Exhibit 99.1 

 

 

Socket Mobile Reports 2016 Full Year Revenue up 13%;

Profitable Fourth Quarter and Year

 

NEWARK, Calif., – February 15, 2017

– Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported profitable operating results for the fourth quarter and full year ended December 31, 2016.

 

Full Year 2016 Financial Results

 

Revenue was $20.8 million in 2016, a 13.0% increase compared to $18.4 million in 2015.

 

Gross margins were $10.4 million in 2016, a 16.8% increase compared to $8.9 million in 2015. Margins increased to 50.2% of revenue in 2016 compared to 48.6% of revenue in 2015.

 

Operating expenses were $7.9 million, an increase of 15.7% compared $6.8 million in 2015.

 

Net income before income taxes at 12/31/2016 was $2.43 million, or $0.36 per fully diluted share, compared to net income before income taxes of $1.85 million, or $0.31 per fully diluted share in 2015. Net income for 2016 includes a deferred tax benefit of $9.7 million, increasing 2016 net income to $12.1 million or $1.80 per fully diluted share, related to release of a full valuation allowance for deferred taxes as of the end of the year and adding net deferred tax assets to the balance sheet as of December 31, 2016., compared to net income of $1.82 million or $0.31 per fully diluted share in 2015.

 

Fourth Quarter 2016 Financial Results

 

Revenue was $5.43 million in Q4 2016, a 1% increase compared to $5.39 million for Q4 2015.

 

Gross margins were $2.7 million in Q4 2016, a reduction of 2% compared to $2.8 million in Q4 2015. Margins decreased to 50.1% of revenue in Q4 2016 compared to 51.5% of revenue for the same quarter a year ago.

 

Q4 2016 operating expenses were $2.05 million, a 17.1% increase compared to $1.75 million for the same quarter a year ago.

 

Net income before income taxes for the quarter ended 12/31/2016 was $637,000, or $0.09 per fully diluted share, compared to net income before income taxes of $966,000, or $0.16 per fully diluted share in Q4 2015. Net income for Q4 2016 includes a deferred tax benefit of $9.8 million, increasing Q4 2016 net income to $1.40 per fully diluted share, related to release of a full valuation allowance for deferred taxes as of the end of the year and adding net deferred tax assets to the balance sheet as of December 31, 2016, compared to net income of $958,000 or $0.16 per fully diluted share in Q4 2015.

 

Kevin Mills, president and chief executive officer, commented, “In 2016 we achieved continued profitable growth, including record operating profit, and we significantly strengthened our balance sheet. As a further indicator of the underlying strength of our business, we have restored deferred taxes to our balance sheet as of year-end. 2016 is our third consecutive profitable year and we believe that the strength of our business will enable us to realize the benefit of our deferred tax asset balances from future profitability including from our net operating loss carryforwards.


The following information was filed by Socket Mobile, Inc. (SCKT) on Wednesday, February 15, 2017 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.

View differences made from one year to another to evaluate Socket Mobile, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Socket Mobile, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account