Socket Mobile Reports Record Profits in 2015

- February 17, 2016 -

NEWARK, Calif., – February 17, 2016 – Socket Mobile, Inc. (OTC: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, today reported record profits for the fourth quarter and full year ended December 31, 2015.

Revenue for the 2015 full year totaled $18.4 million, an increase of eight percent compared to revenue of $17.0 million for 2014. Net income for 2015 was $1.8 million, or $0.33 per share, compared to net income of $0.4 million, or $0.09 per share, in 2014. Annual gross margins on revenue increased to 48.6 percent in 2015 from 43.6 percent in 2014. Annual operating expenses for 2015 were $6.8 million, an increase of five percent compared to annual operating expenses for 2014 of $6.5 million.

Revenue for the fourth quarter of 2015 was $5.4 million, an increase of 38 percent compared to revenue of $3.9 million for the same quarter a year ago. Net income for the fourth quarter of 2015 was $958,000, or $0.17 per share, compared to a net loss of $21,000, or a loss of $0.00 per share, in the fourth quarter of 2014. Gross margins on revenue increased to 51.5 percent for the fourth quarter of 2015, compared to gross margins on revenue of 44.6 percent for the same quarter a year ago. Operating expenses for the fourth quarter of 2015 were $1.75 million, an increase of four percent compared to fourth quarter 2014 operating expenses of $1.68 million.

Kevin Mills, president and chief executive officer, commented, “The year-over-year improvement in net income for 2015 reflects revenue growth, improved margins, and moderate growth in operating expenses.

“Our revenue growth in 2015 reflects the strength of our cordless barcode scanning business, which is driven by growth in mobile business applications running on Apple, Android and Windows based smartphones and tablets. These applications are developed by registered third party developers that use our software developer kit to integrate our products into their applications to solve a business problem or improve a business process. Mobile point of sale applications using iPads for small businesses was our fastest growing segment these past two years and continues to validate our application driven business model.

“In 2016, we will expand our family of rugged barcode scanners with our DuraScan product line, an IP54 rating designed for use with smartphones and tablets used in harsh environments. We will also be adding our Socket Mobile DuraCase that securely attaches our attachable barcode scanners to a smartphone or iPod as a one-handed, dedicated barcode scanning solution required in many inventory based applications. The Socket Mobile DuraCase also enables charging for both the iPod and the scanner from a single charger. Our primary goals for 2016 are to continue to attract and support mobile application developers with data collection products designed for the mobile markets and to achieve continued growth and profitability,” Mills concluded.

Conference Call
Management of Socket Mobile will hold a conference call and web cast today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future. The dial-in number to access the call is (877) 407-9210 from within the U.S. or (201) 689-8049 from international locations. A replay will be available via telephone for a week following the call at (877) 660-6853 from within the U.S., click to read more -->https://www.socketmobile.com/about-us/media-center/news/2016/02/17/socket-mobile-reports-record-profits-in-2015