SAN JOSE, CA–(Marketwired – Jul 26, 2017) – 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 its fiscal 2017 third quarter ended June 30, 2017.
Third Quarter Fiscal Year 2017 Results
Revenue for the third quarter of fiscal 2017 was $2.1 million, compared to $2.0 million in the preceding quarter, and compared to $2.0 million during the same period in fiscal 2016. Gross margin in the third quarter of fiscal 2017 was 84.9%, compared to 84.9% in the preceding quarter, and compared to 81.6% during the second quarter of fiscal 2016.
GAAP net income for the third quarter of fiscal 2017 was $98,000, or $0.00 per diluted share, compared with net loss of $16,000, or $(0.00) per share in the preceding quarter, and compared to a net loss of $430,000, or $(0.02) per share during the same period a year ago.
Non-GAAP net income for the third quarter of fiscal 2017 was $147,000, or $0.01 per diluted share, compared with non-GAAP net income of $11,000, or $0.00 per diluted share in the preceding quarter, and compared to a non-GAAP net loss of $366,000, or $(0.02) per share in the same period in 2016.
Operating expenses totaled $1.7 million for the third quarter of fiscal 2017, compared with $1.7 million in the preceding quarter, and compared to $2.1 million for the second quarter of fiscal 2016.
Nine Month Fiscal Year 2017 Results
For the nine months of fiscal year 2017, revenue was $6.3 million, compared to $6.4 million during the same period in fiscal 2016. Gross margin was 84.9% for the nine months of fiscal 2017, compared to 81.3% in the same period in 2016.
GAAP net income for the nine months ended June 30, 2017 was $167,000, or $0.01 per diluted share, compared with GAAP net loss of $366,000, or $(0.02) per share in the prior year period.
Non-GAAP net income for the nine months of fiscal year 2017 was $251,000, or $0.01 per diluted share, compared with non-GAAP net loss of $105,000, or $(0.00) per share during the same period a year ago.
Operating expenses for the nine months of fiscal 2017 totaled $5.2 million, compared with $5.6 million in the comparable period last year.
Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash was $3.7 million at June 30, 2017, reflecting a decrease of 3% compared to the cash positon at the end of the preceding quarter.
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 https://www.altigen.com. To access the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international), account #286 conference ID #16015. A web archive will be made available at www.altigen.com for 90 days following the call’s conclusion.
About AltiGen Communications, Inc.
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. 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 release may contain forward-looking statements. Forward-looking statements are based only on the Company’s views of future events and financial performances, current expectations, beliefs, plans and assumptions. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company’s control that may cause the Company’s actual results to be materially different from planned or expected results. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. 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)
|Third Quarter Ended||Nine Months Ended|
|June 30,||June 30,|
|FY 2017||FY 2016||FY 2017||FY 2016|
|Research and development||726||771||2,143||2,130|
|Selling, general & administrative||963||1,330||3,011||3,456|
|Operating income (loss)||102||(434)||176||(365)|
|Other income/(expense), net||(2)||(3)||(6)||(7)|
|Net income (loss) before provision for income taxes||100||(437)||170||(372)|
|Provision for income taxes||2||(7)||3||(6)|
|Net income (loss)||$||98||$||(430)||$||167||$||(366)|
|Basic and diluted net income per share||$||0.00||$||(0.02)||$||0.01||$||(0.02)|
|Weighted average shares outstanding – basic||22,799||22,799||22,799||22,799|
|Weighted average shares outstanding – diluted||23,544||22,799||23,392||22,799|
|AltiGen Communications, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
|June 30, 2017
|September 30, 2016
|Cash and cash equivalents||$||3,725||$||4,490|
|Accounts receivable, net||304||306|
|Other current assets||180||95|
|Net property and equipment||65||125|
|Other long-term assets||36||36|
|Total liabilities and stockholders’ equity||$||4,310||$||5,090|