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Mobile Reports Fourth Quarter and Full Year 2020 Results
Profitable fourth quarter and improved liquidity
NEWARK, Calif., – February 24, 2021 – Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced workplace productivity, today reported financial results for the fourth quarter and year ended December 31, 2020.
The 2020 fourth quarter revenue was $4.7 million compared to $4.6 million in the fourth quarter of 2019. Gross margin from the fourth quarter of 2020 was 53.2 percent compared to 53.1 percent from the same period in 2019. Operating expenses for the fourth quarter decreased 12.4 percent to $1.9 million, compared to $2.2 million in fourth quarter of 2019. Net income attributable to common shareholders for the fourth quarter of 2020 was $1.6 million, or $0.26 per basic and $0.23 per fully diluted share, compared to a net income of $0.06 million or 0.01 per basic and fully diluted share for the same period last year. Net income for the fourth quarter 2020 includes a one-time non-cash gain upon debt extinguishment of $1.1 million related to the loan forgiveness under the Paycheck Protection Program (PPP).
Revenue for the full year of 2020 was $15.7 million compared to $19.3 million in 2019. Gross margin for 2020 was 53.1 percent compared to 52.5 percent in 2019. Operating results in 2020 were a net loss of $0.54 per basic and fully diluted share or $3.3 million, which includes a non-cash goodwill impairment charge of $4.4 million and a non-cash gain upon debt extinguishment of $1.1 million related to the forgiveness of the Company’s PPP loan, compared to a net income of $0.05 per basic and fully diluted share or $0.3 million in 2019.
As of December 31, 2020, cash more than doubled from December 31, 2019 to $2.1 million which resulted from improved operational performance and the secured subordinated convertible note financing completed in August 2020. Loans payable decreased to $1.4 million from $1.7 million. Shareholders’ equity on December 31, 2020 decreased by $2.6 million from December 31, 2019 to $10.6 million primarily due to the non-cash goodwill impairment charge of $4.4 million.
Kevin Mills, president and chief executive officer, commented, “Our fourth quarter was another encouraging period in which revenue continued on its upward trajectory from the 2020 low point in the second quarter. We also improved liquidity with increased cash and reduced debts.
“Throughout 2020, we managed our costs while investing into our businesses and developing and launching new products. We introduced DuraScan D755, a medical-grade, universal scanner designed and built for healthcare environments. We also launched DuraSled for XCover Pro and iPhone SE 2020, a one-handed solution that combines the iPhone or Android devices with a scanner. We delivered S550 Contactless Reader/Writer that is certified with both Apple Pay “VAS” and Google Wallet, and that complies with Apple and Google NFC protocol on iPhones and Android devices. Our products continue to be well-received by our customers.
The following information was filed by Socket Mobile, Inc. (SCKT) on Wednesday, February 24, 2021 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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