Interlink Electronics Reports Second Quarter 2020 Results
IRVINE, Calif., Aug. 17, 2020 /PRNewswire/ -- Interlink Electronics, Inc. (OTC: LINK), a world-leading trusted advisor and technology partner in the advancing world of human-machine interface (HMI) and force-sensing technologies, today announced its financial results for the three and six months ended June 30, 2020. GAAP net income for the quarter was $13 thousand or $0.00 per share, reflecting an improvement in revenues and income on a sequential quarterly basis.
Consolidated Financial Highlights
(Amounts in thousands except per share data and percentages)
"We are pleased with our results in light of the challenging environment created by COVID-19," stated Mr. Bronson, CEO of Interlink. "We are continuing to make investments in our business supported by a new HQ in Irvine and a pending investment and expansion of our Camarillo, California location to include a world-class R&D and materials science lab. During the last six months, in continuing our drive for growth, we hired a new director of global sales and have successfully onboarded multiple new partners around the globe, who are already making an impact by driving fresh opportunities."
Interlink makes available its annual financial statements, quarterly financial statements, and other significant reports and amendments to such reports, free of charge, on its website as soon as reasonably practicable after such reports are prepared. Please visit www.interlinkelectronics.com to view the Company's financial results in more detail.
About Interlink Electronics, Inc.
Interlink Electronics is a world-leading trusted provider of HMI, sensor, and IoT solutions. In addition to standard product offerings, Interlink utilizes its expertise in materials science, manufacturing, firmware, and software to produce in-house system solutions for custom applications. For over 35 years, Interlink Electronics has led the printed electronics industry in its commercialization of its patented Force Sensing Resistor® technology. It has provided solutions for handheld user input, menu navigation, cursor control, and other intuitive interface technologies to the world's top electronics manufacturers. These innovative solutions include the VersaPad and the new VersaPad Plus, which boasts the largest active surface area of any resistive touchpad. The company has a proven track record of supplying human machine interface solutions for mission-critical applications in a wide range of markets—including medical, automotive, consumer electronics, telecommunications, and industrial control—providing standard and custom designed sensors that give engineers the flexibility and functionally they seek in today's sophisticated electronic devices. Interlink Electronics serves an international customer base from its headquarters in Irvine, Calif., and a pending world-class materials science lab and R&D center in Camarillo, CA. These are supplemented by strategic global locations that cover manufacturing, distribution, and sales support. For more information, please see our website at InterlinkElectronics.com.
Forward Looking Statements
This release contains forward-looking statements. Forward-looking statements include, but are not limited to, the Company's views on future financial performance and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: our success in predicting new markets and the acceptance of our new products; efficient management of our infrastructure; the pace of technological developments and industry standards evolution and their effect on our target product and market choices; the effect of outsourcing technology development; changes in the ordering patterns of our customers; a decrease in the quality and/or reliability of our products; protection of our proprietary intellectual property; competition by alternative sophisticated as well as generic products; continued availability of raw materials for our products at competitive prices; disruptions in our manufacturing facilities; risks of international sales and operations including fluctuations in exchange rates; compliance with regulatory requirements applicable to our manufacturing operations; and customer concentrations The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Information
A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In addition to financial results presented in accordance with GAAP, this press release presents EBITDA and EBITDA margin, each of which is a non-GAAP measure. EBITDA is determined by taking net income and adding interest, income taxes, depreciation and amortization, and EBITDA margin is determined by dividing EBITDA by net revenue. Interlink believes that these non-GAAP measure, viewed in addition to and not in lieu of net income and gross margin, provide useful information to investors by providing more focused measures of operating results. These metrics are an integral part of Interlink's internal reporting to evaluate its operations and the performance of senior management. A reconciliation of EBITDA to net income, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies.
SOURCE Interlink Electronics, Inc.