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SAN DIEGO, CA–(Marketwire – May 13, 2011) – Franklin Wireless Corp. (OTCBB: FKWL), the
market leader in dual-mode WiMAX and CDMA modems for 3G and 4G wireless
broadband data communications, today announced financial results for the
third quarter of fiscal year 2011 ended March 31, 2011.
The Company reported net sales of $9.4 million for the quarter, compared
with $31.6 million in net sales for the corresponding period of 2010. Gross
margin improved to 29.7% from 13.5%, and despite the decrease in revenue,
net income rose to $1.5 million for the three month period ending March 31,
2011, compared with $1.3 million for the same period in 2010, which
represents a 13% increase year-over-year. The improved gross margin and
net income were driven primarily by an increase in the proportion of FTI
supplied products (vs. third party suppliers), which consisted of the
Company’s U600 and U210 USB modems. On a fiscal year-to-date basis, net
income more than doubled to $4.7 million from $2.3 million for the same
period last fiscal year.
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