SAN DIEGO, CA -- (Marketwired) -- 09/29/14 -- Franklin Wireless Corp. (OTCQB: FKWL), the market leader in multi-mode wireless modems for 3G and 4G broadband data communications, today announced full-year financial results for the fiscal year ended June 30, 2014.
The Company reported net sales for fiscal 2014 of $30.9 million, compared with $32.8 million in net sales for the corresponding period of 2013. In addition, the Company reported a net loss of approximately $972,000, or $0.09 per basic and diluted share, compared with net income of approximately $175,000, or $0.02 per basic and diluted share, for the same period last year. The Company noted that net sales in the fourth quarter of fiscal 2014 were $11.9 million, compared with $7.7 million in the fourth quarter of fiscal 2013, which represents a 54% increase year-over-year.
"Despite weakness in sales during our first quarter of fiscal 2014, I am pleased that we were able to close out the year with nearly $31 million in revenue including $11.9 million in the fourth quarter," said OC Kim, president of Franklin Wireless. "During fiscal year 2014, we introduced several new products into the marketplace, added new customers and tightly controlled our operating expenses, which reflect a decrease compared to fiscal 2013."
The Company's 10-K filing for the twelve month period ending June 30, 2014 is on file with the SEC (www.sec.gov).
About Franklin Wireless
Franklin Wireless Corp. (OTCQB: FKWL) is engaged in the design, manufacture and sale of high speed wireless data products including third generation ("3G") and fourth generation ("4G") modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. For additional 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.
Contact:
Richard Walker
Franklin Wireless Corp.
+1 858 623 0000
rick.walker@franklinwireless.com
