LOS ANGELES, March 20, 2017 (GLOBE NEWSWIRE) -- Atlas Technology International, Inc. (ATLT), a rapidly growing designer, manufacturer and distributor of touchscreen devices, today announced that it expects significant sequential and year-over-year ...
LOS ANGELES, March 20, 2017 (GLOBE NEWSWIRE) -- Atlas Technology International, Inc. (OTCQB:ATLT), a rapidly growing designer, manufacturer and distributor of touchscreen devices, today announced that it expects significant sequential and year-over-year gains for its third fiscal quarter ended, March 31, 2017.
"Our third quarter continues to be on the record pace set in the first half of our current fiscal year," said Matthew Tsai, Chief Executive Officer of Atlas Technology International, Inc.Â "Demand for our existing and new touch screen product lines continue to increase faster than anticipated, which should enable us to book more revenues in just one quarter than the entire first half of fiscal 2017."
Revenues in the third quarter of fiscal 2017 are expected to be in the range of $1.0 to $1.2 million, an increase of between 30%-56% on a sequential basis compared to revenues of $769,821 in the Company's second fiscal quarter ended December 31, 2016.
Gross margins are expected to improve slightly towards approximately 29% as the Company expects to see continued gains in earnings due primarily to an expanded client base, new international revenue channels as well as overall economies of scale.
Net income is expected to increase sharply, rising over 10-fold on a sequential basis to a range of between $90,000-$100,000.Â In the second quarter, the Company posted a profit of $4,346 compared with a loss of $112,957 in the first quarter.
"Our senior management team brings extensive executive and technical experience from the touchscreen technology industry, enabling a quick ramp-up of operations, a blue-chip client base and profitability," noted Mr. Tsai. "With touchscreen technology increasingly becoming somewhat of a commodity, our affordable pricing, intellectual property and innovative product construction continues to set us apart from our competitors.Â Our team is focusing on better, smarter materials, easier integrations into any device and achieving new technological breakthroughs.Â Our efforts benefit our clients directly by providing more dependable and flexible solutions in the design phase.
"We believe the recent move of our corporate headquarters to Los Angeles and increase in personnel, particularly in sales and marketing, will help accelerate our growth going forward, particularly as we look to further expand our presence across the United States, one of the largest and growing markets for touchscreen technology in the world. With a strong balance sheet, growing earnings and leading edge technology, we strongly believe we are about to enter into an entire new era of growth and expansion, all of which has been supported largely by our dedicated employees, loyal client base and supportive shareholder base," concluded Mr. Tsai.
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About Atlas Technology International, Inc.
Atlas Technology International, Inc. (OTCQB:ATLT) is a designer, manufacturer and distributor of touchscreen devices to consumer electronic producers all over the world.Â 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.Â For further information on Atlas Technology International, please our website atÂ www.atlastechintl.com.Â
(This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Atlas Technology International, Inc. has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect Atlas Technology International's current beliefs and are based on information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause Atlas Technology International's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Atlas Technology International undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements.)
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Source: Atlas Technology International, Inc.
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