Socket Mobile (SCKT) Reports Q4 EPS of $0.23, Revenues Beat

February 24, 2021 5:01 PM EST

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Socket Mobile (NASDAQ: SCKT) reported Q4 EPS of $0.23, versus $0.01 reported last year. Revenue for the quarter came in at $4.7 million versus the consensus estimate of $4.19 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.

"We believe our performance demonstrates the strength inherent in our operations and testifies to the resilience of our enterprise. I want to thank all of our employees for their extraordinary efforts to support our customers under these challenging conditions.

"Despite the vaccine rollout, the COVID-19 pandemic continues to impact economic activity worldwide in 2021. We will continue to manage the risks while safely pursuing opportunities in the COVID-19 environment. Our primary goals for 2021 continue to be revenue growth and profitability." Mills concluded.

For earnings history and earnings-related data on Socket Mobile (SCKT) click here.

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