SAN JOSE, CA / ACCESSWIRE / January 25, 2018 / Altigen Communications, Inc. (OTCQB: ATGN), a Silicon Valley based provider of Hosted Skype for Business and Contact Center solutions, announced today its financial results for the first quarter ended December 31, 2017.
First Quarter Fiscal 2018 Financial Highlights
- Total revenue increased 10% to $2.3 million
- Net income was $338,000 GAAP, $343,000 non-GAAP
- Working capital increased 19% to $1.8 million
Financial Results
Total revenue for fiscal 2018 first quarter grew 10% to $2.3 million, in comparison to $2.1 million in the preceding quarter, and compared to $2.1 million during the same period in fiscal 2017. Gross margin in the first quarter of fiscal 2018 was 82.9%, compared to 84.6% in the preceding quarter, and compared to 84.9% in the comparable period last year.
GAAP net income for the first quarter of fiscal 2018 was $338,000, or $0.01 per diluted share, compared with net income of $212,000, or $0.01 per diluted share in the preceding quarter, and compared to net income of $85,000, or $0.00 per diluted share in the same period in 2017.
Non-GAAP net income for the first quarter of fiscal 2018 was $343,000, or $0.02 per diluted share, compared with net income of $216,000, or $0.01 per diluted share in the preceding quarter, and compared to net income of $90,000, or $0.00 per diluted share in the same period a year ago.
Operating expenses totaled $1.6 million for the first quarter of fiscal 2018, the same as in the preceding quarter, and $1.7 million during the same period in fiscal 2017.
Cash, Cash Equivalents and Restricted Cash
Our cash, cash equivalents and restricted cash totaled $3.8 million at the end of the first quarter, compared to $3.9 million at the end of the preceding quarter. Working capital increased 19% to $1.8 million at the end of the first quarter, compared to $1.5 million at September 30, 2017.
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) 481-4010 (domestic) or (919) 882-2331 (international), conference ID #24193. 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. (OTCQB: ATGN), a leading Microsoft Cloud Solutions provider, delivers fully managed Unified Communications services, combining Hosted Skype for Business, Advanced Cloud PBX, and Innovative Cloud Contact Center applications with seamless integration to Office 365 for small-to-medium sized businesses and enterprises. Our unique and feature rich Cloud PBX and Multi-channel Contact Center solutions natively integrate with Skype for Business and Office 365 to deliver business-critical functionalities required by SMBs and enterprises. With thousands of 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. For more information, call 1-888- ALTIGEN or visit the web site at www.altigen.com.
Safe Harbor Statement
This press release contains forward-looking information. The statements are based on reasonable assumptions, beliefs and expectations of management and the Company provides no assurance that actual events will meet management's expectations. Furthermore, the forward-looking statements contained in this press release are based on the Company's views of future events and financial performances which are subject to known and unknown risks and uncertainties, many of which are outside of the Company's control. There can be no assurances that the Company will achieve expected results, and actual results may be materially different than expectations and from those stated or implied in forward-looking statements.
Please refer to the Company's most recent Annual Report filed with the OTCQB over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.
Altigen Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited; amounts in thousands, except per share data)
First Quarter Ended
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December 31,
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FY 2018
|
FY 2017
|
|||||||
Net Revenue
|
$ | 2,317 | $ | 2,131 | ||||
Gross profit
|
1,922 | 1,811 | ||||||
Operating Expenses:
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||||||||
Research and development
|
702 | 697 | ||||||
Selling, general & administrative
|
880 | 1,026 | ||||||
Operating income
|
340 | 88 | ||||||
Other income/(expense), net
|
— | (2) | ||||||
Net income before provision for income taxes
|
340 | 86 | ||||||
Provision for income taxes
|
2 | 1 | ||||||
Net income
|
$ | 338 | $ | 85 | ||||
Diluted net income per share
|
$ | 0.01 | $ | 0.00 | ||||
Weighted average shares outstanding - basic
|
22,799 | 22,799 | ||||||
Weighted average shares outstanding - diluted
|
23,983 | 23,106 |
Altigen Communications, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
December 31,
2017
(unaudited)
|
September 30,
2017
(audited)
|
|||||||
Cash and cash equivalents
|
$ | 3,830 | $ | 3,876 | ||||
Accounts receivable, net
|
418 | 255 | ||||||
Other current assets
|
190 | 144 | ||||||
Net property and equipment
|
47 | 46 | ||||||
Other long-term assets
|
42 | 31 | ||||||
Total Assets
|
$ | 4,527 | $ | 4,352 | ||||
Current liabilities
|
$ | 2,606 | $ | 2,741 | ||||
Long-term liabilities
|
239 | 272 | ||||||
Stockholders' equity
|
1,682 | 1,339 | ||||||
Total liabilities and stockholders' equity
|
$ | 4,527 | $ | 4,352 |
Contact:
Carolyn DavidVice President of Finance
Altigen Communications, Inc.
Phone: 408-597-9033
www.altigen.com
SOURCE: Altigen Communications, Inc.