Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect Xplore’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Xplore with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Xplore does not intend and does not assume any obligation to update these forward-looking statements.
| XPLORE TECHNOLOGIES CORP. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
|
June 30,
2016 |
March 31,
2016 | |||||||
| ASSETS | (unaudited) | |||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 4,418 | $ | 5,594 | ||||
| Accounts receivable, net | 9,992 | 14,277 | ||||||
| Inventory, net | 21,130 | 14,858 | ||||||
| Prepaid expenses and other current assets | 375 | 800 | ||||||
| Total current assets | 35,915 | 35,529 | ||||||
| Fixed assets, net | 1,152 | 1,003 | ||||||
| Intangible assets, net | 1,695 | 1,785 | ||||||
| Goodwill | 15,159 | 14,872 | ||||||
| $ | 53,921 | $ | 53,189 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| LIABILITIES: | ||||||||
| Short-term indebtedness with bank | $ | 6,124 | $ | — | ||||
| Accounts payable | 7,741 | 9,611 | ||||||
| Accrued liabilities | 1,975 | 3,409 | ||||||
| Deferred revenue and current warranty liabilities | 4,255 | 4,413 | ||||||
| Total current liabilities | 20,095 | 17,433 | ||||||
| Deferred revenue and non-current warranty liabilities | 4,210 | 4,568 | ||||||
| Total liabilities | 24,305 | 22,001 | ||||||
| Commitments and contingencies | — | — | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Preferred Stock, par value $0.001 per share; authorized 5,000; no shares issued | — | — | ||||||
| Common Stock, par value $0.001 per share; authorized 15,000; shares issued 10,908 and 10,908, respectively | 11 | 11 | ||||||
| Additional paid-in capital | 171,313 | 171,138 | ||||||
| Accumulated deficit | (141,708 | ) | (139,961 | ) | ||||
| 29,616 | 31,188 | |||||||
| $ | 53,921 | $ | 53,189 | |||||
