NEWARK, Calif., – July 27, 2016 - Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported profitable operating results for the 2016 second quarter and six month periods ended June 30, 2016.
Second Quarter 2016 Highlights
- Total revenue increased 16 percent year over year to $5.2 million
- Net income increased 29 percent year over year to $517,000, or $0.09 per share
- EBITDA increased 25% to $734,000, or $0.13 per share, compared to the prior year quarter
Revenue for the second quarter of 2016 was $5.2 million, an increase of 16 percent over revenue of $4.5 million for the same quarter a year ago and an increase of three percent sequentially from revenue of $5.0 million in the immediately preceding quarter. Net income for the second quarter of 2016 was $517,000, or $0.09 per share, compared to net income of $401,000, or $0.07 per share, in the second quarter of 2015, and net income of $548,000, or $0.10 per share, in the immediately preceding quarter. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), a non-GAAP measure of operating results, was $734,000, or $0.13 per share, in the second quarter of 2016, compared to $588,000, or $0.11 per share, in the second quarter of 2015 and $729,000, or $0.13 per share, in the immediately preceding quarter.
Revenue for the six months ended June 30, 2016 was $10.3 million, an increase of 21 percent from revenue of $8.5 million in the same period a year ago. Net income for the six months ended June 30, 2015 was $1.1 million, or $0.19 per share, compared to net income of $329,000, or $0.06 per share, for the same period a year ago. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the six months ended June 30, 2016 was $1.5 million, or $0.26 per share, compared to EBITDA earnings of $696,000, or $0.13 per share, for the same period a year ago.
Gross margins on revenue for the three and six month periods ended June 30, 2016 were 49.5 percent and 49.6 percent respectively, compared to gross margins on revenue of 47.2 percent and 46.2 percent for the corresponding periods in 2015.
Operating expenses for the second quarter of 2016 were $2.0 million, an increase of 23 percent compared to operating expenses of $1.6 million for the same quarter a year ago, and an increase of five percent sequentially from the immediately preceding quarter. Operating expenses for the six months ended June 30, 2016 were $3.9 million, an increase of 14 percent compared to operating expenses of $3.4 million for the same period a year ago.
Kevin Mills, president and chief executive officer, commented, “We achieved second quarter total revenue growth of 16 percent year over year and improved our profitability. Our data capture business continues to be driven by third party applications with the emerging mobile point of sale (mPOS) market leading the way. We are also pleased to be reporting as a Nasdaq-listed company.
“We released the DuraScan 750, our newest durable barcode scanner, earlier this year and are ramping up production. In addition, our DuraScan 730 and our new linear imager durable barcode scanner, our DuraScan 700, are expected to ship in the current third quarter. Our DuraCase product family, which enables one handed barcode scanning with our attachable Series 800 barcode scanners and is designed for use while staying connected to an iPod Touch, Samsung Galaxy S7 or an iPhone SE, will be available in the second half of the year. We expect these products, which are designed for harsher environments, to expand our market reach and introduce Socket Mobile to new customers.
“Our second quarter total revenue included $1.1 million from sales of our SoMo handheld computer products, representing the last major planned shipments of our SoMo handheld computers. Revenue in the third quarter and beyond will come primarily from sales of our data capture barcode scanning products, which have been growing,” Mills concluded.
Management of Socket Mobile 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) 481-4010 from within the U.S., or (919) 882-2331 from international loca....
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