Ambient Corporation Reports Second Quarter Revenue of $16 Million
Increased Backlog to Approximately $68 Million
Newton, Mass., August 10, 2011 – Ambient Corporation (NASDAQ: AMBT), a leading provider of smart grid communications platforms and applications, announced today its financial results for the second quarter ended June 30, 2011.
Financial highlights for the second quarter of 2011 included:
• Record total revenue of approximately $16 million, representing a 250% increase from approximately $4.6 million for the comparable period in 2010
• Net income of approximately $2.5 million, or $0.14 per share on a fully diluted basis
• Cash from operating activities of approximately $5.9 million for the six months ended June 30, 2011
• Backlog of approximately $68 million, representing product shipments through the remainder of 2011 and into 2012
“We continue to achieve significant milestones, including our financial performance in the second quarter of 2011, and the recent listing of our common stock on the NASDAQ Capital Market, ” commented John J. Joyce, President and CEO of Ambient Corporation. “As we continue to successfully execute our growth plans, we believe that we are well positioned to benefit from a growing smart grid industry. It is especially encouraging to see the continued expansion of our customer deployments in Ohio and our strong overall performance.”
Summary Financial Performance
Total revenue for the three months ended June 30, 2011 was approximately $16 million, representing a 250% increase from approximately $4.6 million for the comparable period in 2010. The increase in total revenue was due to the substantial increase in sales volume.
Gross profit for the three months ended June 30, 2011 was approximately $6.8 million compared to approximately $1.9 million for the comparable period in 2010 and increased due mainly to increased sales volumes. Gross margin for the three months ended June 30, 2011 improved slightly to approximately 43% compared to approximately 42% for the comparable period in 2010. Gross margin improved primarily due to increased sales volumes, partially offset by slightly higher overhead costs associated with personnel recently added to accommodate expected future growth.
Net income for the three months ended June 30, 2011 was approximately $2.5 million, or $0.14 per share on a fully diluted basis, compared to a net loss of approximately $595,000, or $0.04 per share for the comparable period in 2010. The second quarter of 2011 represents the third consecutive quarter of profitability.
Cash provided by operating activities for the six months ended June 30, 2011 was approximately $5.9 million compared to cash used in operating activities of approximately $2.0 million for the comparable period in 2010.
A more detailed description of our business, results of operations and financial statements are contained in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 10, 2011.
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