Xplore Technologies Reports Fiscal Second Quarter 2017 Results

XPLORE TECHNOLOGIES CORP.
Supplemental Three Months Consolidated Statements of Cash Flows—Unaudited
(in thousands)
 
    Three Months Ended
September 30,
 
    2016     2015  
             
Net loss   $ (536 )   $ 98  
Items not affecting cash:            
Depreciation and amortization   456     457  
Provision for doubtful accounts   (67 )   108  
Stock based compensation expense   127     492  
Other adjustments to cash used in operations   (3,862 )   (4,383 )
Net cash used in operating activities   (3,882 )   (3,228 )
Net cash used in investing activities   (245 )   (176 )
Net cash provided by(used in) financing activities   3,164     (3,726 )
             
Change in cash and cash equivalents   $ (963 )   $ (7,130 )
                 

 

Xplore Technologies Quarterly Historical Information  
 
  FY 2017
  1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
Revenue $ 16,473     $ 20,007     $   -      $   -      $ 36,480  
Cost of revenue     11,609         14,31          -          -          25,980  
    Gross profit     4,864         5,636         -          -          10,500  
                   
Expenses                  
  Sales, marketing and support     3,435         2,896         -          -          6,331  
  Product research, development & engineering     953         1,317         -          -          2,270  
  General administrative     2,039         1,868         -          -          3,907  
Total expenses     6,427         6,081         -          -          12,508  
                   
  Profit/(loss) from operations     (1,563 )       (445 )       -          -          (2,008 )
                   
Other expenses                  
  Interest expense     (8 )       (69 )       -          -          (77 )
  Cost of integration     -          -          -          -          -   
  Other income/expenses     (96 )       (22 )       -          -          (118 )
      (104 )       (91 )       -          -          (195 )
                   
  Income/(loss) before taxes     (1,667 )       (536 )       -          -          (2,203 )
  Income taxes     (80 )       -          -          -          (80 )
Net income $   (1,747 )   $   (536 )   $   -      $   -      $   (2,283 )
                   
  Depreciation & amortization   348       456         -          -        804  
  Interest expense   8       69         -          -        77  
  Income taxes   80         -          -          -        80  
  EBITDA     (1,311 )       (11 )       -          -          (1,322 )
                  -       
  Non-cash compensation   175       127         -          -        302  
  Cost of integration     -          -          -          -          -   
  Adjusted EBITDA $   (1,136 )   $ 116     $   -      $   -      $   (1,020 )
 
 
  FY 2016
  1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
Revenue $ 24,043     $ 28,853     $ 27,023     $ 20,611     $ 100,530  
Cost of revenue   15,893       20,744       18,181       14,365       69,183  
  Gross profit   8,150       8,109       8,842       6,246       31,347  
                   
Expenses                  
  Sales, marketing and support   3,620       3,642       3,925       3,909       15,096  
  Product research, development & engineering   1,830       1,577       1,129       1,235       5,771  
  General administrative   2,331       2,487       2,521       2,088       9,427  
Total operating expenses   7,781       7,706       7,575       7,232       30,294  
                   
  Profit/(loss) from operations   369       403       1,267       (986     1,053  
                   
Other expenses                  
  Interest expense     (6 )       (52 )       -          -          (58 )
  Cost of integration     (670 )       (122 )       (95 )       (26 )       (913 )
  Other income/expenses     63         (131 )       (317 )       (65 )       (450 )
      (613 )       (305 )       (412 )       (91 )       (1,421 )
  Income/(loss) before taxes     (244 )       98         855         (1,077 )       (368 )
  Income taxes     -          -          (69 )       75         6  
Net income $   (244 )   $ 98     $ 786     $   (1,002 )   $   (362 )
                   
  Depreciation & amortization   358       457       498       417       1,730  
  Interest expense     6         52         -          -          58  
  Income taxes     -          -          69         (75 )       (6 )
  EBITDA     120         607         1,353         (660 )       1,420  
                   
  Non-cash compensation     607         492         535         522         2,156  
  Cost of integration   670       122       95       26       913  
  Adjusted EBITDA $ 1,397     $ 1,221     $ 1,983     $   (112 )   $ 4,489  
                   
 
  FY 2015
  1st Qtr   2nd Qtr   3rd Qtr   4th Qtr   YTD
 
Revenue $ 8,267     $ 7,522     $ 16,443     $ 10,407     $ 42,639  
Cost of revenue   5,203       5,255       10,569       7,293       28,320  
  Gross profit   3,064       2,267       5,874       3,114       14,319  
                   
Expenses                  
  Sales, marketing and support   1,598       1,714       1,630       1,410       6,352  
  Product research, development & engineering   991       739       815       992       3,537  
  General administrative   1,007       977       980       1,139       4,103  
Total operating expenses     3,596         3,430         3,425         3,541         13,992  
                   
  Profit/(loss) from operations     (532 )       (1,163 )       2,449         (427 )       327  
                   
Other expenses                  
  Interest expense         (1 )       (2 )       -          (3 )
  Cost of integration    -         -         -         -          -   
  Other income/expenses     (19 )       (3 )       (7 )       (7 )       (36 )
      (19 )       (4 )       (9 )       (7 )       (39 )
                   
  Income/(loss) before taxes     (551 )       (1,167 )       2,440         (434 )       288  
  Income taxes     -          -          (39 )       -          (39 )
Net income $   (551 )   $   (1,167 )   $ 2,401     $   (434 )   $ 249  
                   
  Depreciation & amortization     172         264         253         230         919  
  Interest expense     -          1         2         -          3  
  Income taxes     -          -          39         -          39  
  EBITDA     (379 )       (902 )       2,695         (204 )       1,210  
                   
  Non-cash compensation     159         166         152         207         684  
  Cost of integration     -          -          -          -          -   
  Adjusted EBITDA $   (220 )   $   (736 )   $ 2,847     $ 3     $ 1,894  
 

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