
|
Accumulated deficit
|
|
|
|
(139,599
|
)
|
|
|
(139,848
|
)
|
|
|
|
|
28,791
|
|
|
|
15,129
|
|
|
|
|
$
|
35,316
|
|
|
$
|
20,146
|
|
|
|
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP.
Consolidated Statements of Income (Loss)
(in thousands of dollars, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
March 31, 2015
|
|
|
March 31, 2014
|
|
|
March 31, 2015
|
|
|
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
(Audited)
|
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
10,407
|
|
|
$
|
8,345
|
|
|
$
|
42,639
|
|
|
$
|
35,585
|
|
Cost of revenue
|
|
|
7,293
|
|
|
5,371
|
|
|
28,320
|
|
|
22,864
|
|
Gross profit
|
|
|
3,114
|
|
|
2,974
|
|
|
14,319
|
|
|
12,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales, marketing and support
|
|
|
1,410
|
|
|
1,571
|
|
|
6,352
|
|
|
6,067
|
|
Product research, development and engineering
|
|
|
992
|
|
|
1,526
|
|
|
3,537
|
|
|
4,850
|
|
General administration
|
|
|
1,139
|
|
|
1,266
|
|
|
4,103
|
|
|
4,223
|
|
|
|
|
3,541
|
|
|
4,363
|
|
|
13,992
|
|
|
15,140
|
|
Income (loss) from operations
|
|
|
(427
|
)
|
|
(1,389
|
)
|
|
327
|
|
|
(2,419
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
-
|
|
|
-
|
|
|
(8
|
)
|
|
(3
|
)
|
Other
|
|
|
(7
|
)
|
|
(9
|
)
|
|
(31
|
)
|
|
652
|
|
|
|
|
(7
|
)
|
|
(9
|
)
|
|
(39
|
)
|
|
649
|
|
Income (loss) before income taxes
|
|
|
|
(434
|
)
|
|
|
(1,398
|
)
|
|
|
288
|
|
|
|
(1,770
|
)
|
Income tax (expense) benefit
|
|
|
-
|
|
|
-
|
|
|
(39
|
)
|
|
12
|
|
Net income (loss)
|
|
|
$ (434
|
)
|
|
$ (1,398)
|
|
|
$ 288
|
|
|
$ (1,758
|
)
|
Income (loss) per common share, primary
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.21
|
)
|
Income (loss) per common share, fully diluted
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.21
|
)
|
Weighted average number of common shares outstanding, basic
|
|
|
9,067,813
|
|
|
8,415,621
|
|
|
8,603,732
|
|
|
8,399,205
|
|
Weighted average number of common shares outstanding, fully diluted
|
|
|
9,067,813
|
|
|
8,415,621
|
|
|
8,759,113
|
|
|
8,399,205
|
|
|
|
|
|
|
|
|
|
XPLORE TECHNOLOGIES CORP.
Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
Twelve Months Ended March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(434
|
)
|
|
$
|
(1,398
|
)
|
|
$
|
249
|
|
|
$
|
(1,758
|
)
|
Items not affecting cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
230
|
|
|
184
|
|
|
919
|
|
|
714
|
|
Provision for doubtful accounts
|
|
|
(1
|
)
|
|
(2
|
)
|
|
2
|
|
|
(7
|
)
|
Stock-based compensation expense
|
|
|
207
|
|
|
255
|
|
|
684
|
|
|
1,165
|
|
Equity issued in exchange for services
|
|
|
-
|
|
|
3
|
|
|
2
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
1,838
|
|
|
4,558
|
|
|
(453
|
)
|
|
(1,129
|
)
|
Inventory
|
|
|
1,745
|
|
|
187
|
|
|
(643
|
)
|
|
(3,404
|
)
|
Prepaid expenses and other current assets
|
|
|
(47
|
)
|
|
5
|
|
|
126
|
|
|
(89
|
)
|
Accounts payable and accrued liabilities
|
|
|
467
|
|
|
(3,789
|
)
|
|
1,508
|
|
|
328
|
|
Net cash provided by (used in) operating activities
|
|
|
4,005
|
|
|
3
|
|
|
2,394
|
|
|
(4,169
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to fixed assets
|
|
|
(456
|
)
|
|
(63
|
)
|
|
(1,066
|
)
|
|
(900
|
)
|
Net cash used in investing activities
|
|
|
(456
|
)
|
|
(63
|
)
|
|
(1,066
|
)
|
|
(900
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of Common Stock
|
|
|
12,542
|
|
|
158
|
|
|
12,727
|
|
|
189
|
|
Net cash provided by financing activities
|
|
|
12,542
|
|
|
158
|
|
|
12,727
|
|
|
189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGE IN CASH AND CASH EQUIVALENTS
|
|
|
16,091
|
|
|
98
|
|
|
14,055
|
|
|
(4,880
|
)
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
3,364
|
|
|
5,302
|
|
|
5,400
|
|
|
10,280
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
|
$
|
19,455
|
|
|
$
|
5,400
|
|
|
$
|
19,455
|
|
|
$
|
5,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for interest
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
8
|
|
|
$
|
3
|
|
Payments for (refunds of) income taxes
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
9
|
|
|
$
|
24
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150629005353/en/
[ Back To Mobile World Congress's Homepage ]
|