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     362  0 Kommentare Lantronix Reports Fiscal 2015 First Quarter Financial Results

    IRVINE, CA--(Marketwired - Oct 30, 2014) -  Lantronix, Inc. (the "Company") (NASDAQ: LTRX) a leading global provider of smart IoT (Internet of Things) solutions, today reported results for its fiscal 2015 first quarter ended September 30, 2014.

    Financial Highlights for the First Quarter of Fiscal 2015:

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    • Net revenue of $11.5 million
    • Gross profit margin of 48.5%
    • GAAP net loss of $262,000 or $0.02 per share
    • Non-GAAP net income of $264,000 or $0.02 per share
    • Cash and cash equivalents of $6.3 million as of September 30, 2014

    "We are very pleased to achieve non-GAAP profitability for the fifth consecutive quarter," said Kurt Busch, Lantronix president and CEO. "During the first quarter, we recorded both sequential and year-over-year revenue growth, due primarily to growth from new product sales that can largely be attributed to our product development philosophy of pursuing collaborative engagements with Tier One lead customers."

    Busch continued: "As we continue to focus our efforts on the core elements of our strategic plan -- innovative and disciplined product development, expansion of our sales efforts worldwide, and strong financial and operational discipline, we expect to achieve long-term profitable growth and value for our shareholders."

    Operational and Product Highlights for the First Quarter of Fiscal 2015:

    • In July 2014, the Company announced the formation of a technology and marketing alliance with Server Technology, a leading producer of high-quality rack mount power distribution units and power monitoring solutions.

    • In August 2014, the Company launched a high performance, programmable, Ethernet-based system-on-module (SOM), the PremierWave® SE 1000. The new SOM enables rapid development and deployment of industrial IoT applications with enterprise-grade security and device cloud connectivity.

    • In October 2014, the Company launched the industry's first modular console manager, the SLC™ 8000 in the U.S., Europe and Japan. Featuring a groundbreaking design that allows for deployment customization and scalability, the SLC 8000 is designed to help IT professionals reduce deployment and management costs by providing secure, centralized out-of-band management for most IT equipment.

    Financial Results for the First Quarter of Fiscal Year 2015

    Net revenue was $11.5 million for the first quarter of fiscal 2015, an increase of $653,000, compared to $10.9 million for the first quarter of fiscal 2014 and an increase of $434,000 compared to $11.1 million for the fourth quarter of fiscal 2014. The year-over-year and sequential increases in net revenue were primarily due to growth in the sales of new products.

    Gross profit as a percentage of net revenue was 48.5% for the first quarter of fiscal 2015, compared to 49.5% for the first quarter of fiscal 2014 and 50.1% for the fourth quarter of fiscal 2014. Gross profit as a percentage of revenue was lower primarily due to higher costs related to manufacturing overhead.

    Operating expenses were $5.8 million for the first quarter of fiscal 2015, an increase of $190,000, compared to $5.6 million for the first quarter of fiscal 2014 and an increase of $57,000 compared to $5.8 million for the fourth quarter of fiscal 2014.

    GAAP net loss for the first quarter of fiscal 2015 was $262,000 or $0.02 per share, compared to GAAP net loss of $267,000 or $0.02 per share, for the first quarter of fiscal 2014 and a GAAP net loss of $213,000 or $0.01 per share, for the fourth quarter of fiscal 2014. 

    Non-GAAP net income for the first quarter of fiscal 2015 was $264,000 or $0.02 per share, compared to non-GAAP net income of $220,000 or $0.01 per share, for the first quarter of fiscal 2014 and non-GAAP net income of $206,000 or $0.01 per share, for the fourth quarter of fiscal 2014. For additional information regarding our non-GAAP results, see "Discussion of Non-GAAP Financial Measures" below.

    Cash and cash equivalents were $6.3 million as of both September 30, 2014 and June 30, 2014.

    Conference Call and Webcast

    Lantronix will host an investor conference call with a simultaneous audio webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its fiscal 2015 first quarter results. Those wishing to participate in the live conference call should dial 866-202-0886 (US) or 617-213-8841 (international) using passcode 48735505. A webcast will be available simultaneously via the investor relations section of the Company's website at www.lantronix.com.

