|By Marketwired .||
|January 27, 2014 04:05 PM EST||
SAN JOSE, CA -- (Marketwired) -- 01/27/14 -- AltiGen Communications, Inc. (OTCQX: ATGN), the leading provider of integrated Microsoft-based Unified Communications solutions, announced today its first quarter ended December 31, 2013 financial results.
As of December 31, 2013, total cash and cash equivalents was $4.2 million and working capital was $1.1 million, compared to total cash and cash equivalents of $3.4 million and working capital of $381,000 as of September 30, 2013. The increase in cash was primarily attributable to our ability to raise $1.0 million through a private placement transaction issuing approximately 6.7 million shares of our common stock at a purchase price of $0.15 per share. The proceeds from the transaction will be used to fund the company's new private cloud business initiative and for general operation capital.
Revenue for the first quarter of fiscal 2014 was $3.1 million, compared to $2.8 million in the preceding quarter, and compared to $3.8 million during the same period in fiscal 2013. Gross margin in the first quarter of fiscal 2014 was 73.1%, compared to 71.2% in the preceding quarter, and compared to 70.7% during the first quarter of fiscal 2013. Operating expenses totaled $2.6 million, compared to $2.5 million in the preceding quarter, and $2.8 million during the same period in fiscal 2013.
Net loss for the first quarter of fiscal 2014 was $365,000, or a loss of $0.02 per share, compared to a net loss of $398,000, or a loss of $0.02 per share in the preceding quarter, and compared to a net loss of $45,000, or a loss of $0.00 per share during the first quarter of fiscal 2013.
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 #13574769. 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, 2013. 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) (Unaudited) --------------------------------------------------------------------------- First Quarter Ended December 31 ---------------------------- FY 2014 FY 2013 ------------- ------------- Net Revenue $ 3,068 $ 3,835 Gross profit 2,242 2,710 Research and development 1,006 988 Selling, general & administrative 1,600 1,782 ------------- ------------- Operating loss (364) (60) Interest and other income, net - 16 ------------- ------------- Net loss before tax (364) (44) Provision for income tax 1 1 ------------- ------------- Net loss after tax $ (365) $ (45) ============= ============= Basic and diluted net loss per share (0.02) (0.00) Weighted average shares outstanding 23,399 16,732 AltiGen Communications, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands) --------------------------------------------------------------------------- December 31, September 30, 2013 2013 ------------- ------------- Cash and cash equivalents $ 4,191 $ 3,433 Accounts receivable, net 1,417 1,177 Inventories 1,143 1,323 Other current assets 490 282 Net property and equipment 80 125 Other long-term assets 89 88 ------------- ------------- Total Assets $ 7,410 $ 6,428 ============= ============= Current liabilities $ 6,105 $ 5,834 Long-term liabilities 154 113 Stockholders' equity 1,151 481 ------------- ------------- Total Liabilities and Stockholders' Equity $ 7,410 $ 6,428 ============= =============
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