MILPITAS, CA — (Marketwired) — 06/10/13 — AmbiCom Holdings, Inc. (OTCQB: ABHI), a leading designer and developer of wireless products for the medical and automotive industries, and a distributor of innovative healthcare products, today announced for its fiscal third quarter ending April 30, 2013, the Company reported revenue of $698,570 with net income of $86,595 or $0.008 per share. This compared to revenue for the same period in 2012 of $458,040 and net income of $18,870 or $0.003 per share. For the six months ended April 30, 2013, revenues were $2,331,492 with net income of $387,537 or $0.037per share, compared to revenues of $1,065,801 and a net loss of $513,338 or $0.075 per share for the same period one year ago. The significant increase in revenue — 53% for the three month period year over year and 119% for the six months year over year — continues to be the result of increased demand by customers for some of the company-s newer wireless cards that are being introduced. The company expects revenue from this newer product to continue to increase along with growth from other products being introduced such as the Company-s soon-to-be-introduced SDIO card, as well as continued growth from wireless home medical devices for the retail market, including the company-s solar ionic toothbrushes.
Gross profit for the quarter increased by 30% from $296,454 in the three months ended April 30, 2012 to $386,362 for the three months ended April 30, 2013. For the nine month period the gross profit increase was 97% ($1,261,180 for 2013 vs. $640,506for 2012). The increase in gross profit matched the increase in revenue and cost of sales.
Cash and cash equivalents were $688,301 and $249,327 at April 30, 2013 and July 31, 2012, respectively. The company-s working capital increased to $384,787 at April 30, 2013, compared to a negative working capital of $34,483 at July 31, 2012, an increase of $419,270. The company also reported that total current assets increased 30% to $950,533 at April 30, 2013 from $758,751 at July 31, 2012, while current liabilities decreased by 33% to $528,361 at April 30, 2013 from $793,234 at July 31, 2012.
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on Wi-Fi and Bluetooth® applications for the wireless medical, healthcare and automotive industries. AmbiCom purchases standard wireless products and designs and develops features and packaging to customize these products to its target OEM markets, including a new SDIO card to be sold to its OEM customers. AmbiCom believes there are unique opportunities as a result of the sheer size of the wireless healthcare market and the Company-s innovative approach and exemplary customer services. AmbiCom also designs and develops wireless home medical devices for non-health care applications for the retail market that are expected to be introduced during the next fiscal year, including solar toothbrushes that in general utilize LED light technology. The Company also expects to continue to expand on its non-recurring engineering projects. For more information, visit .
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited to our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one of more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact:
Beverly Jedynak
Martin E. Janis & Company, Inc.
312-943-1123
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