SALT LAKE CITY, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Control4 Corporation (Nasdaq:CTRL), a leading provider of automation and control solutions for the connected home, today announced financial results for its second quarter and first half ending June 30, 2013.
Revenue for the second quarter of 2013 was $32.5 million, compared with $27.6 million for the second quarter of 2012. Revenue for the first half of 2013 was $59.1 million, compared with $50.2 million for the first half of 2012.
Net income for the second quarter of 2013 was $973,000, or $0.05 per diluted share, compared with $519,000, or $0.03 per diluted share, in the second quarter of 2012. Net loss for the first half of 2013 was $498,000, or $0.20 per share, compared with net loss of $2.2 million, or $0.94 per share, in the first half of 2012.
Control4 recorded non-GAAP net income of $1.7 million in the second quarter of 2013, or $0.08 per diluted share, compared with $1.2 million, or $0.06 per diluted share, in the second quarter of 2012. Non-GAAP net income for the first half of 2013 was $1.0 million, or $0.05 per diluted share, compared with a Non-GAAP net loss of $791,000, or $0.34 per diluted share, in the first half of 2012. A reconciliation of GAAP to non-GAAP financial information is contained in the attached tables.
"This was a transformational quarter for Control4. We maintained a steadfast focus on our core business, highlighted by the introduction of our 4SightŪ Anywhere Access service, our new Wireless Music Bridge, and our next-generation smart lighting product line," said Martin Plaehn, chief executive officer of Control4. "We continued to execute on our strategies to bring home automation to mainstream homeowners and on August 1st we announced the pricing of our Initial Public Offering of 4.6 million shares of common stock at $16.00 per share."
Commenting on the Company's financial results, Dan Strong, chief financial officer of Control4, added, "Our 18% revenue growth in the second quarter is testament to the growing demand for our products and services. We are also pleased with the continued expansion of our gross margin percentage, evidenced by the 51% gross margin recorded in the second quarter."
For the third quarter of 2013, the Company expects revenue to be between $32.5 million and $34.5 million and expects net income to be between $1.2 million and $2.3 million, or between $0.05 to $0.10 per diluted share.
For the full year 2013, the Company expects revenue to be between $126 million and $130 million.
Non-GAAP Financial Measures