{"id":382612,"date":"2020-11-17T06:33:14","date_gmt":"2020-11-17T11:33:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382612"},"modified":"2020-11-17T06:33:14","modified_gmt":"2020-11-17T11:33:14","slug":"socket-mobile-takes-goodwill-impairment-charge-in-q3-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/socket-mobile-takes-goodwill-impairment-charge-in-q3-2020\/","title":{"rendered":"Socket Mobile Takes Goodwill Impairment Charge in Q3 2020"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n

\n

\n NEWARK, Calif.<\/span>, Nov. 17, 2020<\/span> \/PRNewswire\/ —\u00a0Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, announced today that it has completed the annual goodwill impairment test required by generally accepted accounting principles. As a result of the lower stock price from the beginning of 2020 through the annual goodwill measurement date of September 30<\/span>th<\/sup>, the Company concluded that an adjustment to its fair value was required. <\/p>\n

\n

\n
\n \"(PRNewsfoto\/Socket
\n <\/a>\n <\/p>\n<\/p><\/div>\n

The non-cash impairment charge totaled $4.4 million<\/span> and was recorded in the Company’s Q3 2020 results. The impairment charge does not affect the Company’s cash position, cash flow from operating activities, bank debt covenants, and does not have any impact on future operations. <\/p>\n

The revised financial tables reflecting the goodwill impairment can be found at the end of this press release. For detailed information, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020<\/span> at https:\/\/www.sec.gov\/Archives\/edgar\/data\/944075\/000094407520000048\/q3-2020.htm<\/a><\/p>\n

\n About Socket Mobile, Inc.
<\/b>Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless reader\/writers. Mobile Applications servicing the specialty retailer, field service, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Newark, Calif.<\/span> and can be reached at +1-510-933-3000 or www.socketmobile.com<\/a>.\u00a0Follow Socket Mobile on Facebook<\/a>, Twitter<\/a>\u00a0@socketmobile and on our sockettalk blog<\/a>.<\/p>\n

\n Socket Mobile Investor Contact:
<\/b>
\n Lynn Zhao<\/span>
\n
Chief Financial Officer
510-933-3016
lynn@socketmobile.com<\/a><\/u><\/i><\/p>\n

\n
\n Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
<\/i>
\n <\/b>
\n \u00a9 2020, Socket Mobile, Inc. All rights reserved.<\/b>\n <\/p>\n

— Revised financial tables to follow —<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Socket Mobile, Inc.<\/b>
\n <\/span>\n <\/p>\n

\n
\n Summary Statements of Operations (Unaudited)<\/b>
\n <\/span>\n <\/p>\n

\n
\n (<\/b>
\n Amounts in Thousands except per share amounts and percentages) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Three months ended Sept 30,<\/span>\n <\/p>\n<\/td>\n

\n

\n Nine months ended Sept 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a04,109<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a04,980<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a011,044<\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n

\n

\n $ \u00a014,668<\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,835<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,344<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,003<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,274<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,636<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,858<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,665<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Gross margin percent<\/span>\n <\/p>\n<\/td>\n

\n

\n 55.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Research & development<\/span>\n <\/p>\n

\n \u00a0<\/p>\n<\/td>\n

\n

\n 681<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,015<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,421<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,906<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales & marketing<\/span>\n <\/p>\n<\/td>\n

\n

\n 658<\/span>\n <\/p>\n<\/td>\n

\n

\n 785<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,148<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,312<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General & administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 486<\/span>\n <\/p>\n<\/td>\n

\n

\n 707<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,741<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,053<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill impairment charges<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,427<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,427<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Total operating expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,252<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,507<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,737<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,271<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,978)<\/span>\n <\/p>\n<\/td>\n

\n

\n 129<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,879)<\/span>\n <\/p>\n<\/td>\n

\n

\n 394<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n

\n

\n 70<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income (expense), net<\/span>\n <\/p>\n<\/td>\n

\n

\n (24)<\/span>\n <\/p>\n<\/td>\n

\n

\n (25)<\/span>\n <\/p>\n<\/td>\n

\n

\n (51)<\/span>\n <\/p>\n<\/td>\n

\n

\n (83)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

\n

\n (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (10)<\/span>\n <\/p>\n<\/td>\n

\n

\n (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (85)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0 $ (4,003)*<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a094<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0$\u00a0 (4,861)*<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0226<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) per share:\u00a0 <\/span>\n <\/p>\n

\n \u00a0 Basic<\/span>\n <\/p>\n

\n \u00a0 Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0<\/p>\n

\n $ (0.62)*<\/span>\n <\/p>\n

\n $ (0.62)*<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0<\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 $ 0.02<\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 \u00a0$ 0.01<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0\u00a0 <\/span>\n <\/p>\n

\n \u00a0$ (0.76)* <\/span>\n <\/p>\n

\n \u00a0\u00a0$ (0.76)*<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0\u00a0 <\/span>\n <\/p>\n

