|By Marketwired .||
|November 20, 2013 04:05 PM EST||
SAN JOSE, CA -- (Marketwired) -- 11/20/13 -- 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.
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, September 2013 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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