USA based supplier of mobile modems, Franklin Wireless has reported a rise in its second quarter fiscal results, and turned a loss into a net profit.
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, compared with a net loss of approximately $717,000 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.”