\n $ 0.04<\/span>\n <\/p>\n

\n \u00a0$ 0.04<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Weighted average shares outstanding:<\/span>\n <\/p>\n

\n \u00a0 Basic<\/span>\n <\/p>\n

\n \u00a0 Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0<\/p>\n

\n 6,038<\/span>\n <\/p>\n

\n 6,038<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0<\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 \u00a05,999<\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 \u00a06,317<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0\u00a0 <\/span>\n <\/p>\n

\n \u00a0 6,020<\/span>\n <\/p>\n

\n \u00a0\u00a06,020<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0 \u00a0\u00a0<\/span>\n <\/p>\n

\n \u00a05,980<\/span>\n <\/p>\n

\n \u00a06,237<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n *Included goodwill impairment adjustment of $4.43 million recorded as of September 30, 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Socket Mobile, Inc.<\/b>
\n <\/span>\n <\/p>\n

\n
\n Condensed Summary Balance Sheets<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Amounts in Thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n \u00a0September 30,
2020<\/span>\n <\/p>\n<\/td>\n

\n

\n December 31,
2019**<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 1,775<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 959<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accounts receivable, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,359<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,837<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Inventories, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,362<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,179<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred cost on shipments to distributors<\/span>\n <\/p>\n<\/td>\n

\n

\n 179<\/span>\n <\/p>\n<\/td>\n

\n

\n 234<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 317<\/span>\n <\/p>\n<\/td>\n

\n

\n 312<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Property and equipment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 835<\/span>\n <\/p>\n<\/td>\n

\n

\n 864<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,427<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred tax assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,507<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,507<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating leases right-of-use assets<\/span>\n <\/p>\n

\n \u00a0<\/p>\n<\/td>\n

\n

\n 704<\/span>\n <\/p>\n<\/td>\n

\n

\n 937<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other long-term assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 170<\/span>\n <\/p>\n<\/td>\n

\n

\n 202<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0 $ \u00a0\u00a015,208*<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a019,458<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accounts payable and accrued liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 2,417<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a02,651<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bank line of credit<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,413<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Notes payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,059<\/span>\n <\/p>\n<\/td>\n

\n

\n 333<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Subordinated convertible notes payable, net of discount<\/span>\n <\/p>\n<\/td>\n

\n

\n 168<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Subordinated convertible notes payable, net of discount-related party<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,265<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred revenue on shipments to distributors<\/span>\n <\/p>\n<\/td>\n

\n

\n 557<\/span>\n <\/p>\n<\/td>\n

\n

\n 611<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred service revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 55<\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n

\n

\n 74<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating lease liabilities<\/span>\n <\/p>\n

\n \u00a0<\/p>\n<\/td>\n

\n

\n 855<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,134<\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n —<\/span>\n <\/p>\n<\/td>\n

\n

\n 8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,376<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,224<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common stock<\/span>\n <\/p>\n

\n \u00a0<\/p>\n<\/td>\n

\n

\n 61,532<\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n

\n

\n 61,073<\/span>\n <\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n Accumulated deficit<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0\u00a0 (52,700)*<\/span>\n <\/p>\n<\/td>\n

\n

\n (47,839)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total equity<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a08,832*<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,234<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total liabilities and equity<\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0$\u00a0\u00a0 15,208*<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 19,458<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n

\n *Included goodwill impairment adjustment of $4.43 million recorded as of September 30, 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n **Derived from audited financial statements.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/socket-mobile-takes-goodwill-impairment-charge-in-q3-2020-301174223.html<\/a><\/p>\n

SOURCE Socket Mobile, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire NEWARK, Calif., Nov. 17, 2020 \/PRNewswire\/ —\u00a0Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, announced today that it has completed the annual goodwill impairment test required by generally accepted accounting principles. As a result of the lower stock price from the beginning of 2020 through the annual goodwill measurement date of September 30th, the Company concluded that an adjustment to its fair value was required. The non-cash impairment charge totaled $4.4 million and was recorded in the Company’s Q3 2020 results. The impairment charge does not affect the Company’s cash position, cash flow from operating activities, bank debt covenants, and does not have any impact on future operations. The … <\/p>\n

Continue reading “Socket Mobile Takes Goodwill Impairment Charge in Q3 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-382612","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSocket Mobile Takes Goodwill Impairment Charge in Q3 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/socket-mobile-takes-goodwill-impairment-charge-in-q3-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Socket Mobile Takes Goodwill Impairment Charge in Q3 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEWARK, Calif., Nov. 17, 2020 \/PRNewswire\/ —\u00a0Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, announced today that it has completed the annual goodwill impairment test required by generally accepted accounting principles. As a result of the lower stock price from the beginning of 2020 through the annual goodwill measurement date of September 30th, the Company concluded that an adjustment to its fair value was required. The non-cash impairment charge totaled $4.4 million and was recorded in the Company’s Q3 2020 results. The impairment charge does not affect the Company’s cash position, cash flow from operating activities, bank debt covenants, and does not have any impact on future operations. 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