/EINPresswire.com/ -- SAN JOSE, CA -- (Marketwired) -- 04/20/16 -- AltiGen Communications, Inc. (OTCQX: ATGN), a leading provider of premise and cloud-based IP-PBX and Contact Center solutions, announced today its financial results for the second quarter ended March 31, 2016.

Second Quarter Fiscal Year 2016 Results
Revenue for the second quarter of fiscal year 2016 was $2.2 million, in comparison to $2.5 million for the second quarter of fiscal year 2015. GAAP net income for the second quarter of fiscal 2016 was $35,000, or $0.00 per diluted share, compared with GAAP net income of $107,000, or $0.00 per diluted share, for the comparable period of the prior year. Non-GAAP net income for the second quarter of fiscal year 2016 was $115,000, or $0.00 per diluted share, compared with non-GAAP net income of $362,000, or $0.02 per diluted share for the second quarter of fiscal year 2015. Gross margin in the second quarter of fiscal 2016 was 81.5%, compared to 80.1% in the same period in 2015. Operating expenses for the second quarter of fiscal 2016 totaled $1.7 million, compared to $1.9 million during the same period a year ago.

Six Month Fiscal Year 2016 Results
For the first six months of fiscal year 2016, revenue was $4.4 million, compared to $5.2 million during the same period in fiscal 2015. GAAP net income for the six months ended March 31, 2016 was $64,000, or $0.00 per diluted share, compared with GAAP net income of $526,000, or $0.02 per diluted share in the prior year period. Non-GAAP net income for the first six months of fiscal year 2016 was $261,000, or $0.01 per diluted share, compared with non-GAAP net income of $797,000, or $0.03 per diluted share during the same period a year ago. Gross margin was 81.1% for the first six months of fiscal 2016, compared to 80.0% in the same period in 2015. Operating expenses for the six month of fiscal 2016 totaled $3.5 million, compared to $3.6 million in the comparable period last year.

Cash, Cash Equivalents and Restricted Cash
Our cash, cash equivalents and restricted cash increased by $200,000, or 4% to $4.9 million at the end of the second quarter, compared to $4.7 million at the end of the preceding quarter. Working capital was $2.0 million at the end of the second quarter, compared to $1.7 million in the preceding quarter.

Conference Call
AltiGen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. ET). The conference call can be accessed by dialing (877) 407-8031 (domestic) or (201) 689-8031 (international). A live webcast will also be made available at http://www.altigen.com. To access the replay, dial (877) 660-6853 (domestic) or (201) 612-7415 (international), account #286 conference ID #13635372. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.

About AltiGen Communications
AltiGen Communications, Inc. (OTCQX: ATGN) is a leading provider of premise and cloud-based IP-PBX and Contact Center solutions headquartered in Silicon Valley, California. With thousands of customers around the world, AltiGen solutions are designed for high reliability, ease of use, seamless integration to Microsoft infrastructure technologies, and are built on a scalable, open standards platform. For more information, call 1-888-ALTIGEN or visit the web site at www.altigen.com.

Safe Harbor Statement
This release may contain forward-looking statements. Forward-looking statements are based only on the Company's views of future events and financial performances, current expectations, beliefs, plans and assumptions. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company's control that may cause the Company's actual results to be materially different from planned or expected results. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Please refer to the Company's most recent Annual Report filed with the OTCQX over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.

                        AltiGen Communications, Inc.
              Condensed Consolidated Statements of Operations
          (Unaudited; amounts in thousands, except per share data)

                              Second Quarter Ended      Six Months Ended
                                    March 31,               March 31,
                            ----------------------- -----------------------
                              FY 2016     FY 2015     FY 2016     FY 2015
                            ----------- ----------- ----------- -----------
Net Revenue                 $     2,161 $     2,539 $     4,381 $     5,187
Gross profit                      1,761       2,034       3,554       4,147
Operating Expenses:
  Research and development          678         784       1,359       1,492
  Selling, general &
   administrative                 1,046       1,141       2,125       2,123
                             ----------- ----------- ----------- ----------
Operating income                     37         109          70         532
Other income/(expense),net           (2)         (2)         (5)         (5)
                             ----------- ----------- ----------- ----------
Net income before provision
 for income taxes                    35         107          65         527
Provision for income taxes            -           -          (1)         (1)
                             ----------- ----------- ----------- ----------
Net income                  $        35 $       107 $        64 $       526
                             ==========  ==========  ==========  ==========

Basic and diluted net
 income per share           $      0.00 $      0.00 $      0.00 $      0.02
Weighted average shares
 outstanding - basic             22,799      22,799      22,799      22,799
Weighted average shares
 outstanding - diluted           23,829      23,167      23,789      24,699

                     AltiGen Communications, Inc.
                 Condensed Consolidated Balance Sheets
                        (Amounts in thousands)

                                     March 31, 2016 September 30, 2014
                                      (unaudited)        (audited)
                                    --------------- ------------------
Cash and cash equivalents           $         4,902 $            4,560
Accounts receivable, net                        329                403
Inventories                                     193                341
Other current assets                            158                 54
Net property and equipment                      113                126
Other long-term assets                           31                 31
                                    --------------- ------------------
Total Assets                        $         5,726 $            5,515
                                    =============== ==================

Current liabilities                 $         3,563 $            3,803
Long-term liabilities                           390                200
Stockholders' equity                          1,773              1,512
                                    --------------- ------------------
Total liabilities and stockholders'
 equity                             $         5,726 $            5,515
                                    =============== ==================

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