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     101  0 Kommentare Altigen Communications, Inc. Reports Full Year and Fourth Quarter Fiscal 2023 Results

    MILPITAS, CA / ACCESSWIRE / December 14, 2023 / Altigen Communications, Inc. (OTCQB:ATGN), a Silicon Valley-based cloud solutions provider for the Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS) and our Customer …

    MILPITAS, CA / ACCESSWIRE / December 14, 2023 / Altigen Communications, Inc. (OTCQB:ATGN), a Silicon Valley-based cloud solutions provider for the Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS) and our Customer Engagement as a Service (CEaaS) markets, announced today its financial results for the fourth quarter and year ended September 30, 2023.

    Full Year Highlights (Fiscal 2023 versus Fiscal 2022)

    • Net Revenue increased 15% to $13.7 million;
    • Services revenue increased 117% to $4.3 million;
    • Cloud services revenue was $7.6 million, relatively flat to the prior year;
    • Gross margin decreased to 63.2%, compared with 68.1%;
    • GAAP net loss was $3.3 million and diluted EPS of ($0.14), primarily driven by non-cash tax-related expense of $2.7 million due to expired and expiring net operating losses;
    • Non-GAAP1 net income and non-GAAP diluted EPS of $0.3 million and $0.01, respectively.

    Fourth Quarter Highlights (Fiscal 2023 versus Fiscal 2022)

    • Net Revenue of $3.5 million;
    • Services revenue of $1.1 million;
    • Cloud services revenue increased 2% to $2.0 million;
    • Gross margin decreased to 62.4%, compared with 63.8%;
    • GAAP net loss was $2.8 million and diluted EPS of ($0.11), primarily driven by the previously mentioned non-cash, tax-related adjustment of $2.7 million;
    • Non-GAAP1 net income and non-GAAP diluted EPS of $0.1 million and $0.01, respectively, compared to the prior year period of $0.2 million and $0.01, respectively. Non-GAAP net income excluded approximately $0.6 million of one-time, acquisition-related expenses during fiscal year 2022.

    "Fiscal 2023 was a pivotal year for Altigen during which we launched a number of new cloud solutions while integrating the ZAACT Consulting acquisition into the company", said Jerry Fleming, Altigen President and CEO. "We now have the foundation firmly in place for our new UCaaS and CCaaS solutions, enabling the rollout of these solutions to both current and new prospective customers. During the latter part of the year we also kicked off development of the first of several AI initiatives, principally targeting financial services institutions. In summary, I believe the company is well positioned to drive business growth as we head into fiscal 2024."

