Company Expands Gross and Operating Margins, Driving $6.8 Million Improvement in Net Income Attributable to Parent Company to $5.6 Million or Earnings Per Share of $0.52; Ends the Year with $34 Million in Cash and CD.
SAN DIEGO, Sept. 18, 2020 (GLOBE NEWSWIRE) — Franklin Wireless Corp.(FKWL), a market leader in broadband data communications including hardware and software solutions for M2M and the IoT, today announced full-year financial results for the fiscal year ended June 30, 2020.
Financial and Operational Highlights
- Full-year revenue increased 105.9% to $75.1 million
- Full-year operating expenses declined 5.1% to $7.4 million
- Full-year R&D expenses increased by 27% vs. last year
- Full-year net income attributable to parent company increased to $5.6 million, a positive swing of $6.8 million vs. last year
“Our fiscal 2020 financial results reflect Franklin’s ability to capitalize on the surge in demand for wireless connectivity brought on by the Pandemic,” said OC Kim, president of Franklin Wireless. “We were able to expand production to meet unprecedented demand from school districts, large carriers and other partners for advanced networking and connectivity technology as the country shifted to a work-from-home reality amidst the global pandemic. The price-point of our hotspots provide a compelling value proposition for school districts seeking solutions for connecting students at home. Our continued focus on cost controls, including a reduction in SG&A expenses, enabled us to increase full-year net income by $6.8 million. As a result, we ended the fiscal year with a strengthened balance sheet, including $34 million in cash and CD. We continue to be well-positioned to meet demand for 5G technology and other networking solutions, with a loyal and growing customer base that includes two tier 1 U.S. carriers.”
About Franklin Wireless
Franklin Wireless Corp is a leading provider of intelligent wireless solutions including mobile hotspots, routers, trackers, and other devices. Our designs integrate innovative hardware and software enabling machine-to-machine (M2M) applications and the Internet of Things (IoT). Our M2M and IoT solutions include embedded modules, modems and gateways built to deliver reliable always-on connectivity supporting a broad spectrum of applications based on fifth generation and fourth generation (5G/4G) wireless technology. 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.
Franklin Wireless Corp.
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