XPLORE TECHNOLOGIES CORP - FORM 8-K - EX-99.1 - February 2, 2017

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Exhibit 99.1
 
Xplore Technologies Reports Profitable Fiscal Third Quarter 2017
Revenue Increases 22% Sequentially, $0.2 Million GAAP Net Income, $5.7 Million Positive Cash Flow
Strong Backlog at $5.6 Million

AUSTIN, Texas – February 2, 2017 – Xplore Technologies Corp. (NASDAQ: XPLR), a global leader in rugged computing, today reported results for its fiscal 2017 third quarter ended December 31, 2016.

Fiscal Third Quarter and Recent Highlights:
·
Reported revenue of $24.5 million, reflecting increased demand for multiple Xplore platforms, offset slightly by production capacity constraints caused by orders weighted heavily toward XSLATE D10 and Bobcat devices;
·
Achieved gross margin of 27.4% for the quarter, and 28.2% year to date, which is in line with expectations;
·
Held operating costs to $6.3 million, a decline of more than $1.3 million from the prior year quarter, in line with the company’s focus on increased operating efficiency;
·
Reported GAAP net income of $219,000, or $0.02 per share, and adjusted EBITDA of positive $770,000;
·
Announced multiple large follow-on orders, including a second follow on order in the past six months from a major telecommunications customer using Xplore’s XSLATE B10 platform and the second follow on order this year from a top-10 US electric utility provider;
·
Entered an OEM relationship with Strategic Robotic Systems exclusively using the XSLATE D10 in its new FUSION underwater vehicle;
·
Began fulfillment of an initial order for 1,000 units from OEM customer CLS America for the Thorium X, the first satellite communication enabled rugged tablet;
·
Celebrated Xplore’s 20th Anniversary as the rugged tablet authority;
·
Launched the industry leading XSLATE R12 designed for the needs of large and growing Xplore end markets; and
·
Strengthened the Board of Directors through the appointment of Thomas B. Pickens, III and Donald F. Neville as Independent Directors.

“We are pleased to report a profitable fiscal third quarter, including GAAP net income of $0.02 per share, on 22% sequential revenue growth and continued lower operating expenses,” said Philip Sassower, chairman and chief executive officer. “In addition to fulfillment of the largest purchase order in company history with a top US telecommunications customer, we also secured a number of follow-on orders from customers in multiple end markets. These include our second follow-on order in six months from another major telecommunications customer, our second follow-on order this year from a top-10 US electric utility customer, and an initial 1,000-unit OEM order from CLS America, among others.”

Mark Holleran, president and chief operating officer, stated: “We continued to closely manage our lean operating structure in the fiscal third quarter. Total operating expenses declined by $1.3 million, or 17%, compared to the year-ago quarter, leading to profitability as revenue ramped. We also maintained higher than typical backlog, at $5.6 million entering the fiscal fourth quarter, indicative of increased demand for a number of our platforms, such as the XSLATE B10 and our popular XSLATE D10 Android device, as well as certain global supply chain and ODM constraints affecting our industry and delaying order fulfillment. We are coordinating closely with our production partners to increase parts availability and production capacity to meet steadily increasing demand for several of our product families, a process which will be ongoing over the next two quarters.”

 
Fiscal 2017 Third Quarter Financial Results
Xplore reported revenue of $24.5 million for the fiscal third quarter ended December 31, 2016, an increase of 22.0% compared to revenue of $20.0 million in the fiscal second quarter of 2017 and compared to $27.0 million in the year-ago third quarter. The prior year quarter included notable shipments of one-time catch-up orders related to Motion Computing’s screen supply issue. Revenue reflected increased sales and completion of shipments against the company’s large telecommunications customer purchase orders, offset by continued softness in Europe.

Gross profit in the second quarter was $6.7 million, or 27.4% of revenue, compared to $5.6 million, or 28.2% of revenue, in the preceding quarter and $8.8 million, or 32.7% of revenue, in the prior year third quarter. The change in gross margin was primarily attributable to product mix related to fulfillment of a large customer order.

