|By Business Wire||
|May 15, 2014 09:07 AM EDT||
Interlink Electronics, Inc. (OTC: LINK), a global leader in human-machine interface and sensor technologies, today announced their unaudited results for the first quarter ended March 31, 2014.
First Quarter Results 2014 vs. 2013
- Revenue decreased 6.2% to $1,713,000 from $1,826,000;
- Gross margin was 44.1%, compared to 49.3%;
- Total operating expenses were 51.6% of revenues compared to 45.7%;
- Operating loss was ($128,000) compared to operating income of $66,000;
- Loss from continuing operations, net of tax, was ($138,000) or ($0.19) per basic and diluted share compared to income from continuing operations of $62,000 or $0.08 per basic and diluted share; and
- Net loss was ($130,000) or ($0.18) per basic and diluted share compared to net income of $70,000 or $0.09 per basic and diluted share.
Interlink Electronics had no debt and its non-GAAP stockholders’ equity at March 31, 2014 was $3,213,000 or $4.39 per share, which consisted of $1,594,000 or $2.17 per share in non-GAAP cash per share.
“We expect to see year-over-year revenue growth in 2014, which will be driven by our recent strategic investments in a global R&D center in Singapore and a global sales office in the United Kingdom. Our investment in establishing and staffing these new offices contributed to the year-over-year increase in Q1 operating expenses,” stated Howard D. Goldberg, Ph.D., President and COO of Interlink Electronics. Dr. Goldberg continued, “There was $122,892 of Q1 shipments that will generate revenue recognition in Q2, due to a customer-requested change in shipment methodology. The year-over-year reduction in gross margin was due to the anticipated reduction of sales from a legacy high-margin program.”
About Interlink Electronics, Inc.
Interlink Electronics is a world-leading trusted advisor and technology partner in the advancing world of human-machine interface and sensor technologies. Interlink Electronics has led the printed electronics industry in its commercialization of its patented Force-Sensing Resistor (FSR®) technology, which has enabled rugged and reliable human-machine interface ("HMI") solutions. For over 29 years, Interlink Electronics' solutions have focused on handheld user input, menu navigation, cursor control, and other intuitive interface technologies for the world's top electronics manufacturers. Interlink Electronics has a proven track record of supplying human-machine interface solutions for mission-critical applications in a wide range of markets, including, but not limited to, consumer electronics, automotive, industrial, and medical devices. Interlink Electronics serves a world-class customer-base from its corporate headquarters in Camarillo, California (greater Los Angeles area), printed-electronics factory in China, distribution and warehouse facility in Hong Kong, global R&D office in Singapore, global sales office in the United Kingdom, and sales office in Japan. For more information, please see our website at: http://www.interlinkelectronics.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" involving a number of risks and uncertainties as defined in the Private Securities Litigation Reform Act of 1995. The following are among the factors that could cause actual results to differ materially from the forward-looking statements: historical losses and negative cash flow, the success of business divestitures and acquisitions, the ownership of the majority of our stock by a small group of investors, our success in predicting new markets and the acceptance of our new products, efficient management of our infrastructure, the pace of technological developments and industry standards evolution and their effect on our target product and market choices, the effect of outsourcing technology development, changes in the ordering patterns of our customers, a decrease in the quality and/or reliability of our products, protection of our proprietary intellectual property, competition by alternative sophisticated as well as generic products, pending litigation against Interlink Electronics, historical weaknesses in internal controls over financial reporting, continued availability of raw materials for our products at competitive prices, disruptions in our manufacturing facilities, risks of international sales and operations including fluctuations in exchange rates, compliance with regulatory requirements applicable to our manufacturing operations, and customer concentrations. The forward-looking statements contained in this release should be considered in light of these risk factors.