    Select Financial Metrics: Fiscal 2023 versus Fiscal 2022
    (in thousands, except for EPS and percentages)
    Fiscal
    4Q23
    Fiscal
    4Q22
    Change YTD
    FY2023
    YTD
    FY2022
    Change
    Total Revenue
    $ 3,482 $ 3,571 -2.5 % $ 13,681 $ 11,891 15.1 %
    Cloud Services
    1,983 1,943 2.1 % 7,656 7,639 0.2 %
    Services and Other
    1,100 1,161 -5.3 % 4,301 1,979 117.3 %
    Legacy Products
    399 467 -14.6 % 1,724 2,273 -24.2 %
    Software Assurance
    353 417 -15.3 % 1,551 1,867 -16.9 %
    Perpetual Software License
    46 50 -8.0 % 173 406 -57.4 %
    GAAP Operating Income/(Loss)
    $ 30 $ (659 ) nm $ (436 ) $ (580 ) nm
    Operating Margin
    0.9 -18.5 % -3.2 % -4.9 %
    Non-GAAP Operating Income/(Loss)
    $ 58 $ (62 ) nm $ (317 ) $ 99 nm
    Non-GAAP Operating Margin
    1.7 % -1.7 % -2.3 % 0.8 %
    GAAP Net Loss
    $ (2,813 ) $ (765 ) nm $ (3,323 ) $ (698 ) nm
    GAAP Loss Per Share
    $ (0.11 ) $ (0.03 ) nm $ (0.14 ) $ (0.03 ) nm
    Non-GAAP Net Income
    $ 145 $ 205 -29.3 % $ 324 $ 1,084 -70.1 %
    Non-GAAP Diluted Earnings Per Share
    $ 0.01 $ 0.01 nm $ 0.01 $ 0.04 -68.4 %
    Adjusted EBITDA(1)
    $ 109 $ 204 -46.6 % $ 252 $ 1,082 -76.7 %
    Cash Flow from Operations
    $ (236 ) $ (8 ) nm $ 62 $ (18 ) nm
    nm = not measurable/meaningful; *may not add up due to rounding
    1. Throughout this release, the use of non-GAAP financial measures is intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release.
    Trended Financial Information
    (in thousands, except for EPS and percentages)
    Fiscal
    1Q22
    Fiscal
    2Q22
    Fiscal
    3Q22
    Fiscal
    4Q22
    Fiscal
    1Q23
    Fiscal
    2Q23
    Fiscal
    3Q23
    Fiscal
    4Q23
    FY2022 FY2023
    Total Revenue
    $ 2,733 $ 2,558 $ 3,029 $ 3,571 $ 3,460 $ 3,373 $ 3,366 $ 3,482 $ 11,891 $ 13,681
    Cloud Services
    1,910 1,880 1,906 1,943 1,822 1,894 1,957 1,983 7,639 7,656
    Services and Other
    139 124 555 1,161 1,174 1,028 999 1,100 1,979 4,301
    Legacy Products
    684 554 568 467 464 451 410 399 2,273 1,724
    Software Assurance
    506 471 473 417 424 390 384 353 1,867 1,551
    Perpetual Software License
    178 83 95 50 40 61 26 46 406 173
    GAAP Operating (Loss)/Income
    $ 10 $ 78 $ (9 ) $ (659 ) $ (188 ) $ (131 ) $ (147 ) $ 30 $ (580 ) $ (436 )
    Operating Margin
    0.4 % 3.0 % -0.3 % -18.5 % -5.4 % -3.9 % -4.4 % 0.9 % -4.9 % -3.2 %
    Non-GAAP Operating (Loss)/Income
    $ 66 $ 92 $ 3 $ (62 ) $ (156 ) $ (101 ) $ (118 ) $ 58 $ 99 $ (317 )
    Non-GAAP Operating Margin
    2.4 % 3.6 % 0.1 % -1.7 % -4.5 % -3.0 % -3.5 % 1.7 % 0.8 % -2.3 %
    GAAP Net (Loss)/Income
    $ 11 $ 65 $ (9 ) $ (765 ) $ (187 ) $ (140 ) $ (183 ) $ (2,813 ) $ (698 ) $ (3,323 )
    Non-GAAP Net Income
    $ 313 $ 342 $ 224 $ 205 $ 44 $ 95 $ 40 $ 145 $ 1,084 $ 324
    Non-GAAP Diluted Earnings Per Share
    $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.00 $ 0.00 $ 0.00 $ 0.01 $ 0.04 $ 0.01
    Adjusted EBITDA(1)
    $ 312 $ 342 $ 224 $ 204 $ 44 $ 95 $ 4 $ 109 $ 1,082 $ 252
    nm = not measurable/meaningful; *may not add up due to rounding
    1. Throughout this release, the use of non-GAAP financial measures is intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release.

    Conference Call -

    Altigen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. ET). The conference call can be accessed by dialing (888) 506-0062 (domestic) or (973) 528-0011 (international), conference ID #875058. A live webcast will also be made available at www.altigen.com. To access the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international), conference ID #49595. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.

    About Altigen Communications

    Altigen Communications Inc. (OTCQB:ATGN), based in Silicon Valley, is a leading Microsoft Cloud Solutions provider, delivering fully managed Cloud-based Unified Communications services based on the Microsoft platform. Our SIP trunk services, enterprise customer engagement and innovative cloud contact center solutions seamlessly integrate with Microsoft Teams to enhance and extend the business communications capabilities for our customers. Altigen's solutions are designed for high reliability, ease of use, seamless integration into Microsoft technologies, all delivered as fully managed cloud services. Our solutions are available through our global network of certified resellers. For more information, call 1-888-ALTIGEN or visit our website at www.altigen.com.

