|By Marketwired .||
|November 14, 2012 04:27 PM EST||
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.
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 ================== ================== ----------------------------------------------------------------------------
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 3, 2016 06:15 PM EST Reads: 1,500
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 05:30 PM EST Reads: 4,026
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 3, 2016 05:15 PM EST Reads: 2,129
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Dec. 3, 2016 05:15 PM EST Reads: 1,991
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Dec. 3, 2016 03:15 PM EST Reads: 3,215
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 3, 2016 02:45 PM EST Reads: 670
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 3, 2016 02:45 PM EST Reads: 508
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
Dec. 3, 2016 02:15 PM EST Reads: 6,949
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 3, 2016 02:00 PM EST Reads: 460
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 3, 2016 01:30 PM EST Reads: 2,122
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Dec. 3, 2016 01:15 PM EST Reads: 616
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Dec. 3, 2016 01:00 PM EST Reads: 1,868
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 01:00 PM EST Reads: 312
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Dec. 3, 2016 12:45 PM EST Reads: 732
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 3, 2016 12:45 PM EST Reads: 1,950
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 3, 2016 12:15 PM EST Reads: 1,506
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Dec. 3, 2016 11:30 AM EST Reads: 845
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 3, 2016 11:30 AM EST Reads: 2,084
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 3, 2016 11:15 AM EST Reads: 1,637
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 3, 2016 10:45 AM EST Reads: 817