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
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...