UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
__________________________
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
July 26, 2012
(Date of earliest event reported)
__________________________
SOCKET
MOBILE, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
39700 Eureka
Drive
Newark, CA 94560
(Address of principal executive offices, including zip code)
(510) 933-3000
(Registrant's
telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations
and Financial Condition.
On July 26, 2012, Socket Mobile, Inc., issued a press release reporting its results for the three and six months ended June 30, 2012. A copy of the press release is furnished as Exhibit 99.1.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||
99.1 | Text of press release, dated July 26, 2012, titled "Socket Mobile Reports Second Quarter 2012 Results". |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SOCKET MOBILE, INC. | |||
Date: July 26, 2012 | /s/ David W. Dunlap | ||
David W. Dunlap | |||
Vice President, Finance and Administration
and Chief Financial Officer |
EXHIBIT INDEX
Exhibit Number | Description | |||||||||||||||
99.1 | Text of press release, dated July 26, 2012, titled "Socket Mobile Reports Second Quarter 2012 Results". |
For the six months ended June 30, 2012, revenue was $8.0 million, a decrease of 5 percent compared to $8.4 million in the six month period a year ago. Net loss was $1.6 million, or a loss of $0.34 per share, compared to a net loss of $1.3 million, or a loss of $0.32 per share, for the same period a year ago. Operating expenses for the six months ended June 30, 2012 were $4.6 million, compared to operating expenses of $4.1 million for the same period a year ago.
Conference
Call
Management of Socket will hold a conference call and web cast today at 2 P.M. PT to discuss the quarterly results and outlook
for the future. The dial-in number to access the call is (877) 407-9210 from within the U.S. or (201) 689-8049 from international
locations. A replay will be available via telephone for a week following the call at (877) 660-6853 from within the U.S., or (201)
612-7415 from international locations. Access code for the replay is 286# followed by conference ID 397354#. The call will also
be carried live and available via replay through a link on Socket’s website at www.socketmobile.com. From the home page,
choose “About Socket”/“Investor Relations”/“Conference Calls and Events.” A transcript will
be posted within a few days of the call.
About Socket Mobile, Inc.
With 20 years of experience in the Automatic Identification and Data Capture market, Socket makes mobile computing and productivity work. The company offers a family of handheld computers and an extensive portfolio of AIDC peripherals designed specifically for business mobility deployments and to enable productivity increases and drive operational efficiencies in healthcare, hospitality and other vertical markets. The company also offers OEM solutions for the mobile device market. Socket is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on Twitter www.twitter.com/socketmobile and subscribe to sockettalk.socketmobile.com, the company’s official blog.
Investor Relations Contact: | Socket Investor Contact: | Socket Media Contact: |
Todd Kehrli / Jim Byers | Dave Dunlap | Angela Slate |
MKR Group, Inc. | Chief Financial Officer | PR and MarCom Specialist |
323-468-2300 | 510-933-3035 | 510-933-3055 |
sckt@mkr-group.com | dave@socketmobile.com | angela@socketmobile.com |
Socket and SoMo are trademarks or registered trademarks of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2012, Socket Mobile, Inc. All rights reserved.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer, data collection and OEM products, including details on the timing, distribution and market acceptance of the products, and statements predicting trends, sales and market conditions and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute our products or may not be successful in doing so, the risk that acceptance of our products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.
--Financial tables to follow--
Socket Mobile, Inc.
Summary Statements of Operations (Unaudited)
(Amounts in Thousands except per share amounts)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenue | $ | 4,038 | $ | 4,353 | $ | 7,992 | $ | 8,392 | ||||||||
Cost of revenue | 2,539 | 2,526 | 4,970 | 5,051 | ||||||||||||
Gross profit | 1,499 | 1,827 | 3,022 | 3,341 | ||||||||||||
Gross profit percent | 37 | % | 42 | % | 38 | % | 40 | % | ||||||||
Research and development | 740 | 648 | 1,524 | 1,318 | ||||||||||||
Sales and marketing | 982 | 858 | 1,942 | 1,686 | ||||||||||||
General and administrative | 497 | 532 | 1,110 | 1,127 | ||||||||||||
Total operating expenses | 2,219 | 2,038 | 4,576 | 4,131 | ||||||||||||
Interest expense, net | 27 | 20 | 57 | 45 | ||||||||||||
Debt discount amortization | — | 153 | — | 469 | ||||||||||||
Deferred tax provision | 8 | 8 | 16 | 16 | ||||||||||||
Net loss | $ | (755 | ) | $ | (392 | ) | $ | (1,627 | ) | $ | (1,320 | ) | ||||
Basic and diluted net loss per share | $ | (0.16 | ) | $ | (0.09 | ) | $ | (0.34 | ) | $ | (0.32 | ) | ||||
Weighted average shares outstanding: Basic and diluted | 4,854 | 4,234 | 4,846 | 4,084 |
Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
June 30, 2012 (Unaudited) | December 31, 2011* | |||||||
Cash | $ | 612 | $ | 957 | ||||
Accounts receivable | 1,506 | 2,791 | ||||||
Inventories | 1,766 | 1,461 | ||||||
Other current assets | 160 | 219 | ||||||
Property and equipment, net | 425 | 312 | ||||||
Goodwill | 4,427 | 4,427 | ||||||
Intangible technology | 120 | 150 | ||||||
Other assets | 82 | 80 | ||||||
Total assets | $ | 9,098 | $ | 10,397 | ||||
Accounts payable and accrued liabilities | $ | 4,387 | $ | 3,926 | ||||
Bank line of credit | 897 | 1,110 | ||||||
Deferred income on shipments to distributors | 1,169 | 1,572 | ||||||
Deferred service revenue | 427 | 415 | ||||||
Other liabilities | 312 | 249 | ||||||
Common stock | 60,737 | 60,329 | ||||||
Accumulated deficit | (58,831 | ) | (57,204 | ) | ||||
Total Liabilities and Equity | $ | 9,098 | $ | 10,397 |
*Derived from audited financial statements.
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