Xplore continued to maintain significantly reduced operating costs, at $6.3 million for the fiscal third quarter, compared to $6.1 million in the preceding quarter and down 17.1% from $7.6 million in the prior year third quarter. The decline in operating expenses reflects continued aggressive implementation of the company’s focus on profitability, including cost reductions begun in August 2016. A portion of the cost reduction benefit is being reinvested in sales, marketing and channel and distributor development to drive revenue growth into fiscal 2018 and beyond.

For the quarter, Xplore reported net income of $219,000, or $0.02 per basic share, compared to net loss of $536,000, or $0.05 per basic share, in the second quarter of fiscal 2017 and a net profit of $786,000, or $0.07 per share, in the prior year third quarter. Current period profitability improved through the increase in sales and continued operational efficiency, offset by lower gross margin due to fulfillment of large-volume orders for lower ASP platforms.

EBITDA adjusted for non-cash compensation and historical integration costs was positive $822,000 compared to positive adjusted EBITDA of $116,000 in the fiscal second quarter 2017, and a positive $2.0 million in the prior year third quarter. A reconciliation is provided in the tables included in this release.

“We maintained our focus on operating efficiency and low operating expenses, driving Xplore to profitability in the fiscal third quarter,” said Tom Wilkinson, CFO of Xplore. “As a result of our cost diligence, we have greatly reduced the breakeven point of the business compared to prior quarters. We also generated operating cash flows of $5.7 million in the third fiscal quarter, and anticipate further cash flows in the fourth quarter due to collection of accounts receivable and sales from inventory, as well as greater working capital efficiency.”

Cash Flow and Balance Sheet
Net cash provided by operating activities was $5.7 million, compared to net cash used in operating activities of $3.9 million for the three months ended September 30, 2016. At quarter end, cash was $4.1 million and short-term debt $5.1 million.  Inventory declined at the end of the quarter, which is reflected in the accounts receivable increases, and the company expects to continue to ship substantial goods from inventory in the fiscal fourth quarter, which will drive continued high accounts receivable and ultimately generate further cash flows from operating activities.

 
Outlook
For fiscal 2017, Xplore revised its revenue outlook to a range of $78 million and $82 million, reflecting continued high demand offset by production capacity constraints and continued softness in Europe. Gross margin for the fiscal year is still expected to be between 28% and 30%, and operating expenses are expected to be approximately $25-27 million, compared to $30.3 million in the prior year.

Xplore continues to anticipate sales growth beyond its fiscal year 2017 revenue targets, as well as continued reduced operating costs. As such, Xplore maintained its previously disclosed business operating targets as revenue scales to a $120 million run-rate, assuming both organic growth and cost reduction initiatives are achieved in future periods: gross margin 28-30%, operating margin 8-10%, profit margin 6-8% and EBITDA margin 9-11%.

Conference Call
The company will conduct a conference call and webcast to review the results on Thursday, February 2, 2017, at 4:30 p.m. ET.  Interested parties in the United States can access the call by dialing 866-777-2509; interested parties outside the United States can access the call by dialing +1-412-317-5413. Callers should dial in at least 5 minutes prior to the all start time. A live and archived webcast will be available online in the investor relations section of Xplore’s website at www.xploretech.com. A replay of the conference call will be available until 5 p.m. ET on February 16, 2017, by calling 877-344-7529 from the United States or +1-412-317-0088 from outside the United States and entering conference ID number 10100199.

About Xplore Technologies
Xplore is The Rugged Tablet Authority™, exclusively manufacturing powerful, long-lasting, and customer-defined rugged tablet PCs since 1996. Today, Xplore offers the broadest portfolio of genuinely rugged tablets – and the most complete lineup of rugged tablet accessories – on Earth. Its mobility solutions are purpose-built for the energy, utilities, telecommunications, military and defense, manufacturing, distribution, public safety, healthcare, government, and field service sectors. The company’s award-winning military-grade computers are also among the most powerful and longest lasting in their class, built to withstand nearly any hazardous condition or environmental extreme for years without fail. Visit www.xploretech.com for more information on how Xplore and its global channel partners engineer complete mobility solutions to meet specialized workflow demands. Follow us on Twitter, Facebook, LinkedIn, and YouTube.

