Interlink Electronics, Inc. Announces Third Quarter and Nine Months Ending September 30, 2012 Results
CAMARILLO, Calif.--(BUSINESS WIRE)-- Interlink Electronics, Inc. (OTC: LINK), a global leader in sensor technology, today announced results for the third quarter and nine months ended September 30, 2012.
Third Quarter 2012 vs. 2011
- Revenue increased 42.7% to $1,623,000 from $1,137,000;
- Gross margin was 48.5%, compared to 41.4%;
- Selling, General and Administrative (S, G & A) expenses remained consistent at 39% of revenue;
- Operating loss decreased to ($48,000) from an operating loss of ($260,000);
- Loss from continuing operations, net of tax, was ($43,000) or ($0.06) per basic and diluted share, compared to a loss from continuing operations, net of tax, of ($189,000) or ($.26) per basic and diluted share, and,
- Net loss decreased to ($34,000) or ($0.05) per basic and diluted share, from a net loss of ($180,000) or ($.25) per basic and diluted share.
Nine Months Ended September 30, 2012 vs 2011
- Revenue increased 27.6% to $4,923,000 from $3,858,000;
- Gross margin was 51.2%, compared to 42.6%;
- Selling, General and Administrative (S, G & A) expenses as a percentage of revenue were 31.8%, compared to 43.3%;
- Operating income increased to $249,000 from an operating loss of ($998,000);
- Income from continuing operations, net of tax, was $426,000 or $0.58 per basic and diluted share(1), compared to a loss from continuing operations, net of tax, of ($1,475,000) or ($2.05) per basic and diluted share(2), and,
- Net income increased to $452,000 or $0.62 per basic and diluted share(1), from a net loss of ($1,449,000) or ($2.01) per basic and diluted share(2).
“The third quarter results demonstrate our ongoing growth and demand for our product offerings. We continue to make the necessary investments that are required to support our long-term business strategy,” states Steven N. Bronson, President & CEO, Interlink Electronics.
Interlink has no debt and its stockholder’s equity at September 30, 2012 was $3,579,000 ($4.89 per share), which consists of $3.20 in cash per share.
(1)Income from continuing operations, net of tax, and net income data for the nine months ended September 30, 2012 includes a one-time payment of $135,000 from a supplier and non-cash income of $37,000 as a result of the change in the fair value of warrants.
(2)Loss from continuing operations, net of tax, and net loss data for the nine months ended September 30, 2011 includes a one-time non-cash expense of $487,000 related to the dissolution of its Japanese subsidiary Interlink Kabushiki Kaisya (Co. Ltd). The net loss was attributed to the elimination of the foreign exchange translations and revaluations as of the date of dissolution.
Interlink Electronics is a world leader in the design of patented Force-Sensing Resistor (FSR™) technology. For over 27 years, Interlink Electronics’ solutions have focused on handheld user input, menu navigation, cursor control, & other intuitive interface technologies for the world's top electronics manufacturers. Interlink Electronics has a 16 year track record of supplying touchpads for use in uncompromising, harsh environments.
FORWARD LOOKING STATEMENTS: This release contains “forward-looking statements” involving a number of risks and uncertainties as defined in the Private Securities Litigation Reform Act of 1995. The following are among the factors that could cause actual results to differ materially from the forward-looking statements: historical losses and negative cash flow, the success of business divestitures and acquisitions, the ownership of the majority of our stock by a small group of investors, our success in predicting new markets and the acceptance of our new products, efficient management of our infrastructure, the pace of technological developments and industry standards evolution and their effect on our target product and market choices, the effect of outsourcing technology development, changes in the ordering patterns of our customers, a decrease in the quality and/or reliability of our products, protection of our proprietary intellectual property, competition by alternative sophisticated as well as generic products, pending litigation against Interlink, historical weaknesses in internal controls over financial accounting, the continued availability at competitive prices of raw materials for our products, disruptions in our manufacturing facilities, risks of international sales and operations including fluctuations in exchange rates, compliance with regulatory requirements applicable to our manufacturing operations, and customer concentrations. The forward-looking statements contained in this release should be considered in light of these risk factors.
Interlink Electronics, Inc.
Steven N. Bronson, Chairman & CEO
805-484-8855 ext. 112
KEYWORDS: United States North America California