Business
Interlink Electronics Reports Second Quarter 2023 Results
Net income rose 240% from year ago quarter on acquisitions and organic growth IRVINE, Calif., Aug. 10, 2023 /PRNewswire/ -- Interlink Electronics, Inc.
About this update from Interlink Electronics, Inc.
[{"type":"text","content":"Net income rose 240% from year ago quarter on acquisitions and organic growth\nIRVINE, Calif., Aug. 10, 2023 /PRNewswire/ -- Interlink Electronics, Inc. (NASDAQ: LINK), a world-leading provider of sensors and printed electronic solutions that support a wide range of applications, including Human-Machine Interface (\"HMI\") devices and IoT solutions, today announced its financial results for the three- and six-month periods ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nRevenue for the quarter was approximately $4.05 million, up 98% from the prior year period due to revenues from the gas-sensor and membrane keypads operations acquired in December 2022 and March 2023, in addition to increased sales of the company's traditional force-sensor products. This in turn drove a 116% increase in the Company's gross profit to approximately $2.06 million and a 240% increase in net income to $381,000.\nThe following table sets forth the consolidated financial highlights.\nConsolidated Financial Highlights \n(Amounts in thousands except per share data and percentages)\nConsolidated Financial Results\nThree Months Ended June 30, \nSix Months Ended June 30, \n2023\n2022\n$ ∆\n% ∆\n2023\n2022\n$ ∆\n% ∆\nRevenue\n$\n4,049\n$\n2,040\n$\n2,009\n98.5\n%\n$\n7,327\n$\n4,031\n$\n3,296\n81.8\n%\nGross profit\n$\n2,061\n$\n952\n$\n1,109\n116.5\n%\n$\n3,648\n$\n2,193\n$\n1,455\n66.3\n%\nGross margin\n50.9\n%\n46.7\n%\n49.8\n%\n54.4\n%\nIncome (loss) from operations\n$\n406\n$\n(151)\n$\n557\n$\n233\n$\n(133)\n$\n366\nNet income\n$\n381\n$\n112\n$\n269\n$\n190\n$\n254\n$\n(64)\nNet income (loss) applicable to common stockholders\n$\n281\n$\n12\n$\n269\n$\n(10)\n$\n54\n$\n(64)\nEarnings (loss) per common share – diluted\n$\n0.04\n$\n0.00\n$\n0.04\n$\n0.00\n$\n0.01\n$\n(0.01)\n \nRevenue nearly doubled to $4.05 million in the second quarter of 2023 compared to the prior year period, and increased 82% to $7.33 million for the six-month period. This was due primarily to the inclusion of revenues from our Gas and Environmental Sensors division (the SPEC Sensors/KWJ Engineering electrochemical gas sensor businesses that were acquired in December 2022) and, for the three-month period, from the Calman Technology Limited membrane keypad and printed electronics operations acquired in March 2023. The increase was also attributable to an exceptional quarter the Compan...