Socket Mobile Inc (SCKT)

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SCKT - $3.32

Socket Mobile Reports Profitable 2016 First Quarter On Y/Y Revenue Growth Of 26 Percent

Published: Apr 20, 2016 4:01 p.m. ET

NEWARK, Calif., April 20, 2016 /PRNewswire/ -- Socket Mobile, Inc. SCKT, -0.90% a leading innovator of data capture and delivery solutions for enhanced productivity, today reported profitable operating results for the first quarter ended March 31, 2016.

Revenue for the first quarter of 2016 was $5.0 million, an increase of 26 percent compared to revenue of $4.0 million for the same quarter a year ago. Net income for the first quarter of 2016 was $548,000, or $0.10 per share, compared to a net loss of $72,000, or a loss of $0.01 per share, in the first quarter of 2015. Gross profit on revenue for the first quarter of 2016 was 49.7 percent, an increase from 45.1 percent for the same quarter a year ago. Operating expenses for the first quarter of 2016 were $1.9 million, an increase of six percent compared to operating expenses of $1.8 million for the first quarter of 2015.

Kevin Mills, president and chief executive officer, commented, "We are pleased to achieve first quarter revenue growth of 26 percent year over year and our fourth consecutive quarter of profitability. Our data capture revenue, which comprised 79 percent of total quarterly revenue, grew 16 percent over the same quarter in the prior year, and our SoMo handheld computer product also contributed as we delivered some last time buy orders during the quarter. Our data capture business continues to be driven by third party mobile applications with the emerging mobile point of sale (mPOS) market leading the way. We expect these trends to continue during the second and third quarters, which are typically the strongest selling periods for these types of applications. In addition to mPOS applications, other key markets being addressed by registered third party developers include hospitality, asset management and various commercial services and enterprise mobility applications," Mills concluded.