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Xplore Reports Fiscal Third Quarter Results

Stocks in this article: XPLR

Xplore Technologies Corp. (NASDAQ: XPLR) ( today reported its results for the third quarter of its fiscal year 2013. For the three months ended December 31, 2012, Xplore reported revenue of $5,927,000 compared to $8,918,000 for the three months ended December 31, 2011, a decrease of $2,991,000 or approximately 34 percent. For the nine months ended December 31, 2012, revenue was $23,350,000 compared to the nine months ended December 31, 2011 revenue of $16,696,000, an increase of $6,654,000, or approximately 40 percent.

The company received its first significant orders from the medical device and U.S. military markets during the third quarter. As reported in December, the U.S. military ordered more than 900 of the company's iX104C5M rugged Windows tablets.

“We continue to see a significant increase in sales opportunities across markets, including military, government, manufacturing and energy,” said Mark Holleran, President and Chief Operating Officer of Xplore. “While we may experience some variability in our quarterly operating results due to the timing of the deployment of large projects, we expect our year-over-year business to grow, as reflected by our fiscal year-to-date revenue numbers.”

“We successfully completed our public offering of common stock for gross proceeds of $10 million, as well as the recapitalization of our preferred stock, which strengthened our balance sheet,” said Philip S. Sassower, Chairman and Chief Executive Officer of Xplore. “We have implemented a plan to broaden our addressable rugged tablet market with the development of several new product offerings, in addition to increasing awareness by expanding our marketing activities and sales reach, as evidenced by our recently announced relationship with Waggener Edstrom Worldwide.”

The company’s operating expenses were $2,682,000 and $7,104,000 for the three and nine months, respectively, ended December 31, 2012 compared to $2,377,000 and $6,588,000 for the three and nine months, respectively, ended December 31, 2011. The increases were primarily attributable to planned investments in sales and marketing and the development of several new products.

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