Interlink Electronics, Inc. Announces Fourth Quarter and Year End 2012 Results
CAMARILLO, Calif.--(BUSINESS WIRE)-- Interlink Electronics, Inc. (OTC: LINK), a global leader in sensor technology, today announced their unaudited results for the fourth quarter and audited results for the year ended December 31, 2012.
Fourth Quarter 2012 vs. 2011
- Revenue increased 31.4% to $1,490,000 from $1,134,000;
- Gross margin was 43.8%, compared to 39.7%;
- Selling, General and Administrative (S, G & A) expenses was 48% of revenue compared to 35%;
- Operating loss was ($322,000) compared to ($289,000);
- Loss from continuing operations, net of tax, was ($324,000) or ($0.44) per basic and diluted share, compared to a loss from continuing operations, net of tax, of ($169,000) or ($.23) per basic and diluted share, and,
- Net loss increased to ($316,000) or ($0.43) per basic and diluted share, from a net loss of ($161,000) or ($.22) per basic and diluted share.
Year Ended December 31, 2012 vs. 2011
- Revenue increased 28.5% to $6,413,000 from $4,992,000;
- Gross margin was 49.5%, compared to 41.9%;
- Selling, General and Administrative (S, G & A) expenses as a percentage of revenue were 35%, compared to 41%;
- Operating loss decreased to ($73,000) from an operating loss of ($1,287,000);
- Income from continuing operations, net of tax, was $102,000 or $0.14 per basic and diluted share(1), compared to a loss from continuing operations, net of tax, of ($1,644,000) or ($2.28) per basic and diluted share(2), and,
- Net income increased to $136,000 or $0.19 per basic and diluted share(1), from a net loss of ($1,610,000) or ($2.23) per basic and diluted share(2).
Interlink has no debt and its stockholders’ equity at December 31, 2012 was $3,271,000. Non-GAAP stockholders’ equity per share was$4.46 per share, which consists of $2.87 in Non-GAAP cash per share.
(1)Income from continuing operations, net of tax, and net income data for the year ended December 31, 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 year ended December 31, 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.
“We are proud to announce our first profitable year since 2000, which was the direct result of our business restructuring plan that was initiated in March 2011. This sets a profitable foundation to launch our strategic initiatives and sales growth plans for 2013,” stated Steven N. Bronson, the Chairman and CEO of Interlink Electronics. Mr. Bronson continued that “These positive financial results were the direct result of the teamwork and continued hard work of the entire global Interlink organization. To recognize this significant achievement and the dedication of the entire organization, we were happy to be able to pay annual employee bonuses that resulted in one-time expenses of $156,000 being incurred in Q4 / 2012.”
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