SAN DIEGO, CA–(Marketwired – May 18, 2015) – Franklin Wireless Corp. (OTCQB: FKWL), a market leader in broadband data communications including hardware and software solutions for M2M and the IoT, today announced financial results for the third quarter of fiscal year 2015 ended March 31, 2015.
The Company reported net sales of $10.2 million for the quarter, compared with $10.1 million in net sales for the corresponding period of 2014. The Company also reported net income of approximately $18,000, compared with a net loss of approximately $131,000, for the same quarter last year. On a fiscal year-to-date basis, net sales were $36.3 million, compared with $19.0 million for the corresponding period of the 2014 fiscal year.
“While our fiscal 2015 third quarter revenues were essentially flat year-over-year, our gross margins were 18%, which is up from 10% in the year ago quarter,” said OC Kim, president of Franklin Wireless. “With $10.8 million in cash, our balance sheet remains strong as we approach the end of our 2015 fiscal year.”
The Company’s 10-Q filing for the three month period ending March 31, 2015 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCQB: FKWL) is a global leader in innovative hardware and software products that support machine-to-machine (M2M) applications and the Internet of Things (IoT), as well as intelligent wireless solutions including mobile hotspots, routers and modems. For more 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.