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Socket Mobile Reports 2019 Full Year Revenue up 17% –
Profitable Fourth Quarter and Year
NEWARK, Calif., – February 12, 2020 – 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, 2019.
Revenue for 2019 was $19.3 million, an increase of 17 percent versus 2018 revenue of $16.5 million. Gross margins in 2019 were $10.1 million, or 52.5 percent of revenue, up from $8.5 million, or 51.4 percent of revenue in 2018. Operating expenses were $9.5 million for 2019 and $9.0 million in 2018. Operating results in 2019 were a net income before tax of $0.5 million compared to a net loss before tax of $0.7 million in 2018. The Company’s net income in 2019 was $0.3 million or $0.05 per share compared to a net loss of $0.6 million or $0.09 per share in 2018.
The Company’s balance sheet at December 31, 2019 included cash of $1.0 million compared to cash of $1.1 million at December 31, 2018. The current ratio (current assets divided by current liabilities) was 1.38 at December 31, 2019 compared to a current ratio of 1.32 at December 31, 2018. Shareholders’ equity at December 31, 2019 was $13.2 million compared to shareholders’ equity at December 31, 2018 of $12.4 million.
Revenue for the fourth quarter of 2019 was $4.6 million, with gross margins of 53.1 percent, operating expenses of $2.2 million, and net income before income taxes of $0.2 million. Revenue in the fourth quarter of 2018 was $4.1 million with gross margins of 50.3%, operating expenses of $2.2 million and net loss before income taxes of $0.2 million. Net income for the fourth quarter of 2019 was $0.1 million or $0.01 per share compared to a net loss for the fourth quarter of 2018 of $0.2 million or $0.03 per share.
Kevin Mills, president and chief executive officer, commented, “2019 was the turnaround year we expected in which we returned to profitable growth. Our SocketScan barcode scanner products are well received and were the foundation of our growth. Our revenue grew year over year at 17 percent. We improved our gross margins and kept the operating expenses under control, enabling us to return to profitability.
“In 2019 we maintained an active product development program to ensure that we achieve continued growth. We expanded our product line with a new family of products; DuraSled for the iPhone models 6,7,8, X and 11. The DuraSled combines the iPhone and a scanner to make a single-handed solution. The DuraSeld both protects the phones from impact damage and provides a robust charging solution for all environments. We also redesigned and retooled our entire DuraScan family of products to better serve the market.
The following information was filed by Socket Mobile, Inc. (SCKT) on Wednesday, February 12, 2020 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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