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Socket Mobile Reports Profitable Second Quarter and Six Month Results
Jul 23, 2013 (12:07 PM EDT)
NEWARK, Calif., July 23, 2013 /PRNewswire/ -- Socket Mobile, Inc. (OTC: SCKT), an innovative provider of mobile barcode scanning and handheld computer products, today reported financial results for its 2013 second quarter ended June 30, 2013.
Revenue for the second quarter of 2013 was $4.4 million, an increase of 10 percent compared to revenue of $4.0 million for the same quarter a year ago and an increase of 4 percent sequentially from revenue of $4.3 million in the immediately preceding quarter. Net income for the second quarter of 2013 was $43,000, or $0.01 per share, compared to a net loss of $755,000, or a loss of $0.16 per share in the second quarter of 2012 and net income of $75,000, or $0.02 per share in the immediately preceding quarter. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), a non-GAAP measure of operating results, was $294,000, or $0.06 per share, in the second quarter of 2013 compared to a net EBITDA loss of $444,000, or a loss of $0.09 per share, in the second quarter of 2012.
Revenue for the six months ended June 30, 2013 was $8.7 million, an increase of 9 percent compared to revenue of $8.0 million for the six months ended June 30, 2012. Net income for the six months ended June 30, 2013 was $118,000, or $0.02 per share, compared to a net loss of $1.6 million, or a loss of $0.34 per share, for the same period a year ago. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the six months ended June 30, 2013 was $623,000, or $0.13 per share, compared to a net EBITDA loss for the six months ended June 30, 2012 of $1.0 million, or a loss of $0.21 per share.
Operating expenses for the second quarter of 2013 were $1.6 million, a decrease of 27 percent compared to operating expenses of $2.2 million for the same quarter a year ago, and an increase of 5 percent compared to operating expenses of $1.5 million in the immediately preceding quarter, reflecting the planned return of furloughed employees to support improving sales volumes. Operating expenses for the six months ended June 30, 2013 were $3.2 million, a decrease of 31 percent compared to operating expenses of $4.6 million for the same period a year ago.
Kevin Mills, president and chief executive officer, commented, "We are pleased to report our second consecutive profitable quarter on continued sequential revenue growth. Our barcode scanning business continues to be driven by increasing demand for cordless barcode scanners that work with tablets and smartphones. The primary demand continues to be from mobile point of sale applications using the iPad and iPad mini or equivalent Android tablets. The increasing number of mobile applications being deployed across a number of industries is an important growth driver, and to date Socket has over 500 developers registered to use our barcode scanning software developer kit (SDK).
"Today, we also announced a new barcode scanner, our model 8Ci, which is initially targeted at the iPhone and iTouch point of sale market. The 8Ci attaches to these devices to create a single-handed barcode scanning solution. From a software point of view, the 8Ci is fully compatible with our existing SocketScan 10 SDK and can be immediately supported by our registered developers. The 8Ci is more compact than its counterpart, our Model 7Ci, and can be used as a stand-alone Bluetooth barcode scanner in applications where size and portability are major considerations.
"Our newest SoMo 655 family of handheld computers introduced last year runs the Windows Mobile Embedded 6.5 operating system. Microsoft has extended its support for this operating system until 2020. The system is an ideal replacement for discontinued classic PDA models. We have more than 50 developers who have registered for our SoMo SDK which provides tools to application developers to customize features of the operating system to improve its use with our products.
"With our family of innovative mobile solutions, we believe that Socket is well positioned to grow as new mobile applications are deployed for retail point of sale, commercial services and healthcare markets. We will continue to tightly manage our expenses and remain committed to continued growth in revenues and profitability," Mills concluded.
About Socket Mobile, Inc.
Socket and SoMo are registered trademarks of Socket Mobile, Inc. All other trademarks and trade names contained herein may be those of their respective owners. © 2013 Socket Mobile, Inc. All rights reserved.
*Derived from audited financial statements.
SOURCE Socket Mobile, Inc.