Business
Franklin Wireless Reports Record Quarterly Revenue of $66.2 Million, Up nearly 400% Year-over-Year
Strong Demand Amidst Covid-19 Pandemic Drives Nearly 400% Gain in Year-over-Year Sales Net Income Rises to $0.58 Per Basic Share Cash and Short-Term
About this update from Franklin Wireless Corp.
[{"type":"text","content":"Strong Demand Amidst Covid-19 Pandemic Drives Nearly 400% Gain in Year-over-Year Sales Net Income Rises to $0.58 Per Basic Share Cash and Short-Term Investments Increase to $76.4 Million with No Financial Debt SAN DIEGO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Franklin Wireless Corp.(FKWL), a market leader in broadband data communications including hardware and software solutions for M2M and the IoT (Internet of Things), today announced record second quarter results for the period ended December 31, 2020. Financial and Operational Highlights (second fiscal quarter of 2021 vs. second fiscal quarter of 2020): Revenues increased 399.5% to $66.2 million, a record amount for any quarter in the Company’s history. Income before provision for taxes of $9.1 million versus $848,828 in the second quarter last year. Net income increased to $6.9 million, a positive swing of $6.3 million versus the second quarter last year. “The continued record revenue and net income demonstrates the tireless work of our entire team to maximize opportunities during this challenging and difficult time for the global economy brought about by the Covid-19 global pandemic,” said OC Kim, president of Franklin Wireless. “Our manufacturing partners, suppliers and staff have done a great job overcoming supply chain delays and have consistently delivered our products on time, without increasing the cost of operations. It appears likely that the pandemic has caused long term changes to the way we work and learn, and these changes will increase demand for our wireless solutions for years to come. Operationally and financially, we are extremely well positioned to meet this demand for our products and solutions, with the strongest balance sheet in our history and a profitable business generating cash flow. We will keep working hard to take advantage of opportunities and deliver solutions to our customers to help them navigate these unprecedented times.” Second Quarter Financial Results (three months ended December 31, 2020 compared to three months ended December 31, 2019) The Company reported net sales of $66.2 million, compared with $13.3 million in net sales in the same period last year. The 399.5% year-over-year growth in net sales was primarily from increased demand for wireless connectivity due to the effect of both remote working and remote school attendance in the wake ...