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 23, 2013
(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 23, 2013, Socket Mobile, Inc., issued a press release reporting its results for the three and six months ended June 30, 2013. 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 23, 2013, titled "Socket Mobile Reports Profitable Second Quarter and Six Month 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 23, 2013 | /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 23, 2013, titled "Socket Mobile Reports Profitable Second Quarter and Six Month Results". | |||||||||||||||
“Today, we also announced a new barcode scanner, our model 8Ci, which is initially targeted at the iPhone and iTouch point of sale market. The 8Ci attaches to these devices to create a single-handed barcode scanning solution. From a software point of view, the 8Ci is fully compatible with our existing SocketScan 10 SDK and can be immediately supported by our registered developers. The 8Ci is more compact than its counterpart, our Model 7Ci, and can be used as a stand-alone Bluetooth barcode scanner in applications where size and portability are major considerations.
“Our newest SoMo 655 family of handheld computers introduced last year runs the Windows Mobile Embedded 6.5 operating system. Microsoft has extended its support for this operating system until 2020. The system is an ideal replacement for discontinued classic PDA models. We have more than 50 developers who have registered for our SoMo SDK which provides tools to application developers to customize features of the operating system to improve its use with our products.
“With our family of innovative mobile solutions, we believe that Socket is well positioned to grow as new mobile applications are deployed for retail point of sale, commercial services and healthcare markets. We will continue to tightly manage our expenses and remain committed to continued growth in revenues and profitability,” Mills concluded.
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. The conference ID is 417527#. 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.
Founded in 1992, Socket Mobile is a leading innovator of mobile devices and productivity tools for retail POS, field service, healthcare, and other mobile markets. Our portfolio includes wireless handheld and hands-free barcode scanners for tablets and smartphones; durable handheld computers and accessories; and OEM solutions for the mobile device market. Socket Mobile is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on Facebook and Twitter @socketmobile and subscribe to sockettalk.socketmobile.com, the company’s official blog.
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 mobile computer and data collection products, including details on the timing, distribution and market acceptance of new 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 the new products or may not be successful in doing so, the risk that acceptance of our new 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.
Socket and SoMo are registered trademarks of Socket Mobile, Inc. All other trademarks and trade names contained herein may be those of their respective owners. © 2013 Socket Mobile, Inc. All rights reserved.
| Socket Mobile Contact: | Investor Relations Contact: |
| David Dunlap | Todd Kehrli or Jim Byers |
| Chief Financial Officer | MKR Group, Inc. |
| 510-933-3035 | 323-468-2300 |
| dave@socketmobile.com | sckt@mkr-group.com |
– 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, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue | $ | 4,435 | $ | 4,038 | $ | 8,700 | $ | 7,992 | ||||||||
| Cost of revenue | 2,631 | 2,539 | 5,188 | 4,970 | ||||||||||||
| Gross profit | 1,804 | 1,499 | 3,512 | 3,022 | ||||||||||||
| Gross profit percent | 41 | % | 37 | % | 40 | % | 38 | % | ||||||||
| Research and development | 594 | 740 | 1,119 | 1,524 | ||||||||||||
| Sales and marketing | 585 | 982 | 1,144 | 1,942 | ||||||||||||
| General and administrative | 449 | 497 | 910 | 1,110 | ||||||||||||
| Total operating expenses | 1,628 | 2,219 | 3,173 | 4,576 | ||||||||||||
| Interest expense and other, net | 125 | 27 | 205 | 57 | ||||||||||||
| Deferred tax provision | 8 | 8 | 16 | 16 | ||||||||||||
| Net income (loss) | $ | 43 | $ | (755 | ) | $ | 118 | $ | (1,627 | ) | ||||||
| Basic and diluted net loss per share | $ | 0.01 | $ | (0.16 | ) | $ | 0.02 | $ | (0.34 | ) | ||||||
| Weighted average shares outstanding: Basic | 4,865 | 4,854 | 4,863 | 4,846 | ||||||||||||
| Diluted | 4,987 | 4,854 | 4,946 | 4,846 | ||||||||||||
Reconciliation of GAAP Net Income (Loss) to Income Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net income (loss) GAAP | $ | 43 | $ | (755 | ) | $ | 118 | $ | (1,627 | ) | ||||||
| Interest expense, net | 120 | 27 | 205 | 57 | ||||||||||||
| Income tax expense | 8 | 8 | 16 | 16 | ||||||||||||
| Depreciation | 51 | 75 | 103 | 154 | ||||||||||||
| Amortization of intangibles | 15 | 15 | 30 | 30 | ||||||||||||
| Stock compensation expense | 57 | 186 | 151 | 364 | ||||||||||||
| Net income (loss) EBITDA | $ | 294 | $ | (444 | ) | $ | 623 | $ | (1,006 | ) | ||||||
Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
| June 30, 2013 (Unaudited) | December 31, 2012* | |||||||
| Cash | $ | 660 | $ | 391 | ||||
| Accounts receivable | 2,470 | 1,509 | ||||||
| Inventories | 1,032 | 941 | ||||||
| Other current assets | 119 | 129 | ||||||
| Property and equipment, net | 297 | 343 | ||||||
| Goodwill | 4,427 | 4,427 | ||||||
| Intangible technology | 60 | 90 | ||||||
| Other assets | 91 | 91 | ||||||
| Total assets | $ | 9,156 | $ | 7,921 | ||||
| Accounts payable and accrued liabilities | $ | 4,274 | $ | 4,250 | ||||
| Bank line of credit | 1,145 | 811 | ||||||
| Deferred income on shipments to distributors | 1,024 | 854 | ||||||
| Notes payable | 1,275 | 845 | ||||||
| Deferred service revenue | 320 | 369 | ||||||
| Other liabilities | 373 | 323 | ||||||
| Common stock | 61,129 | 60,971 | ||||||
| Accumulated deficit | (60,384 | ) | (60,502 | ) | ||||
| Total Liabilities and Equity | $ | 9,156 | $ | 7,921 | ||||
*Derived from audited financial statements.
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