Xplore Technologies Reports Fiscal First Quarter 2017 Results

Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect Xplore’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Xplore with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Xplore does not intend and does not assume any obligation to update these forward-looking statements. 

 

XPLORE TECHNOLOGIES CORP.
Consolidated Balance Sheets
(in thousands)
 
   June 30,
2016

  March 31,
2016
         
ASSETS (unaudited) 
CURRENT ASSETS:        
Cash and cash equivalents $4,418  $5,594 
Accounts receivable, net  9,992   14,277 
Inventory, net  21,130   14,858 
Prepaid expenses and other current assets  375   800 
Total current assets  35,915   35,529 
Fixed assets, net  1,152   1,003 
Intangible assets, net  1,695   1,785 
Goodwill  15,159   14,872 
  $53,921  $53,189 
LIABILITIES AND STOCKHOLDERS’ EQUITY         
LIABILITIES:        
Short-term indebtedness with bank $6,124  $   
Accounts payable  7,741   9,611 
Accrued liabilities  1,975   3,409 
Deferred revenue and current warranty liabilities  4,255   4,413 
Total current liabilities   20,095   17,433 
Deferred revenue and non-current warranty liabilities    4,210       4,568  
Total liabilities     24,305       22,001  
Commitments and contingencies            
STOCKHOLDERS’ EQUITY:                
Preferred Stock, par value $0.001 per share; authorized 5,000; no shares issued            
Common Stock, par value $0.001 per share; authorized 15,000; shares issued 10,908 and 10,908, respectively     11       11  
Additional paid-in capital     171,313       171,138  
Accumulated deficit     (141,708 )     (139,961 )
      29,616       31,188  
    $ 53,921     $ 53,189  
                 

 

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