Welcome!

News Feed Item

AltiGen Communications, Inc. Reports First Quarter Fiscal 2014 Financial Results

SAN JOSE, CA -- (Marketwired) -- 01/27/14 -- AltiGen Communications, Inc. (OTCQX: ATGN), the leading provider of integrated Microsoft-based Unified Communications solutions, announced today its first quarter ended December 31, 2013 financial results.

As of December 31, 2013, total cash and cash equivalents was $4.2 million and working capital was $1.1 million, compared to total cash and cash equivalents of $3.4 million and working capital of $381,000 as of September 30, 2013. The increase in cash was primarily attributable to our ability to raise $1.0 million through a private placement transaction issuing approximately 6.7 million shares of our common stock at a purchase price of $0.15 per share. The proceeds from the transaction will be used to fund the company's new private cloud business initiative and for general operation capital.

Revenue for the first quarter of fiscal 2014 was $3.1 million, compared to $2.8 million in the preceding quarter, and compared to $3.8 million during the same period in fiscal 2013. Gross margin in the first quarter of fiscal 2014 was 73.1%, compared to 71.2% in the preceding quarter, and compared to 70.7% during the first quarter of fiscal 2013. Operating expenses totaled $2.6 million, compared to $2.5 million in the preceding quarter, and $2.8 million during the same period in fiscal 2013.

Net loss for the first quarter of fiscal 2014 was $365,000, or a loss of $0.02 per share, compared to a net loss of $398,000, or a loss of $0.02 per share in the preceding quarter, and compared to a net loss of $45,000, or a loss of $0.00 per share during the first quarter of fiscal 2013.

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 #13574769. 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, 2013. 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 2014        FY 2013
                                               -------------  -------------
Net Revenue                                    $       3,068  $       3,835
Gross profit                                           2,242          2,710

Research and development                               1,006            988
Selling, general & administrative                      1,600          1,782
                                               -------------  -------------

Operating loss                                          (364)           (60)

Interest and other income, net                             -             16
                                               -------------  -------------

Net loss before tax                                     (364)           (44)

Provision for income tax                                   1              1
                                               -------------  -------------

Net loss after tax                             $        (365) $         (45)
                                               =============  =============

Basic and diluted net loss per share                   (0.02)         (0.00)

Weighted average shares outstanding                   23,399         16,732


                        AltiGen Communications, Inc.
                   Condensed Consolidated Balance Sheets
                           (Amounts in thousands)
---------------------------------------------------------------------------
                                                December 31,  September 30,
                                                    2013           2013
                                               -------------  -------------
Cash and cash equivalents                      $       4,191  $       3,433

Accounts receivable, net                               1,417          1,177
Inventories                                            1,143          1,323
Other current assets                                     490            282
Net property and equipment                                80            125
Other long-term assets                                    89             88
                                               -------------  -------------
Total Assets                                   $       7,410  $       6,428
                                               =============  =============

Current liabilities                            $       6,105  $       5,834
Long-term liabilities                                    154            113
Stockholders' equity                                   1,151            481

                                               -------------  -------------
Total Liabilities and Stockholders' Equity     $       7,410  $       6,428
                                               =============  =============

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.