Business
Digi International Reports Fourth Fiscal Quarter and Full Fiscal 2020 Results
Record Annual Revenue of $279M, Full Year EPS at $0.28, Adjusted EPS grows 48% to $0.98 Balance Sheet Strengthens on over $15M Debt Pay Down
About this update from Digi International Inc.
[{"type":"text","content":"\nRecord Annual Revenue of $279M, Full Year EPS at $0.28, Adjusted EPS grows 48% to $0.98\n\nBalance Sheet Strengthens on over $15M Debt Pay Down\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nDigi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things (\"IoT\") products, services and solutions, today announced its financial results for its fourth fiscal quarter and full fiscal year ended September 30, 2020.\n\nFourth Fiscal Quarter 2020 Results \n\n\nRevenue increased to $73.2 million compared to $65.0 million, an increase of $8.2 million, or 12.6%.\n\n\nNet income increased to $4.4 million compared to $2.3 million, an increase of $2.1 million, or 93.9%.\n\n\nNet income per diluted share increased to $0.15 compared to $0.08 per diluted share, or 87.5%.\n\n\nAdjusted EPS increased to $0.32 per diluted share compared to $0.18 per diluted share, or 77.8%.\n\n\nAdjusted EBITDA increased to $12.1 million compared to $7.6 million, an increase of $4.5 million, or 58.3%.\n\n\nFull Year 2020 Results\n\n\nRevenue increased to $279.3 million compared to $254.2 million, an increase of $25.1 million, or 9.9%.\n\n\nNet income decreased to $8.4 million compared to $10.0 million, a decrease of $1.6 million, or 15.5%.\n\n\nNet income per diluted share decreased to $0.28 compared to $0.35 per diluted share, or 20.0%. Included in fiscal 2019 was a gain on the sale of our corporate headquarters building that contributed $0.12 (net of tax) per diluted share.\n\n\nAdjusted EPS increased to $0.98 per diluted share compared to $0.66 per diluted share, or 48.5%.\n\n\nAdjusted EBITDA increased to $40.2 million compared to $26.5 million, an increase of $13.7 million, or 51.8%.\n\n\nReconciliations of GAAP and non-GAAP financial measures appear at the end of this release.\n\n“Digi delivered record revenue results for fiscal year 2020 amid the challenging macroeconomic backdrop, aided by the Opengear acquisition,” said Ron Konezny, President and Chief Executive Officer. “Our recent organizational change placing key leaders over each major product line will drive alignment, focus, and growth while sharpening our customer focus. In addition, we are excited to see our SmartSense IoT Solutions business return to growth with the capture of several enterprise customers, further building on our record annualized rec...