Science & Technology
Science and Technology
Science and Technology
Mon, July 27, 2009
Fri, July 24, 2009
Thu, July 23, 2009
Socket Mobile: Socket Mobile Reports Second Quarter 2009 Financial Results
NEWARK, CA--(Marketwire - July 23, 2009) - Socket Mobile, Inc. (
Revenue for the second quarter of 2009 was $4.1 million, compared to revenue of $7.5 million for the same quarter a year ago and $4.8 million in the immediately preceding quarter. Net loss for the second quarter of 2009 was $945,000, or a loss of $0.27 per share, compared to a net loss of $149,000, or a loss of $0.05 per share, in the second quarter of 2008 and a net loss of $712,000, or a loss of $0.22 per share, in the immediately preceding quarter. The portion of the net loss attributable to stock option expensing in the second quarter of 2009 was $167,000, or $0.05 per share, compared to $175,000, or $0.05 per share, in the second quarter of 2008 and $153,000, or $0.05 per share, in the immediately preceding quarter.
Operating expenses for the second quarter of 2009 were $2.6 million, a decrease of 31 percent compared to operating expenses of $3.8 million for the same quarter a year ago, and a decrease of 9 percent compared to operating expenses of $2.9 million in the immediately preceding quarter.
Cash and cash equivalents were approximately $1.7 million at June 30, 2009, compared to $1.4 million at March 31, 2009.
Kevin Mills, president and chief executive officer, commented, "Our second quarter results reflect continued slowdowns in business purchases and deployments of mobile solutions as a result of the challenging economy. Despite the slowdowns, our SoMo 650 handheld computer continues to gain traction in the business mobility market with record quarterly sales in the second quarter. Handheld computer sales were up 5 percent over the previous quarter and up 56 percent over the second quarter a year ago, and now represent 39 percent of our quarterly revenues.
"The addition of ScanSource this month as a major new distributor of our products in North America significantly extends our sales outreach for our bar code scanning product line through the thousands of resellers served by ScanSource in key vertical markets. We believe we are well positioned to resume growth as the economy improves."
For the six months ended June 30, 2009, revenue was $8.9 million, compared to $13.7 million in the year ago period. Net loss applicable to common stockholders was $1.7 million, or a loss of $0.50 per share, compared to a net loss of $1.1 million, or a loss of $0.35 per share for the same period one year ago. Included in the 2009 net loss were expenses relating to the expensing of stock options of $320,000 ($0.10 per share) for the six months ended June 30, 2009, compared to $394,000 ($0.12 per share) for the six months ended June 30, 2008.
Conference Call
Management of Socket will hold a conference call and web cast today at 2 P.M. PT to discuss the quarterly results and outlook for the future. The dial-in number to access the call is (877) 407-9210 from within the U.S. or (201) 689-8049 from international locations. A replay will be available via telephone for a week following the call at (877) 660-6853 from within the U.S., or (201) 612-7415 from international locations. Access code for the replay is 286# followed by conference ID 328252#. The call will also be carried live and available via replay through a link on Socket's website at [ www.socketmobile.com ]. From the home page, choose "About Socket"/"Investor Relations"/"Conference Calls and Events." A transcript will be posted within a few days of the call.
About Socket Mobile, Inc.
Socket supplies expandable and durable handheld computer systems and peripherals which enable business mobility solutions to be widely deployed in healthcare and hospitality vertical markets as well as other mobile markets. The company also offers OEM solutions. Socket is headquartered in Newark, Calif. and can be reached at 510-933-3000 or [ www.socketmobile.com ]
Socket is a registered trademark of Socket Mobile, Inc. All other trademarks and trade names contained herein may be those of their respective owners. © 2009, Socket Mobile, Inc. All rights reserved.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements with respect to the distribution, timing and market acceptance of our products, and statements predicting trends, sales, order activity, backlog and market opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to: the risk that shipments of our products may be delayed or not happen as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital; the risk that market acceptance and sales opportunities may not happen as anticipated; the risk that our integrator program and current distribution channels may not choose to distribute our products or may not be successful in doing so; the risk that acceptance of our products in vertical application markets may not happen as anticipated; and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission. Socket Mobile does not undertake any obligation to update any forward-looking statements.
Socket Mobile, Inc. Summary Statements of Operations (Unaudited) (Amounts in Thousands except per share amounts) Three months ended Six months ended June 30, June 30, -------------------- -------------------- 2009 2008 2009 2008 --------- --------- --------- --------- Revenue $ 4,143 $ 7,493 $ 8,915 $ 13,663 Cost of revenue 2,428 3,855 4,975 7,007 --------- --------- --------- --------- Gross profit 1,715 3,638 3,940 6,656 --------- --------- --------- --------- Gross profit percent 41% 49% 44% 49% --------- --------- --------- --------- Research and development 727 1,145 1,503 2,332 Sales and marketing 1,309 1,966 2,723 3,910 General and administrative 549 622 1,191 1,427 Amortization of intangibles 15 32 47 64 --------- --------- --------- --------- Total operating expenses 2,600 3,765 5,464 7,733 Interest (income) expense, net 52 14 117 15 --------- --------- --------- --------- Deferred tax provision 8 8 16 16 --------- --------- --------- --------- Net operating loss $ (945) $ (149) $ (1,657) $ (1,108) --------- --------- --------- --------- Basic and diluted net loss per share $ (0.27) $ (0.05) $ (0.50) $ (0.35) --------- --------- --------- --------- Weighted average shares outstanding: Basic and diluted 3,444 3,213 3,337 3,207 --------- --------- --------- --------- Socket Mobile, Inc. Condensed Summary Balance Sheets (Amounts in Thousands) June 30, 2009 December 31, (Unaudited) 2008* -------------- -------------- Cash $ 1,684 $ 757 Accounts receivable 2,001 3,335 Inventories 2,526 3,930 Other current assets 236 387 Property and equipment, net 911 977 Goodwill 9,798 9,798 Intangible technology 300 347 Other assets 203 226 -------------- -------------- Total assets $ 17,659 $ 19,757 -------------- -------------- Accounts payable and accrued liabilities $ 2,954 $ 4,288 Bank line of credit 1,201 1,006 Deferred income on shipments to distributors 1,898 2,434 Other liabilities 385 354 Common stock 55,795 54,592 Accumulated deficit (44,574) (42,917) -------------- -------------- Total Liabilities and Equity $ 17,659 $ 19,757 -------------- -------------- *Derived from audited financial statements.
