Company Posts Breakeven in 2Q17 ended December 31, 2016
Revenues increase to $769,821 in First Full Core-Business Operating Quarter
Atlas Begins Trading on the OTCQB Under the Symbol “ATLT”
Relocates Headquarters to Los Angeles to Capitalize on Rapidly Growing U.S. Market
CEO Sees Robust Revenue and Earnings Growth Throughout 2017 and Beyond
LOS ANGELES, Feb. 21, 2017 (GLOBE NEWSWIRE) -- Atlas Technology International, Inc. (OTCQB:ATLT), a rapidly growing designer, manufacturer and distributor of touchscreen devices, today reported financial results for its fiscal 2017 second quarter and first half ended December 31, 2016.
Atlas Technology’s co-founders bring extensive executive experience in the touchscreen technology business enabling a quick ramp up of operations and revenues. Atlas became a public company through its acquisition of a predecessor company, in a different industry with minimal operations, rendering year-over-year comps that were functionally irrelevant. As a result, its touchscreen business’ first quarter and first half of Fiscal Year 2017 were partial periods.
Atlas’s Second Quarter Fiscal 2017: Company Achieves Breakeven Results in First Full Quarter
Atlas reported $769,821 in revenues for its second quarter of Fiscal Year 2017 ended December 31, 2016. Sequentially, the Company reported $235,971 in touchscreen business revenues in its first fiscal quarter. Although the two quarters cannot be compared directly – adjusted monthly – the significant increase in revenues indicate increasing market demand and the beginning of a new era of growth and expansion.
For the second quarter ended December 31, 2016, Atlas incurred cost of goods of $549,400 for a $220,421 gross profit and 28.6% gross margin. With operating expenses of $220,367, the Company achieved near breakeven results on net income of approximately $4,366, or $0.00 per share.
Atlas Achieves Solid First-half Fiscal Year 2017 Financial Results
Atlas posted $1,005,792 in revenues for its first half of Fiscal Year 2017 ended December 31, 2016 – a period comprised of 19 weeks of operations.
For the first half of Fiscal Year 2017, Atlas incurred cost of goods of $718,291 resulting in $287,501 gross profit and 28.5% gross margin. With operating expenses of $389,997, the Company posted a net loss of $108,591, or approximately $0.00 per share. SG&A expenses recorded in the first fiscal quarter reflect approximately $141,901 associated with one-time corporate development and the related costs of becoming a public company.
Atlas’s CEO: ‘An Excellent Start’ and Sees Accelerating Growth in the Second Half of Fiscal Year 2017
Commenting on the Company’s first full quarter as a publicly traded, touchscreen operating company, Matthew Tsai, Chief Executive Officer, said, “We’re off to an excellent start, and hold high expectations for our performance in the second half of Fiscal Year 2017 ending June 30.
“In the past few months we have become a public company, built a solid corporate infrastructure and quickly ramped up customer orders, revenue and posted a modest profit for what we consider effectively breakeven net income. We have relocated our headquarters to Los Angeles to leverage the increasing demand and market acceptance of our technology from both the U.S. and Pacific Rim markets. We recently retained a high-powered IR firm that specializes in emerging growth companies to help build our shareholder base and communicate our progress to the media and investment community.
“Our second quarter results prove out the early value of the initial customer relationships that management brings with them to the Company. As more companies see that Atlas has the expertise, operating and financial strength to design and provide innovative, industry leading touchscreens for a growing variety of marquis branded consumer electronic products, we expect many more of these companies will migrate their business to Atlas. Accordingly, we anticipate robust financial results in the second half of Fiscal Year 2017. In the weeks, ahead, we plan to provide shareholders more specific guidance for the balance of the fiscal year,” Mr. Tsai concluded.
To be added to the Company’s investor lists, please contact Kevin Yamano at Investor Relations Partners at 818-280-6800 or via email at [email protected].
About Atlas Technology International Atlas Technology (OTCQB:ATLT) is a designer, manufacturer and distributer of touchscreen devices to consumer electronic producers all over the world. Their products power the interface to a wide array of smart devices including GPS systems, point of sale machines, hospitality and medical devices and small appliances. For further information on Atlas Technology, please visit their website at www.atlastechintl.com.
Forward-Looking Statements This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all of the matters and transactions considered by the Company may not proceed as contemplated, and by all other matters specified in the Company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission (www.sec.gov), including its recent periodic reports.
(Financial Tables Follow)
Atlas Technology International, Inc.
Consolidated Balance Sheets
December 31, 2016
June 30, 2016
(Unaudited)
ASSETS
Cash and cash equivalents
$
47,866
$
228
Accounts receivable, net
982,307
25
Prepaid expenses
7,684
29,753
Inventories
6,243
-
Other current assets
1,290
-
Total Current Assets
1,045,390
30,006
Total Assets
$
1,045,390
$
30,006
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable
$
724,747
$
8,610
Accrued liabilities and other payables
37,427
444
Convertible debt
19,667
-
Short term loans
37,773
-
Loans from related party
219,233
54,800
Total Current Liabilities
1,038,847
63,854
Total Liabilities
1,038,847
63,854
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock par value $0.00001: 100,000,000 shares authorized;
54,416,000 and 20,900,000 shares issued and outstanding
as of December 31, 2016, and June 30, 2016
544
209
Additional paid-in capital
204,530
55,883
Accumulated deficit
(198,531
)
(89,940
)
Total Stockholders' Equity
6,543
(33,848
)
Total Liabilities and Stockholders' Equity
$
1,045,390
$
30,006
Atlas Technology International, Inc.
Consolidated Statements of Operations and Comprehensive Income
