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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.
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