SAN DIEGO, CA -- (Marketwire) -- 11/14/12 -- Franklin Wireless Corp. (OTCBB: FKWL), the market leader in multi-mode wireless modems for 3G and 4G broadband data communications, today announced financial results for the first quarter of fiscal year 2013 ended September 30, 2012.
The Company reported net sales of $13.1 million for the quarter, compared with $3.1 million in net sales for the corresponding period of 2011. In addition, the Company reported net income of approximately $738,000, or $0.06 per basic and diluted share, compared with a net loss of approximately $452,000, or $0.04 per basic and diluted share, for the same quarter last year.
The increase in net sales year-over-year was due to several factors including the market release of new products, the addition of new customers in the United States and higher sales in the South American and Caribbean regions.
"I am pleased with the results our Company posted for the first quarter of our fiscal year 2013," said OC Kim, president of Franklin Wireless. "During this past quarter, we saw solid year-over-year improvements in sales, gross margin and net income."
The Company's 10-Q filing for the three month period ending September 30, 2012 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCBB: FKWL) is engaged in the design, manufacture and sale of high speed wireless data products including third generation ("3G") and fourth generation ("4G") modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. We were the world's first supplier of both CDMA EVDO Rev A and dual-mode (CDMA EVDO Rev A/WiMAX) Universal Serial Bus (USB) modems. Franklin's other products include Wi-Fi "hotspot" routers and wireless modules. Our Company's primary customers are wireless carriers who seek innovative, reliable and cost effective technology solutions for their subscribers.
Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. (FTI), a research and development facility located in Seoul, South Korea. FTI provides design, development and manufacturing services to Franklin for its wireless data products. For additional information, please visit www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.