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Xplore Technologies Reports Fiscal 2014 First Quarter Results

Stocks in this article: XPLR

Xplore Technologies Corp. (NASDAQ: XPLR) reported its results for the first quarter of its fiscal year 2014. For the three months ended June 30, 2013, Xplore reported revenue of approximately $5,856,000, compared to $9,950,000 for the three months ended June 30, 2012, a decrease of $4,094,000, or approximately 41 percent.

“While our revenue is down compared to the prior year period, we made meaningful progress on our strategy and continued to generate positive cash flow from operations,” Philip Sassower, chairman and chief executive officer for Xplore Technologies, said. “A large order from a major U.S. telecommunications provider, which represented approximately 39 percent of our revenue in the prior year quarter, was responsible for most of the variability experienced.”

On July 10, Xplore broadened its product portfolio with the launch of its first rugged Android tablet. The lightweight device introduces the company to new markets while catering to the needs of existing customers.

“To establish more consistent revenue growth, we are in the process of implementing a strategy that we expect will significantly broaden our addressable markets. The RangerX is the first of our planned product line expansion focused on lighter and more affordable tablets,” Sassower continued. “We believe these new products, combined with investments in sales and marketing activities to create broader awareness and deeper market penetration, will result in continued year-to-year revenue growth and lower quarter-to-quarter volatility.”

“Xplore’s book of business remains robust,” Mark Holleran, president and chief operating officer for Xplore Technologies, said. “We recently received several significant, multi-million dollar follow-on purchase orders from existing customers, including a major U.S. telecommunications provider and a medical device manufacturer. In addition, we have seen a dramatic increase of website traffic and interest as a result of the RangerX.”

Gross profit of $2,241,000 (approximately 38 percent of revenue) for the quarter ended June 30, 2013, decreased from $3,305,000 (approximately 33 percent of revenue) for the quarter ended June 30, 2012. This decrease of approximately 32 percent was primarily attributable to the decrease in revenue, offset by an increase in Xplore’s gross profit percentage due to a more favorable product mix.

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