SAN DIEGO, CA -- (Marketwire) -- 02/14/13 -- Franklin Wireless Corp. (OTCQB: FKWL), the market leader in multi-mode wireless modems for 3G and 4G broadband data communications, today announced financial results for the second quarter of fiscal year 2013 ended December 31, 2012.
The Company reported net sales of $5.4 million for the quarter, compared with $3.0 million in net sales for the corresponding period of 2011. In addition, the Company reported a net loss of approximately $717,000, or $0.07 per basic and diluted share, compared with a net loss of approximately $488,000, or $0.04 per basic and diluted share, for the same quarter last year.
For the six months ending December 31, 2012, net sales increased 201% to $18.5 million compared to $6.1 million for the corresponding period for 2011. The company reported net income for the six months ending December 31, 2012 of approximately $22,000 compared with a net loss of approximately $941,000 for the corresponding period for 2011.
The increase in net sales for the three and six months ended December 31, 2012 was primarily due to the market release of new products and the addition of new customers in the United States. The increase in net sales for the six months ended December 31, 2012 was also due to higher sales in the South American and Caribbean regions.
The Company's 10-Q filing for the three month period ending December 31, 2012 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCQB: 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. Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. 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.