Form 8-K SOCKET MOBILE, INC. For: Apr 20
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
__________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
April 20, 2016
(Date of earliest event reported)
__________________________
SOCKET MOBILE, INC.
(Exact name of registrant as specified in its charter)
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
39700 Eureka
Drive
Newark, CA 94560
(Address of principal executive offices, including zip code)
(510) 933-3000
(Registrant's
telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations
and Financial Condition.
On April 20, 2016, Socket Mobile, Inc., issued a press release reporting its results for the three months ended March 31, 2016. A copy of the press release is furnished as Exhibit 99.1.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | ||
| 99.1 | Text of press release, dated April 20, 2016, titled "Socket Mobile Reports Profitable 2016 First Quarter on Y/Y Revenue Growth of 26 Percent". |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOCKET MOBILE, INC. | |||
| Date: April 20, 2016 | /s/ David W. Dunlap | ||
| David W. Dunlap | |||
| Vice President, Finance and Administration
and Chief Financial Officer | |||
EXHIBIT INDEX
| Exhibit Number | Description | |||||||
| 99.1 | Text of press release, dated April 20, 2016, titled "Socket Mobile Reports Profitable 2016 First Quarter on Y/Y Revenue Growth of 26 Percent". | |||||||
| Investor Relations Contact: | Socket Mobile Contact: |
| Todd Kehrli / Jim Byers | Dave Dunlap |
| MKR Group, Inc. | Chief Financial Officer |
| 323-468-2300 | 510-933-3035 |
| [email protected] | [email protected] |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution and market acceptance of the products, and statements predicting trends, sales and market conditions and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.
Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2016, Socket Mobile, Inc. All rights reserved.
-- Financial tables to follow --
Socket Mobile, Inc.
Condensed Summary Statements of Operations (Unaudited)
(Amounts in Thousands except per share amounts and percentages)
| Three months ended March 31, | ||||||||
| 2016 | 2015 | |||||||
| Revenue | $ | 5,044 | $ | 4,006 | ||||
| Cost of revenue | 2,538 | 2,198 | ||||||
| Gross profit | 2,506 | 1,808 | ||||||
| Gross profit percent | 49.7 | % | 45.1 | % | ||||
| Research & development | 657 | 575 | ||||||
| Sales & marketing | 687 | 618 | ||||||
| General & administrative | 562 | 608 | ||||||
| Total operating expenses | 1,906 | 1,801 | ||||||
| Interest (income) expense, net | 44 | 71 | ||||||
| Deferred income tax expense | 8 | 8 | ||||||
| Net income (loss) | $ | 548 | $ | (72 | ) | |||
| Net income (loss) per share: Basic Fully Diluted | $ $ | 0.10 0.08 | $ $ | (0.01 | ) ) | |||
| Weighted average shares outstanding: Basic Fully Diluted | 5,646 6,590 | 5,514 |
| |||||
Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
| March 31, 2016 (Unaudited) | December 31, 2015* | |||||||
| Cash | $ | 1,028 | $ | 938 | ||||
| Accounts receivable | 2,388 | 2,359 | ||||||
| Inventories | 1,511 | 1,326 | ||||||
| Other current assets | 126 | 87 | ||||||
| Property and equipment, net | 467 | 475 | ||||||
| Goodwill | 4,427 | 4,427 | ||||||
| Other assets | 76 | 76 | ||||||
| Total assets | $ | 10,023 | $ | 9,688 | ||||
| Accounts payable and accrued liabilities | $ | 2,883 | $ | 2,817 | ||||
| Bank line of credit | 350 | — | ||||||
| Subordinated line of credit | — | 500 | ||||||
| Convertible notes payable | 753 | 753 | ||||||
| Deferred income on shipments to distributors | 1,246 | 1,645 | ||||||
| Deferred service revenue | 112 | 125 | ||||||
| Other liabilities | 506 | 505 | ||||||
| Total liabilities | 5,850 | 6,345 | ||||||
| Common stock | 62,498 | 62,216 | ||||||
| Accumulated deficit | (58,325 | ) | (58,873 | ) | ||||
| Total equity | 4,173 | 3,343 | ||||||
| Total liabilities and equity | $ | 10,023 | $ | 9,688 | ||||
*Derived from audited financial statements.
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