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Socket Mobile Reports Profitable Growth for the Third Quarter and Nine Months ended September 30, 2019
NEWARK, Calif., – October 24, 2019 - Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported financial results for its 2019 third quarter and nine months ended September 30, 2019.
Revenue for the third quarter of 2019 was $5.0 million, an increase of 20 percent compared to revenue of $4.1 million for the same quarter a year ago. Cordless barcode scanner revenue was $4.8 million for the third quarter of 2019, an increase of 17 percent over the same quarter a year ago. Net income for the third quarter of 2019 was $94,000 or $0.01 per share, compared to a net loss of $45,000 or $0.01 per share a year ago.
Gross profit margins for the third quarter of 2019 were 52.9 percent, compared to margins of 52.6 percent for the third quarter a year ago.
Operating expenses for the third quarter of 2019 were $2.5 million compared to operating expenses of $2.2 million for the same quarter a year ago, representing an increase in operating expenses of 14 percent.
For the nine months ended September 30, 2019, revenue was $14.7 million, an increase of 19 percent compared to revenue of $12.3 million for the same period a year ago. Net income for the nine months ended September 30, 2019 was $0.2 million or $0.04 per share compared to a net loss of $0.4 million or $0.07 per share in the year ago period.
Gross profit margins for the nine months ended September 30, 2019 were 52.3 percent, compared to 51.8 percent for the same period in 2018. Operating expenses for the nine months ended September 30, 2019 were $7.3 million, an increase of 6 percent compared to operating expenses of $6.8 million in the same period a year ago.
Cash and cash equivalents were $0.9 million at September 30, 2019 compared to $1.1 million at December 31, 2018. Stockholders’ Equity at September 30, 2019 was $13.0 million compared to $12.4 million at December 31, 2018.
Kevin Mills, president and chief executive officer, commented, “We are pleased with both our quarter over quarter and year over year growth rate of approximately 20% and the general underlying strength of our business. Our growth in Q3 was helped by increased sales in Japan, where a Japanese government program, which subsidized retail system upgrades, ended in Q3. Systems ordered under this program must be delivered by December 2019. Sales in the EMEA region were also stronger, which resulted in our total international revenue being 34% of our Q3 revenue.
“Our growth continues to be driven by the development and deployment pace of our registered developers who integrate our barcode scanning capabilities into their applications. We will continue to promote our Capture SDK with the use of developer tools and provide responsive support to our growing developer community as needed.
“Profitable growth has strengthened our balance sheet and provided the working capital we need to support future growth,” Mr. Mills concluded.
The following information was filed by Socket Mobile, Inc. (SCKT) on Thursday, October 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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