Business
Interlink Electronics Reports Third Quarter 2020 Results
IRVINE, Calif., Nov. 12, 2020 /PRNewswire/ -- Interlink Electronics, Inc. (OTC: LINK), a world-leading trusted advisor and technology partner in the advancing
About this update from Interlink Electronics, Inc.
[{"type":"text","content":"IRVINE, Calif., Nov. 12, 2020 /PRNewswire/ -- Interlink Electronics, Inc. (OTC: LINK), a world-leading trusted advisor and technology partner in the advancing world of human-machine interface (HMI) and force-sensing technologies, today announced its financial results for the three and nine months ended September 30, 2020. GAAP net income for the quarter was $65 thousand (or $0.01 per share), reflecting a decrease from GAAP net income of $111 thousand (or $0.02 per share) for the prior year period. \nConsolidated Financial Highlights \n(Amounts in thousands except per share data and percentages) \nThree months ended September 30, \nNine months ended September 30, \nConsolidated Financial Results\n2020\n2019\n$ ∆\n% ∆\n2020\n2019\n$ ∆\n% ∆\nNet revenue\n$\n1,548\n$\n2,157\n$\n(609)\n(28.2)\n%\n$\n4,941\n$\n5,613\n$\n(672)\n(12.0)\n%\nGross profit\n$\n811\n$\n1,081\n$\n(270)\n(25.0)\n%\n$\n2,768\n$\n2,834\n$\n(66)\n(2.3)\n%\nGross margin\n52.4\n%\n50.1\n%\n56.0\n%\n50.5\n%\nIncome (loss) from operations\n$\n(79)\n$\n203\n$\n(282)\n(138.9)\n%\n$\n(110)\n$\n231\n$\n(341)\n(147.6)\n%\nNet income (loss)\n$\n65\n$\n111\n$\n(46)\n(41.4)\n%\n$\n60\n$\n(94)\n$\n154\n(163.8)\n%\nEarnings (loss) per share (basic and diluted)\n$\n0.01\n$\n0.02\n$\n(0.01)\n$\n0.01\n$\n(0.01)\n$\n0.02\n \nRevenue in the third quarter of 2020 decreased approximately 28% to $1.5 million from $2.1 million in the same year-ago period, primarily due to lower demand caused by the COVID-19 pandemic. Gross margin increased to 52.4% from 50.1% due to product mix and operational efficiencies. Income (loss) from operations was a loss of ($79) thousand for the third quarter of 2020, compared with income of $203 thousand in the same period in 2019. Operating income (loss) was impacted by lower gross profit and nearly flat operating expenses. In the third quarter of 2020, after-tax net income was $65 thousand or $0.01 per basic and diluted share, compared to after-tax net income of $111 thousand or $0.02 per basic and diluted share in the same year-ago period. The company ended the period with $6.1 million in cash and cash equivalents. \"We continue to position our business for future growth by increasing our investment in sales & marketing and recruiting senior technical resources in conjunction with the build-out of our R&D center in our existing Camarillo footprint. We ex...