Socket Mobile (SCKT) has reported 26.23 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $0.67 million, or $0.10 a share in the quarter, compared with $0.53 million, or $0.09 a share for the same period last year.
Revenue during the quarter grew 12.93 percent to $5.10 million from $4.52 million in the previous year period. Gross margin for the quarter expanded 201 basis points over the previous year period to 51.55 percent. Total expenses were 85.93 percent of quarterly revenues, down from 86.70 percent for the same period last year. This has led to an improvement of 77 basis points in operating margin to 14.07 percent.
Operating income for the quarter was $0.72 million, compared with $0.60 million in the previous year period.
Kevin Mills, president and chief executive officer, commented, "Our cordless barcode scanning revenue reached a record $4.6 million in the third quarter, an increase of 15 percent over both the preceding quarter and the same quarter a year ago. We sold more than 20,000 units during the quarter, reflecting growth of 19 percent sequentially and 24 percent year over year. Mobile point of sale is our largest contributor to total cordless revenue and our sales mix is strongly influenced by the many first time buyers in the underserved mobile point of sale market. We expect mobile point of sale applications to continue to drive our barcode scanning sales as our application partners add storeroom inventory modules, expanding barcode scanning to businesses such as bars and restaurants.
Debt comes down significantlySocket Mobile has recorded a decline in total debt over the last one year. It stood at $0.75 million as on Sep. 30, 2016, down 55.32 percent or $0.93 million from $1.69 million on Sep. 30, 2015. Total debt was 7.40 percent of total assets as on Sep. 30, 2016, compared with 18.45 percent on Sep. 30, 2015. Debt to equity ratio was at 0.13 as on Sep. 30, 2016, down from 0.75 as on Sep. 30, 2015. Interest coverage ratio improved to 24.76 for the quarter from 9.54 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
