NEWARK, Calif., July 26, 2018 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported financial results for the three and six months ended June 30, 2018.
Revenue for the second quarter of 2018 was $4.2 million, a decrease of 28 percent over revenue of $5.8 million for the same quarter a year ago and an increase of five percent sequentially from revenue of $4.0 million in the immediately preceding quarter. Revenue for the six months ended June 30, 2018 was $8.2 million, a decrease of 28 percent compared to revenue of $11.4 million for the same period a year ago. Revenue in 2017 included shipments of large cordless barcode scanner orders to two customers of $0.7 million and $1.9 million for the three and six month periods ended June 30, 2017, respectively, whereas shipments in the first half of 2018 were primarily fulfilling smaller unit orders.
Net loss for the second quarter of 2018 was $138,000 or $0.02 per share, compared to net income for the second quarter of 2017 of $490,000 or $0.07 per fully diluted share. Net loss for the six months ended June 30, 2018 was $363,000, or $0.06 per share, compared to net income of $876,000 or $0.12 per fully diluted share for the same period in 2017.
Gross margins on revenue for the three and six month periods ended June 30, 2018 were 50.9 percent and 51.3 percent of revenue, respectively, compared to 53.6 percent and 52.7 percent, respectively, for the corresponding periods in 2017. The lower margins in 2018 reflect absorption of fixed manufacturing costs over a smaller number of units sold.
Operating expenses for the second quarter of 2018 were $2.3 million compared to operating expenses in the second quarter of 2017 of $2.2 million. Operating expenses for the six months ended June 30, 2018 were $4.6 million, an increase of four percent compared to operating expenses of $4.4 million for the same period a year ago.
The Company's balance sheet at June 30, 2018 included cash of $1.3 million following the pay down of a bank term loan to $1.0 million and pay down of total borrowings, consisting of the term loan and a revolving line of credit, to $2.5 million.
Kevin Mills, president and chief executive officer, commented, "We commenced shipping our new SocketScan line of standard cordless barcode scanners in late April 2018. Our SocketScan products improve the user experience with new features including status lights, extended battery life, field upgradable batteries, and a new easy to use charging station. Our many application partners and resellers are evaluating the new products and on completion, are expected to update their web pages and recommend their use, allowing us to complete the transition. Our feedback from these many evaluations has been very positive.
"For our registered developers, we've improved our software developer kit with our Capture SDK. The SDK includes developer tools such as Xamarin used by many in the corporate application developer community. We expect to experience growth in our application developer base as we are now able to support this community. New applications are a key driver of future revenue growth.
"VDC Research last fall recognized our worldwide leadership position in companion barcode scanning for mobile applications running on smart phones and tablets. Our new hardware products and developer tools will enable us to maintain this leadership position," Mills concluded. Click here to see the full release.
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