SAN JOSE, CA — (Marketwired) — 01/21/15 — AltiGen Communications, Inc. (OTCQX: ), a leading provider of premise and cloud-based IP-PBX and Contact Center solutions, announced today its financial results for the first quarter ended December 31, 2014.
Net income for the first quarter of fiscal 2015 from continuing operations was a record $420,0000, or $0.02 per share (diluted), compared with net income of $146,000, or $0.01 per share (diluted) in the preceding quarter, and compared to a net loss of $178,000, or a loss of $0.01 per share in the same period in 2014.
Revenue for the first quarter of fiscal 2015 was $2.6 million, compared to $2.5 million in the preceding quarter, and compared to $2.4 million during the same period in fiscal 2014. Gross margin in the first quarter of fiscal 2015 was 79.8%, compared to 61.6% in the preceding quarter, and compared to 71.8% during the first quarter of fiscal 2014. The increase in gross margin for the first quarter of fiscal 2015 from the preceding quarter was primarily due to an increase in the number of software only transactions in the current quarter. Additionally, in the preceding quarter, gross margin was suppressed primarily due to a slowdown in sales of the iFusion SmartStations, which required us to make an allowance of $284,000 for excess inventory during the quarter.
Our cash, cash equivalents and restricted cash increased by $257,000, or 7% to $4.1 million at the end of the first quarter, compared to $3.8 million at the end of the preceding quarter. Working capital was $675,000 at the end of the first quarter, compared to $257,000 as of September 30, 2014.
Operating expenses totaled $1.7 million, compared to $1.7 million in the preceding quarter, and $1.9 million during the same period in fiscal 2014. The year-over-year decrease of 12% was driven by our cost control measures and continued focus on operating efficiencies.
Jeremiah J. Fleming, Chairman, President and Chief Executive Officer of AltiGen, stated, “We are pleased to report a solid first quarter which was the most profitable quarter in the company–s history. The financial results are a direct result of executing on our strategic initiatives, growing sales and managing expenses to drive improved operational performance.”
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 . To access the replay, dial (877) 660-6853 (domestic) or (201) 612-7415 (international), account #286 conference ID #13599035. A web archive will be made available at for 90 days following the call–s conclusion.
AltiGen Communications, Inc. (OTCQX: ATGN) is a leading provider of premise and cloud-based IP-PBX and Contact Center solutions headquartered in Silicon Valley, California. With thousands of 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. For more information, call 1-888-ALTIGEN or visit the web site at .
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 market acceptance of our premise and cloud-based IP-PBX and Contact Center solutions and our ability to maintain sales growth and profitability. 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, 2014. 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.
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