Welcome!

News Feed Item

Socket Mobile Reports First Quarter 2014 Results

NEWARK, Calif., April 24, 2014 /PRNewswire/ -- Socket Mobile, Inc. (OTC: SCKT), an innovative provider of mobile productivity solutions, today reported its financial results for the first quarter ended March 31, 2014.

Revenue for the first quarter of 2014 was $3.8 million, a decrease of 11 percent compared to revenue of $4.3 million for the same quarter a year ago, and an increase of 3 percent sequentially from revenue of $3.7 million in the immediately preceding quarter.  Net loss for the first quarter of 2014 was $72,000, or a loss of $0.01 per share, compared to net income of $75,000, or $0.02 per share, in the first quarter of 2013 and a net loss of $418,000, or a loss of $0.09 per share, in the immediately preceding quarter. Gross profit on revenue for the first quarter of 2014 was 42.8 percent compared to 40.0 percent for the same quarter a year ago and 41.1 percent for the immediately preceding quarter.

Operating expenses for the first quarter of 2014 were $1.55 million, flat compared to operating expenses of $1.55 million for the same quarter a year ago, and a decrease of 13 percent compared to operating expenses of $1.78 million in the immediately preceding quarter. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), a non-GAAP measure of operating results, was $0.2 million or $0.04 per share compared to EBITDA earnings of $0.3 million or $0.07 per share for the first quarter a year ago and an EBITDA loss of $0.1 million, or $0.03 per share for the immediately preceding quarter.

Kevin Mills, president and chief executive officer, commented, "Our first quarter results reflect sequential improvement in revenue, margins, and operating expense, and we achieved positive EBITDA and income from operations for the quarter. We continue to experience growth in revenue from our cordless barcode scanning products, which reached record levels in the first quarter.  Barcode scanning revenue grew 17 percent over the first quarter last year and 16 percent over the immediately preceding quarter, and represented 72 percent of total first quarter revenue, compared to 55 percent of total revenue for the first quarter last year and 64 percent in the immediately preceding quarter.

"Our cordless barcode scanning revenue growth is driven by the increasing number of applications supporting our cordless barcode scanning products in the market from our growing base of registered application developers. Mobile point of sale is a key emerging market, as traditional cash registers are being replaced with tablets and other electronic devices.

"Developer registrations for our barcode scanning software developer kit (SDK) continued to increase. More than 800 developers have registered to use our SDK, which enables application developers to easily integrate our SocketScan barcode scanning software into their applications and provide their customers with tools to edit and process 1D and 2D barcode information using our barcode scanners.

"Our SoMo handheld computer revenue met our expectations during the first quarter, representing 16 percent of our revenue.

"We expect our cordless barcode scanning business to drive continued growth in 2014, enabling us to achieve our goal of profitable 2014 operating results," Mills concluded.

Conference Call
Management of Socket will hold a conference call and web cast today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future.  The dial-in number to access the call is (877) 407-9210 from within the U.S. or (201) 689-8049 from international locations.  A replay will be available via telephone for a week following the call at (877) 660-6853 from within the U.S., or (201) 612-7415 from international locations.  The conference ID for the replay is 13580754#.  The call will also be carried live and available via replay through a link on Socket's website at www.socketmobile.com. From the home page, select "About Socket"/"Investor Relations"/ and "Conference Calls and Events."

About Socket Mobile, Inc.            
Founded in 1992, Socket Mobile is a leading innovator of mobile devices and productivity tools for retail point-of-sale, field service, healthcare, and other mobile markets. Our portfolio includes wireless handheld and hands-free barcode scanners for tablets and smartphones and durable handheld computers and accessories for the mobile device market. Socket Mobile is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on Facebook and Twitter @socketmobile and subscribe to sockettalk.socketmobile.com, the company's official blog.

Investor Relations Contact:

Socket Mobile Contact:

Todd Kehrli / Jim Byers

Dave Dunlap

MKR Group, Inc.

Chief Financial Officer

323-468-2300

510-933-3035

sckt@mkr-group.com

dave@socketmobile.com

Socket, SoMo and the Socket logo are registered trademarks of Socket Mobile, Inc. All other trademarks and trade names contained herein may be those of their respective owners. © 2014, Socket Mobile, Inc. All rights reserved.

–      Financial tables to follow –

 

Socket Mobile, Inc.

Condensed Summary Statements of Operations (Unaudited)

(Amounts in Thousands except per share amounts and percentages)



Three months ended March 31,


2014

2013

Revenue

$ 3,795

$ 4,265

Cost of revenue

2,172

2,557

Gross profit

1,623

1,708

        Gross profit percent

43%

40%

Research & development

554

525

Sales & marketing

476

559

General & administrative

521

461

    Total operating expenses

1,551

1,545

Interest (income) expense, net

136

80

Deferred income tax expense

8

8

Net income (loss)

$ (72)

$ 75

Net income (loss) per share:

Basic and Diluted

$ (0.01)

$ 0.02

Weighted average shares outstanding:



Basic

4,898

4,861

Fully Diluted

4,898

4,872

 

 

Reconciliation of GAAP Net Income (Loss) to Income Before Interest, Taxes, Depreciation and
Amortization (EBITDA) (Unaudited)


Three months ended

March 31,


2014

2013

Net income (loss) GAAP

$   (72)

$           75

Interest expense, net

136

80

Income tax expense

8

8

Depreciation

65

52

Amortization of intangibles

15

15

Stock-based compensation expense

52

94

Net income EBITDA

$  204

$        324

 

 

Socket Mobile, Inc.

Condensed Summary Balance Sheets

(Amounts in Thousands)


 March 31, 2014

(Unaudited)

December 31, 2013*

Cash

$         670

$         606

Accounts receivable

1,709

1,427

Inventories

696

1,105

Other current assets

182

94

Property and equipment, net

238

295

Goodwill

4,427

4,427

Intangible technology

15

30

Other assets

118

118

Total assets

$      8,055

$       8,102

Accounts payable and accrued liabilities

$      4,114

$       4,105

Bank line of credit

815

764

Notes payable

Deferred income on shipments to distributors

1,428

1,428

Deferred income on shipments to distributors

905

1,006

Deferred service revenue

267

267

Other liabilities

411

399

Common stock

61,308

61,256

Accumulated deficit

(61,193)

(61,123)

Total liabilities and equity

$     8,055

$       8,102


*Derived from audited financial statements.

SOURCE Socket Mobile, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum 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, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
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 to 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 D...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, 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. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
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.
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...