Exhibit 99.1

 

 

 

Socket Mobile Reports 2018 Financial Results

New product development and completion of SocketScan transition highlight the year

 

NEWARK, Calif., – February 13, 2019

– Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported financial results for the fourth quarter and year ended December 31, 2018.

 

Full Year Results:

 

Revenue for 2018 was $16.5 million, a decrease of 23 percent versus 2017 revenue of $21.3 million.

Gross margins in 2018 were $8.5 million, or 51.4 percent of revenue, down from $11.4 million, or 53.5 percent of revenue in 2017. Operating expenses were $9.0 million in both years. Operating results in 2018 were a net loss before tax of $715,000 compared to net income before tax of $2.3 million in 2017. The Company’s net loss in 2018 was $571,000 or $0.09 per share. 2017 included a one-time write down of deferred tax assets of $2.6 million resulting from the lowering of Federal effective tax rates at the end of 2017 that resulting in a net loss for 2017 of $1.4 million or $0.23 per share.

 

EBITDA or earnings before interest, taxes, depreciation and amortization totaled $334,000 in 2018 compared to $3.2 million in 2017. Free cash flow, consisting of total cash flow from operations and investing activities, was $327,000 in 2018 compared to $1.9 million in 2017.

 

The Company’s balance sheet at December 31, 2018 included cash of $1.1 million compared to cash of $3.4 million at December 31, 2017. The current ratio (current assets divided by current liabilities) was 1.42 at December 31, 2018 compared to a current ratio of 3.81 at December 31, 2017. In March 2018, the Company repurchased $4.9 million of its common shares, reducing shareholders’ equity by 18 percent. Shareholders’ equity at December 31, 2018 was $12.3 million compared to shareholders’ equity at December 31, 2017 of $17.2 million.

 

Fourth Quarter Results:

 

Revenue for the fourth quarter of 2018 was $4.1 million, with gross margins of 50.3 percent, operating expenses of $2.2 million, and a net loss before income taxes of $155,000. Revenue in the fourth quarter of 2017 was $4.4 million with gross margins of 53.0%, operating expenses of $2.3 million and net income before income taxes of $68,000. As described under Full Year Results, the fourth quarter of 2017 included a writedown of deferred tax assets of $2.6 million reflecting a reduction in the corporate effective tax rate at the end of 2017 applicable to 2018 and beyond. Net loss for the fourth quarter of 2018 was $163,000, or a loss of $0.03 per share compared to a net loss for the fourth quarter of 2017 of $2.7 million or $0.39 per share.

 


The following information was filed by Socket Mobile, Inc. (SCKT) on Wednesday, February 13, 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.

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