Franklin Wireless Reports Record Quarterly Revenue of $62.6 Million
EPS Increases to $0.65 per Basic Share
Balance Sheet Fortified with $43.3 Million in Cash, No Debt
SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Franklin Wireless Corp.(FKWL), a market leader in broadband data communications including hardware and software solutions for M2M and the IoT (Internet of Things), today announced record financial results for the first fiscal quarter, the period ended September 30, 2020.
Financial and Operational Highlights
“The record quarterly results reflect continued strong demand for our solutions as schools and businesses adapt to the network requirements of today,” said OC Kim, president of Franklin Wireless. “This level of activity is likely to normalie over time as the global situation improves, but we remain well-positioned with compelling, American solutions for in-demand technologies like broadband mobile hotspots.”
First Quarter Financial Results (three months ended September 30, 2020 compared to three months ended September 30, 2019)
The Company reported net sales of $62.6 million, compared with $8.9 million in net sales in the same period last year. The 605% year-over-year growth in net sales was due to increased demand for wireless connectivity, including broadband mobile devices and IOT products.
Net income was approximately $6.9 million, or $0.65 per basic share, compared to approximately $254,000, or $0.02 per basic share last year.
The Company’s 10-Q filing for the period ending September 30, 2020 is on file with the SEC (www.sec.gov).
About Franklin Wireless
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