Business
Interlink Electronics Reports Fourth Quarter and Fiscal Year 2022 Results
Net income includes a gain of over $2.4 million on a passive investment IRVINE, Calif., March 29, 2023 /PRNewswire/ -- Interlink Electronics, Inc. (NASDAQ:
About this update from Interlink Electronics, Inc.
[{"type":"text","content":"Net income includes a gain of over $2.4 million on a passive investment\nIRVINE, Calif., March 29, 2023 /PRNewswire/ -- Interlink Electronics, Inc. (NASDAQ: LINK), a world-leading trusted technology partner in the rapidly advancing world of human-machine interface (HMI) devices, sensors, membrane switches and other cutting-edge technologies, today announced its financial results for the three months and year ended December 31, 2022. The following table sets forth the consolidated financial highlights.\n\n \n \n \n \n \n \n\n \nConsolidated Financial Highlights (Amounts in thousands, except per share data and percentages)\nConsolidated Financial Results\nThree months ended December 31,\nYear ended December 31,\n2022\n2021\n$ ∆\n% ∆\n2022\n2021\n$ ∆\n% ∆\nRevenue\n$\n1,611\n$\n1,623\n$\n(12)\n(0.7)\n%\n$\n7,493\n$\n7,478\n$\n15\n0.2\n%\nGross profit\n$\n796\n$\n765\n$\n31\n4.1\n%\n$\n3,861\n$\n4,058\n$\n(197)\n(4.9)\n%\nGross margin\n49.4\n%\n47.1\n%\n51.5\n%\n54.3\n%\nLoss from operations\n$\n(345)\n$\n(411)\n$\n66\n$\n(668)\n$\n(79)\n$\n(589)\nNet income (loss)\n$\n1,412\n$\n(977)\n$\n2,389\n$\n1,672\n$\n(734)\n$\n2,406\nNet income (loss) applicable tocommon stockholders\n$\n1,312\n$\n(1,025)\n$\n2,337\n$\n1,272\n$\n(782)\n$\n2,054\nEarnings (loss) per commonshare – diluted\n$\n0.20\n$\n(0.16)\n$\n0.36\n$\n0.19\n$\n(0.12)\n$\n0.31\nRevenue in the fourth quarter of 2022 decreased 1% from the same quarter last year and was approximately flat for 2022 as compared to the prior year. Fluctuations in revenue result from changes in the volume of shipments of our products to our customers, which is impacted by customer demand according to their corresponding products and programs.Gross margin increased to 49.4% in the current quarter from 47.1% in the year–ago quarter and decreased to 51.5% for the current year from 54.3% in the prior year. The improvement in gross margin in the current quarter was due to a lower provision for excess and obsolete inventory as compared to the fourth quarter of the prior year. The decline in gross margin for the current year was due to higher materials and components costs on certain orders and changes in customer and product mix.Income/loss from operations was a loss of $345 thousand for the fourth quarter of 2022, compared with a loss of $411 thousand in the fourth quarter of 2021. Income/loss from oper...