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AltiGen Communications, Inc. Reports First Quarter Fiscal 2013 Financial Results
SAN JOSE, CA, Feb 06, 2013 (MARKETWIRE via COMTEX) --
AltiGen Communications, Inc. (OTCQX: ATGN), the leading provider of
integrated Microsoft-based Unified Communications solutions,
announced today its first quarter ended December 31, 2012 financial
results.
As of December 31, 2012, total cash and cash equivalents was $4.5
million and working capital was $1.3 million, compared to total cash
and cash equivalents of $4.2 million and working capital of $1.3
million as of September 30, 2012.
Revenue for the first quarter of fiscal 2012 was $3.8 million,
compared to $3.5 million in the preceding quarter, and compared to
$4.8 million during the same period in fiscal 2012. Gross margin in
the first quarter of fiscal 2013 was 70.7%, compared to 35.9% in the
preceding quarter, and compared to 69.5% during the first quarter of
fiscal 2012. Operating expenses totaled $2.8 million, compared to
$2.9 million in the preceding quarter, and $3.3 million during the
same period in fiscal 2012.
Net loss for the first quarter of fiscal 2013 was $45,000, or a loss
of $0.00 per share, compared to a net loss of $1.6 million, or a loss
of $0.09 per share in the preceding quarter, and compared to a net
loss of $9,000, or a loss of $0.00 per share during the first quarter
of fiscal 2012.
Jeremiah Fleming, AltiGen's President and Chief Executive Officer,
stated, "We are pleased with the increases in revenue and cash, on a
quarter over quarter basis. Our focus is squarely on continued
improvements in both areas for remainder of this fiscal year and
beyond."
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 #408379. 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 and
our ability to successfully increase revenue and cash throughout the
remainder of fiscal year 2013 and beyond. 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)
(Unaudited)
First Quarter Ended
December 31
--------------------------------------
FY 2013 FY 2012
------------------ ------------------
Net Revenue $ 3,835 $ 4,774
Gross profit 2,710 3,316
Research and development 988 1,338
Selling, general & administrative 1,782 1,997
------------------ ------------------
Operating loss (60) (19)
Interest and other income, net 16 11
------------------ ------------------
Net loss before tax (44) (8)
Provision for income tax 1 1
------------------ ------------------
Net loss after tax $ (45) $ (9)
================== ==================
Basic and diluted net loss per share (0.00) (0.00)
Weighted average shares outstanding 16,732 16,732
AltiGen Communications, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
December 31, 2012 September 30, 2012
------------------ ------------------
Cash and cash equivalents $ 4,491 $ 4,152
Accounts receivable, net 1,156 1,452
Inventories 1,684 1,890
Other current assets 247 196
Net property and equipment 287 338
Other long-term assets 119 119
------------------ ------------------
Total Assets $ 7,984 $ 8,147
================== ==================
Current liabilities $ 6,230 $ 6,354
Long-term liabilities 170 200
Stockholders' equity 1,584 1,593
------------------ ------------------
Total Liabilities and Stockholders'
Equity $ 7,984 $ 8,147
================== ==================
SOURCE: AltiGen Communications
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