AmbiCom Holdings, Inc. (OTC: ABHI) said that for its fiscal year ended July 31, 2013, total revenues increased 120%, from USD1,502,676 to USD3,300,472, due to increased demand for its wireless solutions, as the market transitions from traditional wired solution to wireless connectivity.
Gross profit increased by 96%, from USD896,777 to USD1,753,418, due to the increase in overall revenues. While gross margins decreased from 59.7% to 53.1%, these levels will vary based on outsourcing costs, product mix, and its transition into retail. Operating expenses decreased 16% due to lower R&D, public relations, and other fees.
Net income increased from a net loss of USD595,700 to a net income of USD530,013 due to revenue growth that outpaced growth in expenses. Management expects to remain profitable in FY2014 as it continues to cost-effectively grow the business and enhance long-term shareholder value.
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on Wi-Fi and Bluetooth applications for the wireless medical, healthcare and automotive industries. For more information, visit www.ambicom.com.