|By Marketwired .||
|November 20, 2013 04:05 PM EST||
SAN JOSE, CA -- (Marketwired) -- 11/20/13 -- AltiGen Communications, Inc. (OTCQX: ATGN), the leading provider of integrated Microsoft-based Unified Communications solutions, announced today its financial results for the fourth quarter and fiscal year ended September 30, 2013.
Fiscal Year 2013 Fourth Quarter Performance
Revenue for the fourth quarter of fiscal year 2013 was $2.8 million, in comparison to $3.5 million for the fourth quarter of fiscal year 2012, a decrease of 20%. During the fourth quarter of fiscal 2013, net loss from operations was $398,000, or a loss of $0.02 per share, compared to a net loss of $1.6 million, or a loss of $0.09 per share, for the fourth quarter of fiscal year 2012. The decrease in net loss was approximately 75% and was the result of a significant increase in gross profit percentage as well as a significant reduction in overall operating expenses.
Gross margin for the fourth quarter of fiscal year 2013 was 71.2%, up from 35.9% in the fourth quarter of fiscal year 2012. The increase in gross margin in the fourth quarter of 2013 compared with the prior-year fourth quarter was primarily due to reduced cost of goods as a result of a one-time adjustment of $1.1 million in excess inventory reserves recorded in the fourth quarter of 2012. Operating expenses were $2.5 million for the fourth quarter of fiscal year 2013, a decrease of 13.8% from $2.9 million in the fourth quarter of fiscal year 2012. Our expenses continued to decline due to our cost control measures executed over the past year.
Fiscal Year 2013 Full Year Performance
For the twelve months ended September 30, 2013, revenue was $13.1 million, compared to $16.9 million for fiscal 2012, a decrease of 22.5%. For fiscal 2013, net loss from operations was $1.3 million, or a loss of $0.08 per share, compared to a net loss of $1.8 million, or a loss of $0.11 per share, for fiscal 2012.
Gross margin was 71.2% for the twelve-month period of fiscal 2013, compared to 60.1% in the comparable period last year. The increase in gross margin for 2013 was primarily due to the aforementioned reduced cost of goods as a result of a one-time adjustment of $1.1 million in excess inventory reserves recorded in fiscal 2012. Operating expenses were $10.6 million for fiscal year 2013, a decrease of 10.9% from $11.9 million for fiscal 2012. Our expenses continued to decline due to our cost control measures executed over the past year.
As of September 30, 2013, total cash and cash equivalents was $3.4 million, compared to total cash and cash equivalents of $4.2 million as of September 30, 2012.
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 #382731. 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, 2012. 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) Fourth Quarter Ended Twelve Months Ended September 30, September 30, --------------------- --------------------- FY 2013 FY 2012 FY 2013 FY 2012 --------- --------- --------- --------- Net Revenue $ 2,849 $ 3,530 $ 13,051 $ 16,941 Gross profit 2,029 1,269 9,289 10,182 Research and development 987 1,225 4,000 4,756 Selling, general & administrative 1,477 1,631 6,658 7,140 --------- --------- --------- --------- Operating loss (435) (1,587) (1,369) (1,714) Interest and other income, net 37 2 49 (57) --------- --------- --------- --------- Net loss before tax (398) (1,585) (1,320) (1,771) Provision for income tax - - (1) (1) --------- --------- --------- --------- Net loss after tax $ (398) $ (1,585) $ (1,321) $ (1,772) ========= ========= ========= ========= Basic and diluted net loss per share (0.02) (0.09) (0.08) (0.11) Weighted average shares outstanding 16,732 16,732 16,732 16,732 AltiGen Communications, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands) September 30, September 2013 30, 2012 ------------- ------------- Cash and cash equivalents $ 3,433 $ 4,152 Short-term investments - - Accounts receivable, net 1,177 1,452 Inventories 1,323 1,890 Other current assets 282 196 Net property and equipment 125 338 Other long-term assets 88 119 ------------- ------------- Total Assets $ 6,428 $ 8,147 ============= ============= Current liabilities $ 5,834 $ 6,354 Long-term liabilities 113 200 Stockholders' equity 481 1,593 ------------- ------------- Total Liabilities and Stockholders' Equity $ 6,428 $ 8,147 ============= =============
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
Mar. 1, 2015 12:00 AM EST Reads: 2,926
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
Feb. 28, 2015 05:00 PM EST Reads: 1,348
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Feb. 28, 2015 05:00 PM EST Reads: 1,156
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Feb. 28, 2015 04:00 PM EST Reads: 1,380
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Feb. 28, 2015 04:00 PM EST Reads: 1,101
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
Feb. 28, 2015 03:45 PM EST Reads: 2,208
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
Feb. 28, 2015 03:30 PM EST Reads: 3,982
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Feb. 28, 2015 03:15 PM EST Reads: 1,245
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Feb. 28, 2015 03:00 PM EST Reads: 2,161
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Feb. 28, 2015 02:00 PM EST Reads: 1,219
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Feb. 28, 2015 01:45 PM EST Reads: 1,148
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Feb. 28, 2015 01:15 PM EST Reads: 1,031
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
Feb. 28, 2015 01:15 PM EST Reads: 2,392
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Feb. 28, 2015 01:00 PM EST Reads: 1,497
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
Feb. 28, 2015 01:00 PM EST Reads: 1,266