Lantronix Narrows Q1 LossFriday, November 2, 2012
Irvine-based networking equipment maker Lantronix Inc. posted a narrowed fiscal first-quarter loss of $430,000 through September.
That compared with $1.4 million in red ink a year earlier.
The company posted an adjusted profit of $48,000 compared to a loss of $697,000 a year ago. Analysts on average had expected an adjusted loss of $727,000 in the latest quarter.
Quarterly revenue was roughly flat with a year earlier at $11.2 million.
Lantronix makes electronic devices and software that allow secure online communication with medical equipment, security devices, smart phones, motor vehicles, meters and thermostats, retail terminals and ATMs.
The company is in the midst of a turnaround effort under Chief Executive Kurt Busch, who set out to cut costs, lower inventory, identify growth opportunities and raise capital in his first year at the helm.
He recently crafted a second-year game plan with an eye toward driving future revenue.
In the recently ended quarter Lantronix launched a premier partner program to boost sales for vendors, distributors and system integrators; hired industry veteran Lei Zhong to lead sales in the Asia Pacific region; and inked a distribution deal for its xPrintServer product line at Fry’s Electronics Mega Stores.
The external print server, compatible with Apple devices, supports thousands of printers from brands such as HP, Brother, Epson, Canon, Dell and Xerox.
Lantronix announced a deal on Wednesday with the European division of Santa Ana-base Ingram Micro Inc., the world’s largest technology distributor.
The company today began shipping a server geared for small businesses that connects devices and machines to workplace applications and a software package that allows information technology managers to integrate and manage equipment remotely.
The new product road map is pegged to quadruple the company’s addressable market to $2.8 billion, according to Busch.
Lantronix shares were up about 10% in midday trading Friday for a market value of $25 million.
The company has undergone a restructuring and battled executive and board shake-ups in the last year as it struggled for profitability.