    Safe Harbor Statement

    This press release contains forward-looking information. The statements are based on reasonable assumptions, beliefs and expectations of management and the Company provides no assurance that actual events will meet management's expectations. Furthermore, the forward-looking statements contained in this press release are based on the Company's views of future events and financial performances which are subject to known and unknown risks and uncertainties including, but not limited to, statements regarding our ability to drive business growth in fiscal 2024 and beyond, our ability to successfully integrate acquired businesses and technologies, and our ability to accelerate business opportunities and to achieve increased market acceptance for our service offerings. There can be no assurances that the Company will achieve the expected results, and actual results may be materially different than expectations and from those stated or implied in forward-looking statements.

    Please refer to the Company's most recent Annual Report filed with the OTCQB over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.

    Contact:
    Carolyn David
    Vice President of Finance
    Altigen Communications, Inc.
    (408) 597-9033
    www.altigen.com

    ALTIGEN COMMUNICATIONS, INC.
    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
    (In thousands)
    September 30,
    2023
    September 30,
    2022
    ASSETS
    Current assets:
    Cash and cash equivalents
    $ 2,641 $ 3,232
    Accounts receivable, net
    1,495 1,220
    Other current assets
    236 206
    Total current assets
    4,372 4,658
    Property and equipment, net
    3 7
    Operating lease right-of-use assets
    301 572
    Goodwill
    2,725 2,725
    Intangible assets, net
    1,568 1,882
    Capitalized software development cost, net
    1,215 1,331
    Deferred tax asset
    3,737 6,493
    Other long-term assets
    - 37
    Total assets
    $ 13,921 $ 17,705
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
    Accounts payable
    $ 58 $ 53
    Accrued compensation and benefits
    417 364
    Accrued expenses
    455 530
    Deferred consideration - current
    510 500
    Operating lease liabilities - current
    324 383
    Deferred revenue - current
    477 566
    Total current liabilities
    2,241 2,396
    Deferred consideration - long-term
    208 670
    Operating lease liabilities - long-term
    - 233
    Deferred revenue - long-term
    134 206
    Total liabilities
    2,583 3,505
    Stockholders' equity:
    Common stock
    24 24
    Treasury stock
    (1,565 ) (1,565 )
    Additional paid-in capital
    73,133 72,671
    Accumulated deficit
    (60,254 ) (56,930 )
    Total stockholders' equity
    11,338 14,200
    Total liabilities and stockholders' equity
    $ 13,921 $ 17,705
    ALTIGEN COMMUNICATIONS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    Three Months Ended Twelve Months Ended
    September 30, September 30,
    2023 2022 2023 2022
    Net revenue
    $ 3,482 $ 3,571 $ 13,681 $ 11,891
    Gross profit
    2,172 2,277 8,648 8,093
    Operating expenses:
    Research and development
    1,187 1,497 5,066 4,651
    Selling, general & administrative
    955 1,439 4,018 4,022
    Operating income (loss)
    30 (659 ) (436 ) (580 )
    Interest expense
    (37 ) - (73 ) -
    Interest and other income
    1 - 1 1
    Net (loss) income before provision for income taxes
    (6 ) (659 ) (508 ) (579 )
    Income tax benefit (expense) (1)
    (2,807 ) (105 ) (2,816 ) (119 )
    Net (loss) income
    $ (2,813 ) $ (764 ) $ (3,324 ) $ (698 )
    Per share data:
    Basic
    $ (0.11 ) $ (0.03 ) $ (0.14 ) $ (0.03 )
    Diluted
    $ (0.11 ) $ (0.03 ) $ (0.14 ) $ (0.03 )
    Weighted average shares outstanding:
    Basic
    24,917 24,223 24,550 24,016
    Diluted
    24,917 25,701 24,550 25,561
    1. The Company's fourth quarter fiscal year 2023 and 2022 results include a non-cash tax expense of approximately $2.7 million and $0.1 million, respectively, related to the Company's income tax rate which differs from its statutory rate primarily due to expired net operating losses.
    ALTIGEN COMMUNICATIONS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, amounts in thousands)
    Twelve Months Ended
    September 30,
    2023 2022
    Cash flows from operating activities:
    Net loss $ (3,324 ) $ (698 )

    Adjustments to reconcile net income to net cash from operating activities:

    Impairment of capitalized software

    - 189

    Impairment of intangible assets

    131 -

    Loss on disposal of property, equipment and other assets

    - 5

    Depreciation and amortization

    4 15

    Deferred income tax expense

    2,756 104

    Amortization of intangible assets

    183 221

    Amortization of capitalized software

    587 743

    Stock-based compensation

    119 93
    Changes in operating assets and liabilities:

    Accounts receivable and unbilled accounts receivable

    (275 ) (624 )

    Prepaid expenses and other current assets

    (30 ) 5

    Other long-term assets

    37 8

    Accounts payable

    5 (33 )

    Accrued expenses

    30 44

    Deferred revenue

    (161 ) (90 )

    Net cash provided by (used in) operating activities

    62 (18 )
    Cash flows from investing activities:
    Acquisition of business - (2,990 )
    Capitalized software development costs (471 ) (594 )

    Net cash used in investing activities

    (471 ) (3,584 )

    Cash flows from financing activities:
    Payment related to business acquisition (225 ) -
    Proceeds from issuances of common stock 43 35

    Net cash provided by (used in) financing activities

    (182 ) 35
    Net decrease in cash and cash equivalents (591 ) (3,567 )
    Cash and cash equivalents, beginning of period 3,232 6,799
    Cash and cash equivalents, end of period $ 2,641 $ 3,232

    ALTIGEN COMMUNICATIONS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
    (In thousands, except per share data)

    Three Months Ended Twelve Months Ended
    September 30, September 30,
    2023 2022 2023 2022
    Reconciliation of GAAP to Non-GAAP Gross Profit:
    GAAP gross profit $ 2,172 $ 2,277 $ 8,648 $ 8,093

    Amortization of capitalized software

    124 151 531 633
    Amortization of acquired customer relationships
    40 82 160 213
    Non-GAAP gross profit
    $ 2,336 $ 2,510 $ 9,339 $ 8,939
    Reconciliation of GAAP to Non-GAAP Expenses:
    GAAP operating expenses $ 2,142 $ 2,936 $ 9,084 $ 8,673

    Acquisition related expenses

    - 587 - 587

    Depreciation and amortization

    1 7 4 20

    Amortization of capitalized software

    13 18 56 109

    Amortization of intangible assets

    6 8 24 8

    Stock-based compensation

    29 11 119 93
    Non-GAAP operating expenses $ 2,093 $ 2,305 $ 8,881 $ 7,856
    Reconciliation of GAAP to Non-GAAP Net Income:
    GAAP net loss $ (2,813 ) $ (764 ) $ (3,324 ) $ (698 )

    Acquisition related expenses

    - 587 - 587

    Depreciation and amortization

    1 7 4 20

    Amortization of capitalized software

    137 169 587 743

    Amortization of intangible assets

    46 90 184 221

    Stock-based compensation

    29 11 119 93

    Deferred tax asset valuation allowance

    2,745 105 2,754 119
    Non-GAAP net income $ 145 $ 205 $ 324 $ 1,085
    Per share data:

    Basic

    $ 0.01 $ 0.01 $ 0.01 $ 0.05

    Diluted

    $ 0.01 $ 0.01 $ 0.01 $ 0.04
    Weighted average shares outstanding:

    Basic

    24,917 24,223 24,550 24,016

    Diluted

    26,122 25,701 25,663 25,561

    Non-GAAP Financial Measures

    In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. These non-GAAP financial measures exclude stock-based compensation expense, amortization of acquired intangible assets, depreciation and amortization expenses, acquisition-related costs, change in deferred tax asset valuation allowance, litigation costs and other non-recurring or unusual charges or benefits that may arise from time to time that we do not consider to be directly related to core operating performance. We use non-GAAP measures to evaluate the core operating performance of our business and to perform financial planning. Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating: (i) the comparability of our on-going operating results over the periods presented and (ii) the ability to identify trends in our underlying business.

    SOURCE: Altigen Communications, Inc.



    View the original press release on accesswire.com


    The Altigen Communications Stock at the time of publication of the news with a raise of +6,05 % to 0,710USD on Nasdaq OTC stock exchange (14. Dezember 2023, 21:31 Uhr).


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    Altigen Communications, Inc. Reports Full Year and Fourth Quarter Fiscal 2023 Results MILPITAS, CA / ACCESSWIRE / December 14, 2023 / Altigen Communications, Inc. (OTCQB:ATGN), a Silicon Valley-based cloud solutions provider for the Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS) and our Customer …