Wednesday, communications solution provider AltiGen Communications Inc. (ATGN), reported a first quarter loss that widened from the year-ago period primarily due to higher operating expenses.
The Fremont, California-based company reported a first quarter net loss that widened to $1.28 million or $0.08 per share from $0.97 million or $0.06 per share in the corresponding quarter last year.
Net revenue for the first quarter of fiscal 2009 increased 14% to $4.86 million from $4.26 million in the prior-year similar period.
Gilbert Hu, AltiGen's CEO, stated, "We continue to make solid progress with our growth initiatives and are pleased to generate record revenue for the first quarter despite the challenging economy and what is typically a seasonally weaker quarter. We also achieved sequential growth in service plan revenue, which represented approximately 12% of total first quarter revenue. We ended the quarter with $2.1 million in deferred revenue, up from $1.7 million last quarter."
Gross margin improved to 60.9% from 56.5% in the year ago period.
The provider of VoIP business phone systems for small-to-medium businesses reported selling, general and administrative expenses of $3.06 million for the quarter compared to $2.58 million in the comparable period last year.
Research and development expenses for the quarter increased to $1.24 million from $0.92 million in the corresponding period last year.
The company also opined that its new enterprise level products continued to gain traction in the market and attract larger, more strategic customers and resellers.
In November 2008, the board authorized a one-year extension of the company's repurchase program of up to $2.0 million of shares of its common stock. Since inception of the program through December 31, 2008, AltiGen repurchased 242,000 shares of its common stock for approximately $375,000. The program is approved through November 2009.
AltiGen closed Wednesday's trading at $0.71, up $0.02 or 2.62% on a volume of 1,836 shares on the Nasdaq.
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