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Control4 Reports Record Revenue and Net Income for Fiscal Year 2018
SALT LAKE CITY February 4, 2019 4:05 PM EST Control4 Corporation (NASDAQ: CTRL), a leading global provider of smart-home and networking solutions, today announced financial results for its fourth quarter ended December 31, 2018.
Revenue for the fourth quarter of 2018 was $72.5 million, compared to revenue of $68.1 million for the fourth quarter of 2017, representing quarterly year-over-year growth of 6%. Total revenue for the year ended December 31, 2018 grew 12% year-over-year, from $244.2 million to $272.5 million.
Net Income on a GAAP basis for the fourth quarter of 2018 was $30.5 million, or $1.11 per diluted share, compared to Net Income in the fourth quarter of 2017 of $5.9 million, or $0.21 per diluted share. Net Income in the fourth quarter of 2018 included an incremental one-time non-cash tax benefit of $23.4 million, or $0.85 per diluted share resulting from the release of a previously recorded valuation allowance on deferred tax assets. Net Income for the year ended December 31, 2018 was $43.8 million, or $1.60 per diluted share, compared to Net Income of $15.5 million, or $0.58 per diluted share, for the year ended December 31, 2017.
Non-GAAP Net Income for the fourth quarter of 2018 was $12.0 million, or $0.44 per diluted share, compared to Non-GAAP Net Income in the fourth quarter of 2017 of $10.9 million, or $0.39 per diluted share. Non-GAAP Net Income for the year ended December 31, 2018 was $39.7 million, or $1.45 per diluted share, compared to Non-GAAP Net Income of $31.6 million, or $1.18 per diluted share, for the year ended December 31, 2017. A reconciliation of GAAP to non-GAAP financial information is contained in the attached tables.
Unrestricted cash and net investments increased to $93.3 million as of December 31, 2018, compared to $91.2 million as of September 30, 2018 and $86.0 million as of December 31, 2017. Primary contributors to our cash flows during the fourth quarter of 2018 included, cash flows from operations of $13.0 million, $7.9M used to repurchase 337,264 shares of Control4 stock on the open market, and purchases of $2.4 million of capital assets.
Overall 2018 was a strong performance year for Control4. During the second half we navigated several external economic and geo-political conditions impacting many businesses and consumers, said Martin Plaehn, chairman and chief executive officer of Control4. With these external factors continuing, we enter 2019 with a strong self-sufficient financial profile and cohesive team. We are excited about our product portfolio and broad global channel, and we have new investments well underway related to our product development and channel strengthening initiatives.
Commenting on the companys financial results, Mark Novakovich, chief financial officer of Control4, added: We delivered record results for 2018, including revenue and net income. Fueled by consistently improving cross-company performance, our full-year 2018 Non-GAAP Net Income grew by 26%, year over year, reflecting the operational improvements we made throughout the year and delivering on our commitment to achieve sustainable, profitable growth to enhance long-term shareholder value.
The following information was filed by Control4 Corp (CTRL) on Monday, February 4, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.