    A telephone replay will be available through November 6, 2014 by dialing 888-286-8010 (US) or 617-801-6888 (international) and entering passcode 26457522. 

    About Lantronix

    Lantronix, Inc. (NASDAQ: LTRX) is a global leader of secure communication technologies that simplify access and communication with and between virtually any electronic device. Our smart connectivity solutions enable sharing data between devices and applications to empower businesses to make better decisions based on real-time information, and gain a competitive advantage by generating new revenue streams, improving productivity and increasing efficiency and profitability. Easy to integrate and deploy, Lantronix products remotely and securely connect electronic equipment via networks and the Internet. Founded in 1989, Lantronix products have applications in every industry, including medical, security, industrial and building automation, transportation, retail, POS, financial, government, consumer electronics, and IT/data center. The Company's headquarters are located in Irvine, California. For more information, visit www.lantronix.com. The Lantronix blog, http://www.lantronix.com/blog, features industry discussion and updates. To follow Lantronix on Twitter, please visit http://www.twitter.com/Lantronix.

    Discussion of Non-GAAP Financial Measures

    Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Management believes that non-GAAP net income (loss) and non-GAAP net income (loss) per share are important measures of the Company's business. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance.

    Non-GAAP net income (loss) consists of net income (loss) excluding (i) non-GAAP adjustments to operating expenses, (ii) interest income (expense), (iii) other income (expense), and (iv) income tax provision (benefit).

    Non-GAAP net income (loss) per share is calculated by dividing non-GAAP net income (loss) by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP net income (loss) per share, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

    Forward-Looking Statements

    This news release contains forward-looking statements, including statements concerning our sales expansion efforts, our relationships with certain customers, and our projected operating and financial performance. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Some of the risks and uncertainties that may cause actual results to differ from those expressed or implied in the forward-looking statements are described in "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, as well as in our other filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the NASDAQ Stock Market, LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    © 2014 Lantronix, Inc. All rights reserved. Lantronix and PremierWave are registered trademarks of Lantronix, Inc. SLC is a trademark of Lantronix, Inc. All other trademarks and trade names are the property of their respective holders.

       
    LANTRONIX, INC.  
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
    (In thousands)  
                 
        September 30,     June 30,  
        2014     2014  
    Assets                
    Current assets:                
      Cash and cash equivalents   $ 6,283     $ 6,264  
      Accounts receivable, net     3,543       3,631  
      Contract manufacturers' receivable     581       359  
      Inventories, net     8,545       8,404  
      Prepaid expenses and other current assets     356       524  
        Total current assets     19,308       19,182  
    Property and equipment, net     1,490       1,487  
    Goodwill     9,488       9,488  
    Deferred tax assets     400       400  
    Other assets     104       125  
        Total assets   $ 30,790     $ 30,682  
                     
    Liabilities and stockholders' equity                
    Current liabilities:                
      Accounts payable   $ 4,984     $ 4,547  
      Accrued payroll and related expenses     1,823       1,863  
      Warranty reserve     120       150  
      Deferred tax liabilities     400       400  
      Other current liabilities     3,206       3,418  
        Total current liabilities     10,533       10,378  
    Long-term capital lease obligations     -       7  
    Other non-current liabilities     98       131  
          Total liabilities     10,631       10,516  
                     
    Commitments and contingencies                
                     
    Stockholders' equity:                
      Common stock     1       1  
      Additional paid-in capital     205,268       205,013  
      Accumulated deficit     (185,481 )     (185,219 )
      Accumulated other comprehensive income     371       371  
        Total stockholders' equity     20,159       20,166  
        Total liabilities and stockholders' equity   $ 30,790     $ 30,682  
                         
                         
                         
    LANTRONIX, INC.  
    Unaudited Consolidated Statements of Operations  
    (In thousands, except per share data)  
                       
