Socket Mobile (SCKT) Reports Q4 EPS of $0.01, Revenues Beat

Socket Mobile (NASDAQ: SCKT) reported Q4 EPS of $0.01, versus ($0.03) reported last year. Revenue for the quarter came in at $4.6 million versus the consensus estimate of $4.19 million.

Kevin Mills, president and chief executive officer, commented, "2019 was the turnaround year we expected in which we returned to profitable growth. Our SocketScan barcode scanner products are well received and were the foundation of our growth. Our revenue grew year over year at 17 percent. We improved our gross margins and kept the operating expenses under control, enabling us to return to profitability.

"In 2019 we maintained an active product development program to ensure that we achieve continued growth. We expanded our product line with a new family of products; DuraSled for the iPhone models 6,7,8, X and 11. The DuraSled combines the iPhone and a scanner to make a single-handed solution. The DuraSled both protects the phones from impact damage and provides a robust charging solution for all environments. We also redesigned and retooled our entire DuraScan family of products to better serve the market.

"We completed the development of S550, our NFC compatible Contactless Membership Card Reader/Writer and the units are currently available for the developers. The S550 will enable us to expand our business into the emerging market for tap-and-go solutions that have traditionally been limited to payment solutions, like Apple Pay, but can now be used for ticketing, access and identification applications.

"Our growth continues to be driven by the deployment of mobile applications integrated with our barcode scanning capabilities. In 2019, we updated our Capture SDK for iOS 13 and iPadOS 13 compatibility and maintained a track record of 100% compatibility with all iOS versions. Capture SDK for both Android and Windows are also available and fully compatible with the latest version. Our Capture SDK supports all our devices. We will continue promoting our Capture SDK with the use of developer tools and provide responsive support to our growing developer community as needed.

"Our primary goals for 2020 are to continue revenue growth and profitability," Mills concluded.

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

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