NEWTON, Mass., Aug. 10, 2011 /PRNewswire/ -- Ambient Corporation (NASDAQ: AMBT), a leading provider of smart grid communications platforms and applications, announced today its financial results for the second quarter ended June 30, 2011.
Financial highlights for the second quarter of 2011 included:
- Record total revenue of approximately $16 million, representing a 250% increase from approximately $4.6 million for the comparable period in 2010
- Net income of approximately $2.5 million, or $0.14 per share on a fully diluted basis
- Cash from operating activities of approximately $5.9 million for the six months ended June 30, 2011
- Backlog of approximately $68 million, representing product shipments through the remainder of 2011 and into 2012
"We continue to achieve significant milestones, including our financial performance in the second quarter of 2011, and the recent listing of our common stock on the NASDAQ Capital Market, " commented John J. Joyce, President and CEO of Ambient Corporation. "As we continue to successfully execute our growth plans, we believe that we are well positioned to benefit from a growing smart grid industry. It is especially encouraging to see the continued expansion of our customer deployments in Ohio and our strong overall performance."Summary Financial Performance Total revenue for the three months ended June 30, 2011 was approximately $16 million, representing a 250% increase from approximately $4.6 million for the comparable period in 2010. The increase in total revenue was due to the substantial increase in sales volume. Gross profit for the three months ended June 30, 2011 was approximately $6.8 million compared to approximately $1.9 million for the comparable period in 2010 and increased due mainly to increased sales volumes. Gross margin for the three months ended June 30, 2011 improved slightly to approximately 43% compared to approximately 42% for the comparable period in 2010. Gross margin improved primarily due to increased sales volumes, partially offset by slightly higher overhead costs associated with personnel recently added to accommodate expected future growth. Net income for the three months ended June 30, 2011 was approximately $2.5 million, or $0.14 per share on a fully diluted basis, compared to a net loss of approximately $595,000, or $0.04 per share for the comparable period in 2010. The second quarter of 2011 represents the third consecutive quarter of profitability. Cash provided by operating activities for the six months ended June 30, 2011 was approximately $5.9 million compared to cash used in operating activities of approximately $2.0 million for the comparable period in 2010. A more detailed description of our business, results of operations and financial statements are contained in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 10, 2011. About Ambient Corporation Ambient designs, develops and sells the Ambient Smart Grid ® communications platform. The Ambient Smart Grid products and services include communications nodes; a network management system, AmbientNMS ®; integrated applications; and maintenance and consulting services. Using open standards-based technologies along with in-depth industry experience, Ambient provides utilities with solutions for their smart grid initiatives. Headquartered in Newton, MA, Ambient is a publicly traded company (NASDAQ: AMBT). More information on Ambient is available at www.ambientcorp.com. This press release contains statements that may be deemed to be "forward-looking statements" under federal securities laws. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, the dependence on one key customer, the Company's ability to raise additional capital when needed, the sufficiency of working capital, the competitive market generally and in the smart grid industry specifically, the success of the Company's collaborative arrangements, changes in economic conditions generally and the smart grid industry specifically, changes in technology, legislative or regulatory changes , and other risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and in the Company's other filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update any forward-looking statement for any reason. Ambient, Ambient Smart Grid, Communications for a Smarter Grid and AmbientNMS are registered trademarks of Ambient Corporation with the U.S. Patent and Trademark Office.