SAN DIEGO, CA -- (Marketwired) -- 02/14/14 -- 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 2014 ended December 31, 2013.
The Company reported net sales of $7.5 million for the quarter, compared with $5.4 million in net sales for the corresponding period of 2012. In addition, the Company reported net income of approximately $127,000, or $0.02 per basic and diluted share, compared with a net loss of approximately $717,000, or $0.07 per basic and diluted share, for the same quarter last year.
The increase in net sales for the three months ended December 31, 2013 was due to several factors including higher sales in the South America region as well as the addition of a new carrier customer in Africa. Cash and cash equivalents at the end of the quarter were $10.2 million, compared with $10.4 million as of the end of fiscal 2013.
"For the second quarter of fiscal 2014, Franklin Wireless reported sales of $7.5 million, which represents a 41% increase over the second quarter of fiscal 2013," said OC Kim, president of Franklin Wireless. "Heading into the second half of the fiscal year, our balance sheet remains strong with $10.2 million in cash as of December 31, 2013, which is essentially unchanged from the end of fiscal 2013."
The Company's 10-Q filing for the three month period ending December 31, 2013 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.