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. 
 
###

 
Contact Information:
Tom Wilkinson
Chief Financial Officer
(512) 637-1162
twilkinson@xploretech.com

Matt Kreps, Darrow Associates Investor Relations
(512) 696-6401
xplr@darrowir.com


XPLORE TECHNOLOGIES CORP.
Consolidated Balance Sheets
(in thousands)
 
 
  
December 31,
2016
    
March 31,
2016
  
ASSETS
  
(unaudited)
        
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
4,099
    
$
5,594
  
Accounts receivable, net
    
16,213
      
14,277
  
Inventory, net          
    
15,161
      
14,858
  
Prepaid expenses and other current assets 
    
475
      
800
  
Total current assets          
    
35,948
      
35,529
  
Fixed assets, net          
    
1,703
      
1,003
  
Intangible assets, net          
    
1,515
      
1,785
  
Goodwill          
    
15,159
      
14,872
  
 
  
$
54,325
    
$
53,189
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
LIABILITIES:
                
Short-term indebtedness with bank
  
$
5,096
    
$
—
  
Accounts payable
    
7,701
      
9,611
  
Accrued liabilities
    
4,359
      
3,409
  
Deferred revenue and current warranty liabilities
    
3,622
      
4,413
  
Total current liabilities
    
20,778
      
17,433
  
Deferred revenue and non-current warranty liabilities
    
3,898
      
4,568
  
Total liabilities
    
24,676
      
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 10,947 and 10,908, respectively
    
11
      
11
  
Additional paid-in capital 
    
171,663
      
171,138
  
Accumulated deficit
    
(142,025
)
    
(139,961
)
 
    
29,649
      
31,188
  
 
  
$
54,325
    
$
53,189
  


 
XPLORE TECHNOLOGIES CORP.
Consolidated Statements of Profit and Loss—Unaudited
(in thousands of dollars, except share and per share amounts)
 
   
Three Months Ended
    
Nine Months Ended
  
   
December 31,2016
    
December 31,2015
    
December 31,2016
    
December 31,2015
  
                         
Revenue
  
$
24,499
    
$
27,023
    
$
60,979
    
$
79,919
  
Cost of revenue
    
17,784
      
18,181
      
43,764
      
54,818
  
Gross profit
    
6,715
      
8,842
      
17,215
      
25,101
  
                                 
Expenses:
                                
Sales, marketing and support
    
3,153
      
3,925
      
9,484
      
11,187
  
Product research, development and engineering
    
1,303
      
1,129
      
3,573
      
4,536
  
General administration
    
1,816
      
2,521
      
5,723
      
7,339
  
     
6,272
      
7,575
      
18,780
      
23,062
  
Income (loss) from operations
    
443
      
1,267
      
(1,565
)
    
2,039
  
                                 
Other income (expense):
                                
Other
    
(96
)
    
(317
)
    
(214
)
    
(385
)
Cost of integration
    
—
      
(95
)
    
—
      
(887
)
Interest expense
    
(79
)
    
—
      
(156
)
    
(58
)
     
(175
)
    
(412
)
    
(370
)
    
(1,330
)
Income (loss) before income taxes
    
268
      
855
      
(1,935
)
    
709
  
Income tax (expense) benefit
    
(49
)
    
(69
)
    
(129
)
    
(69
)
Net income (loss)
  
$
219
    
$
786
    
$
(2,064
)
  
$
640
  
Income (loss) per common share, primary
  
$
0.02
    
$
0.07
    
$
(0.19
)
  
$
0.06
  
Income (loss) per common share, fully diluted
  
$
0.02
    
$
0.07
    
$
—
    
$
0.06
  
Weighted average number of common shares outstanding, basic
    
10,947,329
      
10,883,933
      
10,927,477
      
10,828,375
  
Weighted average number of common shares outstanding, fully diluted
    
10,950,390
      
11,539,074
      
—
      
11,494,496
  
 
XPLORE TECHNOLOGIES CORP.
Consolidated Statements of Cash Flows—Unaudited
(in thousands)
 
