U.S. Markets closed

Franklin Wireless Announces Third Quarter Fiscal 2013 Financial Results

SAN DIEGO, CA--(Marketwired - May 15, 2013) - Franklin Wireless Corp. ( OTCQB : FKWL ), the market leader in multi-mode wireless modems for 3G and 4G broadband data communications, today announced financial results for the third quarter of fiscal year 2013 ended March 31, 2013.

The Company reported net sales of $6.5 million for the quarter, compared with $2.6 million in net sales for the corresponding period of 2012. In addition, the Company reported a net loss of approximately $54,000, or $0.01 per basic and diluted share, compared with a net loss of approximately $635,000, or $0.05 per basic and diluted share, for the same quarter last year. 

For the nine months ending March 31, 2013, net sales increased 186% to $25.0 million compared to $8.8 million for the corresponding period for 2012. The company reported a net loss for the nine months ending March 31, 2013 of approximately $32,000 compared with a net loss of approximately $1.6 million for the corresponding period for 2012. 

The increase in net sales for the three and nine months ended March 31, 2013 was due to several factors including the market release of new products in the US and the South American and Caribbean regions as well as the addition of new customers in the US.

"During fiscal 2013, we have experienced solid year-over-year increases in revenue for our third quarter and year-to-date periods, which were driven by our growing product portfolio as well as the addition of new customers," said OC Kim, president of Franklin Wireless. "I am pleased that our balance sheet remains strong and includes $10.7 million in cash, which is up from $9.4 million as of the end of fiscal 2012 and that our shares outstanding have been significantly reduced as a result of our 1.5 million share repurchase completed earlier in the fiscal year."

The Company's 10-Q filing for the three month period ending March 31, 2013 is on file with the SEC (www.sec.gov).

About Franklin Wireless

Franklin Wireless Corp. ( OTCQB : FKWL ) is engaged in the design, manufacture and sale of high speed wireless data products including third generation ("3G") and fourth generation ("4G") modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. For additional information, please visit www.franklinwireless.com.

Safe Harbor Statement:

Certain statements in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.