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
April 23, 2015
(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 April 23, 2015, Socket Mobile, Inc., issued a press release reporting its results for the three months ended March 31, 2015. 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 April 23, 2015, titled "Socket Mobile Reports First Quarter 2015 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: April 23, 2015 | /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 April 23, 2015, titled "Socket Mobile Reports First Quarter 2015 Results". | |||||||
“Our barcode scanning revenue growth is driven by an increasing number of applications supporting our cordless barcode scanning products from our growing base of registered application developers. We now have more than 1,400 developers registered to use our software developer kit. Socket’s barcode scanning products are designed for use with smartphones and tablets using Apple®, Android® or Windows® operating systems. They are attractively priced, have antimicrobial housings and have a stylish look and feel in multiple colors for image conscious customers and retailers. We offer a wide range of barcode scanning products including entry level linear barcode scanners, powerful laser barcode scanners, and sophisticated 2D barcode scanners. All designed for ease of use in a mobile retail environment. Key markets being addressed by developers include mobile point of sale, hospitality, asset management and various commercial services and enterprise mobility applications.
“With the increasing number of applications supporting our broad product portfolio in emerging mobile markets, we believe we are positioned to achieve growth in 2015,” Mills concluded.
Conference
Call
Management of Socket Mobile will hold a conference call and web cast today at 2 P.M. Pacific (5
P.M. Eastern) 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 for the replay
is 13605474#. The call will also be carried live and available via replay through a link on Socket Mobile’s website at www.socketmobile.com. From
the home page, select “About Socket”/”Investor Relations”/ and “Conference Calls and Events.”
About Socket Mobile, Inc.
Founded in 1992, Socket Mobile is a leading innovator of mobile devices and productivity tools for retail point-of-sale, field service, healthcare, and other mobile markets. Our portfolio includes wireless handheld and hands-free barcode scanners for tablets and smartphones and durable handheld computers and accessories 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.
| Investor Relations Contact: | Socket Mobile Contact: |
| Todd Kehrli / Jim Byers | Dave Dunlap |
| MKR Group, Inc. | Chief Financial Officer |
| 323-468-2300 | 510-933-3035 |
| sckt@mkr-group.com | dave@socketmobile.com |
Socket, SoMo and the Socket Mobile logo are registered trademarks of Socket Mobile, Inc. All other trademarks and trade names contained herein may be those of their respective owners. © 2015, Socket Mobile, Inc. All rights reserved.
– Financial tables to follow –
Socket Mobile, Inc.
Condensed Summary Statements of Operations (Unaudited)
(Amounts in Thousands except per share amounts and percentages)
| Three months ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| Revenue | $ | 4,006 | $ | 3,795 | ||||
| Cost of revenue | 2,198 | 2,172 | ||||||
| Gross profit | 1,808 | 1,623 | ||||||
| Gross profit percent | 45 | % | 43 | % | ||||
| Research & development | 575 | 554 | ||||||
| Sales & marketing | 618 | 476 | ||||||
| General & administrative | 604 | 521 | ||||||
| Total operating expenses | 1,797 | 1,551 | ||||||
| Interest (income) expense, net | 75 | 136 | ||||||
| Deferred income tax expense | 8 | 8 | ||||||
| Net income (loss) | $ | (72) | $ | (72) | ||||
| Net income (loss) per share: Basic and Diluted | $ | (0.01) | $ | (0.01) | ||||
| Weighted average shares outstanding: Basic Fully Diluted |
5,514 5,514 |
4,898 4,898 | ||||||
Reconciliation of GAAP Net Income (Loss) to Income Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
| Three months ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| Net income (loss) GAAP | $ | (72) | $ | (72) | ||||
| Interest expense, net | 75 | 136 | ||||||
| Income tax expense | 8 | 8 | ||||||
| Depreciation | 50 | 65 | ||||||
| Amortization of intangibles | — | 15 | ||||||
| Stock-based compensation expense | 47 | 52 | ||||||
| Net income EBITDA | $ | 108 | $ | 204 | ||||
Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
| March 31, 2015 (Unaudited) | December 31, 2014* | |||||||
| Cash | $ | 743 | $ | 633 | ||||
| Accounts receivable | 1,671 | 1,897 | ||||||
| Inventories | 808 | 957 | ||||||
| Other current assets | 95 | 125 | ||||||
| Property and equipment, net | 222 | 245 | ||||||
| Goodwill | 4,427 | 4,427 | ||||||
| Other assets | 86 | 86 | ||||||
| Total assets | $ | 8,052 | $ | 8,370 | ||||
| Accounts payable and accrued liabilities | $ | 3,179 | $ | 3,535 | ||||
| Bank line of credit | 816 | 816 | ||||||
| Subordinated line of credit | 600 | 600 | ||||||
| Convertible notes payable | 753 | 753 | ||||||
| Deferred income on shipments to distributors | 888 | 979 | ||||||
| Deferred service revenue | 199 | 214 | ||||||
| Other liabilities | 453 | 444 | ||||||
| Common stock | 61,926 | 61,719 | ||||||
| Accumulated deficit | (60,762) | (60,690) | ||||||
| Total liabilities and equity | $ | 8,052 | $ | 8,370 | ||||
*Derived from audited financial statements.
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