Welcome!

Containers Expo Blog Authors: Elizabeth White, Liz McMillan, Carmen Gonzalez, Yeshim Deniz, Anders Wallgren

News Feed Item

AltiGen Communications, Inc. Reports Fourth Quarter and Fiscal Year 2012 Financial Results

SAN JOSE, CA -- (Marketwire) -- 11/14/12 -- AltiGen Communications, Inc. (OTCQX: ATGN), the leading provider of integrated Microsoft-based Unified Communications solutions, announced today its financial results for the fourth quarter and fiscal year ended September 30, 2012.

Fiscal Year 2012 Fourth Quarter Performance
Revenue for the fourth quarter of fiscal year 2012 was $3.5 million, in comparison to $4.3 million for the fourth quarter of fiscal year 2011, a decrease of 18.6%. During the fourth quarter of fiscal 2012, net loss from operations was $1.6 million, or a loss of $0.09 per share, compared to a net loss of $861,000, or a loss of $0.05 per share, for the fourth quarter of fiscal year 2011. The increase in net loss for 2012 was primarily the result of a one-time non-cash charge for excess inventory of approximately $1.1 million.

Gross margin for the fourth quarter of fiscal year 2012 was 35.9%, down from 64.2% in the fourth quarter of fiscal year 2011. The decrease in gross margin in the fourth quarter of 2012 compared with the prior-year fourth quarter was primarily due to an increase in excess inventory reserves of $1.1 million. Operating expenses were $2.9 million for the fourth quarter of fiscal year 2012, a decrease of 21.6% from $3.7 million in the fourth quarter of fiscal year 2011. Our expenses continued to decline due to our cost control measures executed over the past year.

Fiscal Year 2012 Full Year Performance
For the twelve months ended September 30, 2012, revenue was $16.9 million, compared to $17.7 million for fiscal 2011, a decrease of 4.5%. For fiscal 2012, net loss from operations was $1.8 million, or a loss of $0.11 per share, compared to a net loss of $2.7 million, or a loss of $0.16 per share, for fiscal 2011.

Gross margin was 60.1% for the twelve-month period of fiscal 2012, compared to 65.9% in the comparable period last year. The decrease in gross margin for 2012 was primarily due to the aforementioned increase in excess inventory reserves. Operating expenses were $11.9 million for fiscal year 2012, a decrease of 17.4% from $14.4 million for fiscal 2011. Our expenses continued to decline due to our cost control measures executed over the past year.

As of September 30, 2012, total cash and cash equivalents was $4.2 million and working capital was $1.3 million, compared to total cash and cash equivalents of $4.3 million and working capital of $2.1 million as of September 30, 2011.

"Our fiscal fourth quarter revenues reflect the continued softness in the overall premise PBX business. While we do not anticipate significant improvements in this business in the foreseeable future we do expect to see growth from our new MaxCloud hosted PBX business, which we plan to launch in calendar Q1," said Jeremiah Fleming, AltiGen's President & CEO. "MaxCloud, which leverages our all software MaxCS IP PBX, will enable AltiGen's base of more than 7,500 premise-based PBX systems to seamlessly migrate those systems to the cloud. AltiGen MaxCloud customers will benefit from greater functionality combined with lower overall communications costs."

"During the quarter we also experienced a significant slowdown in sales of the iFusion SmartStations due to the release of Apple's iPhone 5, as its new Lightning connector is not compatible with the previous Apple 30 pin connector. While we are continuing to sell the iFusions to iPhone 4 customers we are also diligently working to incorporate the new Lightning connector into these devices. This slowdown in unit sales has required us to make an allowance for excess inventory, for which the $1.1 non-cash charge was recorded in the quarter," said Mr. Fleming.

Conference Call
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 http://www.altigen.com. To access the replay, dial (877) 660-6853 (domestic) or (201) 612-7415 (international), account #286 conference ID #403572. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.

About AltiGen Communications
AltiGen Communications, Inc. (OTCQX: ATGN) is a leading provider of 100% Microsoft-based VoIP business phone systems and Unified Communications solutions. Having more than 10,000 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. AltiGen's worldwide headquarters is in Silicon Valley, California, with international operations based in Shanghai, China. Local sales, service and support are provided by AltiGen's worldwide network of over 300 certified partners. For more information, call 1-888-ALTIGEN or visit the web site at www.altigen.com.

Safe Harbor Statement
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 the continued market acceptance of our 100 percent Microsoft-based business phone systems and call center solutions; our ability to successfully launch our new MaxCloud hosted PBX business and our ability to incorporate the new Lightning connector into the iFusion SmartStation. 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, 2011. 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.



                        AltiGen Communications, Inc.
              Condensed Consolidated Statements of Operations
               (Amounts in thousands, except per share data)

----------------------------------------------------------------------------
                                 Fourth Quarter Ended   Twelve Months Ended
                                     September 30,         September 30,
                                  FY 2012    FY 2011    FY 2012    FY 2011
                                 ---------  ---------  ---------  ---------
Net Revenue                      $   3,530  $   4,346  $  16,941  $  17,672
Gross profit                         1,269      2,790     10,182     11,654

Research and development             1,225      1,557      4,756      6,220
Selling, general &
 administrative                      1,631      2,100      7,140      8,170
                                 ---------  ---------  ---------  ---------

Operating loss                      (1,587)      (867)    (1,714)    (2,736)

Interest and other income, net           2          6        (57)        37
                                 ---------  ---------  ---------  ---------

Net loss before tax                 (1,585)      (861)    (1,771)    (2,699)

Provision for income tax                 -          -          1          1
                                 ---------  ---------  ---------  ---------

Net loss after tax               $  (1,585) $    (861) $  (1,772) $  (2,700)
                                 =========  =========  =========  =========

Basic and diluted net loss per
 share                               (0.09)     (0.05)     (0.11)     (0.16)

Weighted average shares
 outstanding                        16,732     16,672     16,732     16,580

----------------------------------------------------------------------------


----------------------------------------------------------------------------
                                       September 30, 2012 September 30, 2011
                                       ------------------ ------------------
Cash and cash equivalents              $            4,152 $            4,257
Short-term investments                                  -                  -
Accounts receivable, net                            1,452              1,230
Inventories                                         1,890              2,897
Other current assets                                  196                229
Net property and equipment                            338                793
Other long-term assets                                119                498
                                       ------------------ ------------------
Total Assets                           $            8,147 $            9,904
                                       ================== ==================

Current liabilities                    $            6,354 $            6,518
Long-term liabilities                                 200                383
Stockholders' equity                                1,593              3,003

                                       ------------------ ------------------
Total Liabilities and Stockholders'
 Equity                                $            8,147 $            9,904
                                       ================== ==================

----------------------------------------------------------------------------

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...