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Interphase Announces Second Quarter 2013 Financial Results

Stocks in this article: INPH

Interphase Corporation (NASDAQ: INPH), a diversified information and communications technology company, today reported financial results for its second quarter ended June 30, 2013.

Revenues for the second quarter of 2013 were $3.8 million, an increase of 10% when compared to revenues from the second quarter of 2012 of $3.5 million. On a sequential basis, revenues increased 16% compared to revenues from the first quarter of 2013 of $3.3 million. Revenues in the quarter were primarily derived from telecommunications and enterprise product revenues, which increased slightly to $2.8 million in the second quarter of 2013 compared to $2.7 million for the second quarter of 2012. Services revenues increased 42% to $1.0 million for the second quarter of 2013 compared to $708,000 for the second quarter of 2012. Gross margin was 37% for the second quarter of 2013 compared to 45% for the second quarter of 2012. The decrease in gross margin percentage was primarily due to a revenue mix shift toward lower margin products and services and an increase of $69,000 in excess and obsolete inventory charges, partially offset by increased utilization of our manufacturing facility. The Company reported a net loss of $895,000, or ($0.13) per share in the second quarter of 2013 compared to a net loss of $1.1 million, or ($0.16) per share in the second quarter of 2012.

“We are pleased with the achievement of double digit revenue growth, both sequentially and year over year for our second quarter of 2013,” said Gregory B. Kalush, CEO and President of Interphase. “The primary driver of this revenue growth is coming from our services offerings, specifically our electronics manufacturing services which increased 268% year over year and 47% sequentially. We expect this revenue growth trend to continue for our services business. Additionally, our telecommunications and enterprise products are contributing to revenue growth with a slight year over year increase and a strong 9% sequential increase. We have made solid progress with penveu ®, and in June we demonstrated penveu at ISTE, the world’s leading education technology conference. The response from attendees at this show was very positive, as are the initial results from our external beta testing of penveu which began recently. We are very excited about the prospects that this product will have in the marketplace.”

For the first six months of 2013, revenues decreased to $7.1 million, compared to $7.5 million for the first six months of 2012. Gross margin decreased to 38% for the six months ended June 30, 2013, compared to 46% for the same period in 2012. The Company reported a net loss of $2.3 million, or ($0.33) per share for the first six months of 2013 compared to a net loss for the first six months of 2012 of $2.1 million, or ($0.30) per share. On June 30, 2013, the Company’s working capital position was $9.7 million, including cash and marketable securities of $7.3 million.

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