Busch continued: "While we would have preferred a stronger finish in the last quarter of fiscal 2013, we believe that the underlying trends we see developing with our new products will position the Company for future revenue growth. During fiscal 2014, our primary focus continues to be on investing our resources to accelerate revenue growth, while maintaining financial discipline."
Financial Results for the Fiscal Year Ended June 30, 2013
Net revenue was $46.7 million for the fiscal year ended June 30, 2013, an increase of $1.3 million or 3 percent, compared to $45.4 million for the fiscal year ended June 30, 2012.
Gross profit as a percentage of net revenue ("gross margin") was 47.4% for the fiscal year ended June 30, 2013, compared to 48.8% for the fiscal year ended June 30, 2012. The decline in gross margin was primarily due to an increase in expedited freight costs and an increase in new product sales, which have lower gross margins that typically improve when they reach production volumes.
Operating expenses were $24.7 million for the fiscal year ended June 30, 2013 compared to $24.9 million for the fiscal year ended June 30, 2012.
GAAP net loss for the fiscal year ended June 30, 2013 was ($2.8) million, or ($0.19) per share, compared to a GAAP net loss of ($3.0) million, or ($0.27) per share for the fiscal year ended June 30, 2012.
Non-GAAP net loss for the fiscal year ended June 30, 2013 was ($935,000), or ($0.06) per share compared to non-GAAP net loss of $(504,000) or $(0.04) per share for the fiscal year ended June 30, 2012. For additional information regarding our Non-GAAP results, see "Discussion of Non-GAAP Financial Measures" below.
Cash and cash equivalents as of June 30, 2013 were $5.2 million, a decrease of $6.2 million, compared to $11.4 million as of June 30, 2012. A significant use of cash was related to a $2.8 million increase in inventories to support new product releases and forecasted changes in customer demand. In addition, cash was used as follows: (i) $866,000 for investments in capital assets to support product development and manufacturing; (ii) $814,000 related to cash losses from operations; (iii) $693,000 related to a decrease in accounts payable; and (iv) $667,000 for scheduled payments on the Company's term loan, which is expected to be completely paid off in September of 2013.
Financial Results for the Fourth Quarter of Fiscal 2013
Net revenue was $11.1 million for the fourth quarter of fiscal 2013, a decrease of $485,000 compared to $11.6 million for the fourth quarter of fiscal 2012 and a decrease of $1.1 million, compared to $12.2 million for the third quarter of fiscal 2013. The year-over-year decline in net revenue was primarily due to decreases in unit sales for some of the Company's mature products, which was partially offset by growth in new product sales. The sequential decrease in net revenue was primarily due to the fact that the Company's revenue in the third quarter of fiscal 2013 benefited from three significant transactions that did not recur during the fourth quarter of fiscal 2013. To a lesser extent, the Company experienced a decrease in xPrintServer revenue as the third quarter of fiscal 2013 benefited from sales and marketing momentum related to the release of the xPrintServer Office Edition.