SAN DIEGO, May 17 /PRNewswire-FirstCall/ — Franklin Wireless Corp. (OTC Bulletin Board:FKWL.ob – News), the market leader in dual-mode WiMAX and CDMA modems for 3G and 4G wireless broadband data communications, announced record revenue and net income for the third quarter of fiscal 2010 ended March 31, 2010, driven by strong demand for the company’s dual-mode USB modems.
The company reported a sales increase of 854% to $31.6 million for the quarter ending March 31, 2010, compared with $3.3 million in sales for the corresponding period of 2009. Net income increased to $1.3 million for the three month period ending March 31, 2010, compared with $64,863 for the same period in 2009. Cash and cash equivalents were $9.1 million at the end of the third quarter fiscal 2010, compared to $5.2 million at the end of the second quarter of fiscal 2010 and $6.3 million a year ago.
For the nine months ending March 31, 2010, sales increased 336% to $61.9 million compared to $14.2 for the corresponding period for 2009.
“We are pleased that our market leadership position continues to drive strong financial results,” said OC Kim, president of Franklin Wireless. “Our record performance for the fiscal third quarter demonstrates that we are successfully meeting our customers’ growing demand for high-speed dual-mode wireless data devices that are both cost effective and easy to use.”
The company’s 10-Q filing for the three-month period ending March 31, 2010 is on file with the SEC (http://www.sec.gov/).
About Franklin Wireless
Franklin Wireless Corp. (OTC:FKWL.OB.ob – News) is engaged in the design, manufacture and sale of high speed wireless data products including third generation (“3G”) and fourth generation (‘4G”) modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. We were the world’s first supplier of both CDMA EVDO Rev A and dual-mode (CDMA EVDO Rev A/WiMAX) Universal Serial Bus (USB) modems. Franklin’s other products include Wi-Fi “hotspot” routers (which operate over WiMAX or CDMA networks) and wireless modules that are generally sold to original equipment manufacturers (OEMs). Our company’s primary customers are wireless carriers who seek innovative, reliable and cost effective technology solutions for their subscribers. Our customer base extends from the United States to South America and the Caribbean.
Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Diffon Corporation, a research and development facility located in Seoul, South Korea. Diffon provides design, development and manufacturing services to Franklin for its wireless data products. For additional information, please visit http://www.franklinwireless.com/. .
Safe Harbor Statement:
Certain statements in this press release constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Lora Friedrichsen or Kate Mossbarger
Global Results Comms (GRC)
+1 949 608 0276