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Socket Mobile reports results for the quarter and six months ended June 30, 2018
NEWARK, Calif., – July 26, 2018 - Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported financial results for the three and six months ended June 30, 2018.
Revenue for the second quarter of 2018 was $4.2 million, a decrease of 28 percent over revenue of $5.8 million for the same quarter a year ago and an increase of five percent sequentially from revenue of $4.0 million in the immediately preceding quarter. Revenue for the six months ended June 30, 2018 was $8.2 million, a decrease of 28 percent compared to revenue of $11.4 million for the same period a year ago. Revenue in 2017 included shipments of large cordless barcode scanner orders to two customers of $0.7 million and $1.9 million for the three and six month periods ended June 30, 2017, respectively, whereas shipments in the first half of 2018 were primarily fulfilling smaller unit orders.
Net loss for the second quarter of 2018 was $138,000 or $0.02 per share, compared to net income for the second quarter of 2017 of $490,000 or $0.07 per fully diluted share. Net loss for the six months ended June 30, 2018 was $363,000, or $0.06 per share, compared to net income of $876,000 or $0.12 per fully diluted share for the same period in 2017.
Gross margins on revenue for the three and six month periods ended June 30, 2018 were 50.9 percent and 51.3 percent of revenue, respectively, compared to 53.6 percent and 52.7 percent, respectively, for the corresponding periods in 2017. The lower margins in 2018 reflect absorption of fixed manufacturing costs over a smaller number of units sold.
Operating expenses for the second quarter of 2018 were $2.3 million compared to operating expenses in the second quarter of 2017 of $2.2 million. Operating expenses for the six months ended June 30, 2018 were $4.6 million, an increase of four percent compared to operating expenses of $4.4 million for the same period a year ago.
The Company’s balance sheet at June 30, 2018 included cash of $1.3 million following the pay down of a bank term loan to $1.0 million and pay down of total borrowings, consisting of the term loan and a revolving line of credit, to $2.5 million.
The following information was filed by Socket Mobile, Inc. (SCKT) on Thursday, July 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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