/EINPresswire.com/ -- SAN JOSE, CA -- (Marketwired) -- 07/20/16 -- AltiGen Communications, Inc. (OTCQX: ATGN), a leading provider of premise and cloud-based IP-PBX and Contact Center solutions, announced today its third quarter ended June 30, 2016 financial results.

Third Quarter Fiscal Year 2016 Results
Revenue for the third quarter of fiscal year 2016 was $2.0 million, in comparison to $2.2 million for the third quarter of fiscal year 2016. GAAP net loss for the third quarter of fiscal 2016 was $430,000, or $0.02 per share, compared with GAAP net loss of $91,000, or $0.00 per share, for the comparable period of the prior year. Non-GAAP net loss for the third quarter of fiscal year 2016 was $366,000, or $0.02 per share, compared with non-GAAP net income of $112,000, or $0.00 per diluted share for the third quarter of fiscal year 2015. Gross margin in the third quarter of fiscal 2016 was 81.6%, compared to 79.9% in the same period in 2015. Operating expenses for the third quarter of fiscal 2016 totaled $2.1 million, compared to $1.9 million during the same period a year ago.

Nine Month Fiscal Year 2016 Results
For the nine months of fiscal year 2016, revenue was $6.4 million, compared to $7.4 million during the same period in fiscal 2015. GAAP net loss for the nine months ended June 30, 2016 was $366,000, or $0.02 per share, compared with GAAP net income of $435,000, or $0.02 per diluted share in the prior year period. Non-GAAP net loss for the nine months of fiscal year 2016 was $105,000, or $0.00 per share, compared with non-GAAP net income of $909,000, or $0.04 per diluted share during the same period a year ago. Gross margin was 81.3% for the nine months of fiscal 2016, compared to 79.9% in the same period in 2015. Operating expenses for the nine months of fiscal year 2016 totaled $5.6 million, compared to $5.5 million in the comparable period last year.

Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash was $4.5 million for the third quarter of fiscal 2016 and working capital was $1.6 million.

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 #13640817. 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)

                                  Third Quarter Ended    Nine Months Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                  FY 2016    FY 2015    FY 2016    FY 2015
                                 ---------  ---------  ---------  ---------
Net Revenue                      $   2,042  $   2,224  $   6,423  $   7,411
Gross profit                         1,667      1,778      5,221      5,925
Operating Expenses:
  Research and development             771        760      2,130      2,252
  Selling, general &
   administrative                    1,331      1,107      3,456      3,230
                                 ---------  ---------  ---------  ---------
Operating income                      (435)       (89)      (365)       443
Other income/(expense), net             (2)        (2)        (7)        (7)
                                 ---------  ---------  ---------  ---------
Net income before provision for
 income taxes                         (437)       (91)      (372)       436
Provision for income taxes               7          -          6          1
                                 ---------  ---------  ---------  ---------
Net income                       $    (430) $     (91) $    (366) $     435
                                 =========  =========  =========  =========

Basic and diluted net income per
 share                           $   (0.02) $   (0.00) $   (0.00) $    0.02
Weighted average shares
 outstanding - basic                22,799     22,799     22,799     22,799
Weighted average shares
 outstanding - diluted              22,799     22,799     22,799     23,849


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

                                                    June 30,   September 30,
                                                      2016         2015
                                                  (unaudited)    (audited)
                                                 ------------- -------------
Cash and cash equivalents                        $       4,528 $       4,560
Accounts receivable, net                                   418           403
Inventories                                                 77           341
Other current assets                                       198            54
Net property and equipment                                 100           126
Other long-term assets                                      31            31
                                                 ------------- -------------
Total Assets                                     $       5,352 $       5,515
                                                 ============= =============

Current liabilities                              $       3,582 $       3,803
Long-term liabilities                                      363           200
Stockholders' equity                                     1,407         1,512
                                                 ------------- -------------
Total liabilities and stockholders' equity       $       5,352 $       5,515
                                                 ============= =============

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