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Interphase Announces Third Quarter 2013 Financial Results



  Interphase Announces Third Quarter 2013 Financial Results

Business Wire

PLANO, Texas -- October 24, 2013

Interphase Corporation (NASDAQ: INPH), a diversified information and
communications technology company, today reported financial results for its
third quarter ended September 30, 2013.

Revenues for the third quarter of 2013 were $4.2 million, an increase of 32%
when compared to revenues from the third quarter of 2012 of $3.2 million. On a
sequential basis, revenues increased 9% when compared to revenues from the
second quarter of 2013 of $3.8 million. Revenues in the quarter were primarily
derived from telecommunications and enterprise product revenues, which
increased 48% to $3.1 million in the third quarter of 2013 compared to $2.1
million for the third quarter of 2012. Services revenues remained flat at $1.0
million for both the third quarter of 2013 and 2012. Gross margin was 48% for
the third quarter of 2013 compared to 46% for the third quarter of 2012. The
increase in gross margin percentage was primarily due to the increased
utilization of our manufacturing facility partially offset by a revenue mix
shift toward lower margin products and services. The Company reported a net
income of $76,000, or $0.01 per fully diluted share in the third quarter of
2013 compared to a net loss of $541,000, or ($0.08) per share in the third
quarter of 2012.

“We are pleased with our return to profitability and our second consecutive
quarter of both sequential and year-over-year revenue growth,” said Gregory B.
Kalush, CEO and President of Interphase. “The growth in our telecommunications
business this quarter, coupled with the emergence of our services business to
revenue levels of over $1 million, has allowed us to return to a profitable
level of business. Our progress on penveu^® has been steady. We are not in a
position to announce the general availability of the product; however, the
improvements that we are making to the systems should position us for a solid
product rollout in the near future. We remain very excited about the prospects
that this product will have in the marketplace.”

For the first nine months of 2013, revenues increased to $11.3 million,
compared to $10.7 million for the first nine months of 2012. Gross margin
decreased to 41% for the nine months ended September 30, 2013, compared to 46%
for the same period in 2012. The Company reported a net loss of $2.2 million,
or ($0.32) per share for the first nine months of 2013 compared to a net loss
for the first nine months of 2012 of $2.6 million, or ($0.37) per share. On
September 30, 2013, the Company’s working capital position was $9.9 million,
including cash and marketable securities of $6.8 million.

About Interphase

Interphase Corporation (NASDAQ: INPH) is a diversified information and
communications technology company, committed to innovation through the process
of identifying, developing and introducing new products and services. The
Company provides its customers solutions for connectivity, interworking and
packet processing. Clients of the Company’s communications networking products
include Alcatel-Lucent, Fujitsu Ltd., Genband, Hewlett Packard, Oracle, and
Samsung.

The Company also offers engineering design and manufacturing services to
customers from a wide variety of industries within the electronics market.

Interphase recently expanded its business to include penveu^®, a handheld
device that adds interactivity to the installed base of projectors and large
screen displays, making any flat surface, from pull down screens to HDTVs, an
interactive display system. penveu is an affordable and portable solution that
targets the education and enterprise markets.

The Company, founded in 1974, is headquartered in Plano, Texas, with
manufacturing facilities in Carrollton, Texas, and sales offices in the United
States and Europe. For more information, please visit our websites at
www.iphase.com and www.penveu.com.

Forward-Looking Statements

This press release contains forward-looking statements about the business,
financial condition and prospects of the Company. These statements are made
under the “safe harbor” provisions of the Private Securities Litigation Reform
Act of 1995. The actual results of the Company could differ materially from
those indicated by the forward-looking statements because of various risks and
uncertainties, including (without limitation) effects of the ongoing issues in
global credit and financial markets, our reliance on a limited number of
customers, the lack of spending improvements in the telecommunications and
computer networking industries, significant changes in product demand, the
development and introduction of new products and services, changes in
competition, various inventory risks due to changes in market conditions and
other risks and uncertainties indicated in Item 1A of the Company’s Annual
Report on Form 10-K and in the Company’s other filings and reports with the
Securities and Exchange Commission. All of the foregoing risks and
uncertainties are beyond the ability of the Company to control, and in many
cases, the Company cannot predict the risks and uncertainties that could cause
its actual results to differ materially from those indicated by the
forward-looking statements. When used in this press release, the words
“believes,” “plans,” “expects,” “will,” “intends,” and “anticipates” and
similar expressions as they relate to the Company or its management are
intended to identify forward-looking statements.

Interphase, the Interphase logo, and penveu are trademarks or registered
trademarks of Interphase Corporation. All other trademarks are the property of
their respective owners.

Condensed Consolidated Financial Statements

 
Interphase Corporation
                                                                  
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
                                                                     
                     Three Months Ended Sept.      Nine Months Ended Sept. 30,
                     30,
                     2013         2012             2013             2012
Revenues             $  4,168     $  3,167         $  11,266        $ 10,651
Gross margin            1,985        1,464            4,650           4,890
Research and            622          690              2,309           2,476
development
Sales and               614          658              2,022           2,700
marketing
General and             660          648              2,239           2,319
administrative
Restructuring           -            -                (67     )       -       
benefit
Total operating         1,896        1,996            6,503           7,495
expenses
Income (loss) from      89           (532   )         (1,853  )       (2,605 )
operations
Income (loss)           89           (532   )         (2,196  )       (2,592 )
before income tax
Net income (loss)       76           (541   )         (2,229  )       (2,592 )
Net income (loss)    $  0.01      $  (0.08  )      $  (0.32   )     $ (0.37  )
per diluted share
Weighted average
common and              7,238        7,000            7,005           6,965
dilutive shares

 
 
Selected Consolidated Balance Sheet Information
(amounts in thousands)
                                                      
                                    Sept. 30, 2013     Dec. 31, 2012
Cash and marketable securities      $    6,845         $    8,803
Accounts receivable, net                 3,395              2,781
Inventories                              3,167              2,219
Net property, plant and equipment        265                334
Total assets                             15,119             15,178
Total liabilities                        7,768              6,125
Total shareholders' equity          $    7,351         $    9,053

Contact:

Interphase Corporation
Media Contact:
Lisa Bascom, 214-654-5000
pr@iphase.com
or
Investor Contact:
Joseph Hassett, 866-630-INPH
ir@iphase.com
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