        Three Months Ended  
        September 30,     June 30,     September 30,  
        2014     2014     2013  
    Net revenue (1)   $ 11,536     $ 11,102     $ 10,883  
    Cost of revenue     5,937       5,543       5,493  
    Gross profit     5,599       5,559       5,390  
    Operating expenses:                        
      Selling, general and administrative     4,075       4,097       3,948  
      Research and development     1,744       1,665       1,681  
    Total operating expenses     5,819       5,762       5,629  
    Loss from operations     (220 )     (203 )     (239 )
    Interest expense, net     (5 )     (6 )     (9 )
    Other income (expense), net     (21 )     2       (6 )
    Loss before income taxes     (246 )     (207 )     (254 )
    Provision for income taxes     16       6       13  
    Net loss and comprehensive loss   $ (262 )   $ (213 )   $ (267 )
    Net loss per share (basic and diluted)   $ (0.02 )   $ (0.01 )   $ (0.02 )
    Weighted-average common shares (basic and diluted)     14,787       14,707       14,580  
    Net revenue from related parties   $ 79     $ 72     $ 193  
                             
    (1) Includes net revenue from related parties             
                             
                             
                             
    LANTRONIX, INC.  
    Unaudited Reconciliation of Non-GAAP Adjustments  
    (In thousands, except per share data)  
                       
        Three Months Ended  
        September 30,     June 30,     September 30,  
        2014     2014     2013  
                             
    GAAP net loss   $ (262 )   $ (213 )   $ (267 )
      Non-GAAP adjustments:                        
        Cost of revenue:                        
            Share-based compensation     20       10       13  
            Depreciation and amortization     139       109       117  
        Total adjustments to cost of revenue     159       119       130  
        Selling, general and adminstrative:                        
            Share-based compensation     174       145       158  
            Depreciation and amortization     65       69       110  
        Total adjustments to selling, general and administrative     239       214       268  
        Research and development:                        
            Share-based compensation     61       52       60  
            Depreciation and amortization     25       24       1  
          Total adjustments to research and development     86       76       61  
        Total non-GAAP adjustments to operating expenses     325       290       329  
        Interest expense, net     5       6       9  
        Other income (expense), net     21       (2 )     6  
        Provision for income taxes     16       6       13  
    Total non-GAAP adjustments     526       419       487  
    Non-GAAP net income   $ 264     $ 206     $ 220  
                             
    Non-GAAP net income per share (diluted)   $ 0.02     $ 0.01     $ 0.01  
                             
    Denominator for GAAP net income (loss) per share (diluted)     14,787       14,707       14,580  
    Non-GAAP adjustment     396       413       87  
    Denominator for non-GAAP net income per share (diluted)     15,183       15,120       14,667  
                             
    GAAP operating expenses   $ 5,819     $ 5,762     $ 5,629  
    Non-GAAP adjustments to operating expenses     (325 )     (290 )     (329 )
    Non-GAAP operating expenses   $ 5,494     $ 5,472     $ 5,300  
                             
                             
                             
    LANTRONIX, INC.
    Unaudited Net Revenues by Product Line and Region
    (In thousands)
                             
        Three Months Ended            
        September 30,   June 30,   September 30,            
        2014   2014   2013            
    OEM Modules   $ 5,628   $ 5,429   $ 5,218                  
    Enterprise Solutions     5,908     5,673     5,665                  
      Net revenue   $ 11,536   $ 11,102   $ 10,883                  
                                         
                             
        Three Months Ended September 30,
        2014   2013
        OEM
    Modules
      Enterprise
    Solutions
      Total   OEM
    Modules
      Enterprise
    Solutions
      Total
    Americas   $ 2,409   $ 4,150   $ 6,559   $ 1,864   $ 3,686   $ 5,550
    EMEA     2,169     1,125     3,294     2,124     1,206     3,330
    Asia Pacific     617     312     929     626     392     1,018
    Japan     433     321     754     604     381     985
        $ 5,628   $ 5,908   $ 11,536   $ 5,218   $ 5,665   $ 10,883
                                         

    Investor Relations Contacts:

    Lantronix, Inc.
    Jeremy Whitaker
    Chief Financial Officer
    (949) 453-3990

    E.E. Wang
    investors@lantronix.com
    (949) 614-5879




    Verfasst von Marketwired
    Lantronix Reports Fiscal 2015 First Quarter Financial Results IRVINE, CA--(Marketwired - Oct 30, 2014) -  Lantronix, Inc. (the "Company") (NASDAQ: LTRX) a leading global provider of smart IoT (Internet of Things) solutions, today reported results for its fiscal 2015 first quarter ended September 30, 2014. …

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