 
  
Nine Months Ended
 December 31,
  
 
  
2016
    
2015
  
 
            
CASH FLOWS FROM OPERATING ACTIVITIES:
            
Cash (used in) provided by operations:
            
Net income (loss)
  
$
(2,064
)
  
$
640
  
Items not affecting cash:
                
Depreciation and amortization
    
1,168
      
1,313
  
Provision for doubtful accounts
    
(44
)
    
48
  
Loss on disposal of asset
    
28
      
—
  
Stock-based compensation expense
    
413
      
1,634
  
 
                
Changes in operating assets and liabilities:
                
Accounts receivable 
    
(1,892
)
    
(3,021
)
Inventory
    
(303
)
    
(110
)
Prepaid expenses and other current assets
    
325
      
(184
)
Accounts payable and accrued liabilities
    
(2,421
)
    
(5,234
)
Net cash used in operating activities
    
(4,790
)
    
(4,914
)
 
                
CASH FLOWS FROM INVESTING ACTIVITIES:
                
Net cash received in purchase transaction
    
—
      
653
  
Change in liabilities assumed in purchase of business
    
(287
)
    
16
  
Additions to fixed assets
    
(1,626
)
    
(657
)
Net cash provided by (used in) investing activities
    
(1,913
)
    
12
  
 
                
CASH FLOWS FROM FINANCING ACTIVITIES:
                
Proceeds from short-term borrowings
    
44,976
      
18,000
  
Repayment of short-term indebtedness
    
(39,880
)
    
(27,098
)
Net proceeds from issuance of Common Stock
    
112
      
580
  
Net cash provided by (used in) financing activities
    
5,208
      
(8,518
)
 
                
CHANGE IN CASH AND CASH EQUIVALENTS
    
(1,495
)
    
(13,420
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
5,594
      
19,455
  
CASH AND CASH EQUIVALENTS, END OF PERIOD
  
$
4,099
    
$
6,035
  
 
                
NONCASH INVESTING AND FINANCING ACTIVITIES:
                
Net assets acquired with debt in purchase transaction
  
$
—
    
$
9,079
  
 
                
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
                
Payments for interest 
  
$
156
    
$
58
  
Payments for income taxes 
  
$
129
    
$
8
  
 

 
XPLORE TECHNOLOGIES CORP.
Adjusted EBITDA Reconciliation—Unaudited
(in thousands)
 
   
Three Months Ended
 December 31,
  
   
2016
    
2015
  
             
Net income (loss) 
  
$
219
    
$
786
  
                 
Income taxes 
    
49
      
69
  
Interest expense 
    
79
      
—
  
Depreciation and amortization 
    
364
      
498
  
Stock-based compensation expense 
    
111
      
535
  
Cost of integration 
    
—
      
95
  
                 
ADJUSTED EBITDA 
  
$
822
    
$
1,983
  

 
   
Nine Months Ended
 December 31,
  
   
2016
    
2015
  
             
Net income (loss) 
  
$
(2,064
)
  
$
640
  
                 
Income taxes 
    
129
      
69
  
Interest expense 
    
156
      
58
  
Depreciation and amortization 
    
1,168
      
1,313
  
Stock-based compensation expense 
    
413
      
1,634
  
Cost of integration 
    
—
      
887
  
                 
ADJUSTED EBITDA 
  
$
(198
)
  
$
4,601
  
 
 
XPLORE TECHNOLOGIES CORP.
Supplemental Three Months Consolidated Statements of Cash Flows—Unaudited
(in thousands)
 
   
Three Months Ended
 December 31,
  
   
2016
    
2015
  
             
Net loss 
  
$
219
    
$
786
  
Items not affecting cash:
                
Depreciation and amortization 
    
364
      
498
  
Provision for doubtful accounts 
    
8
      
24
  
Loss on disposal of asset 
    
28
      
—
  
Stock based compensation expense 
    
111
      
535
  
Other adjustments to cash used in operations
    
4,968
      
118
  
Net cash provided by operating activities 
    
5,698
      
1,961
  
Net cash used in investing activities 
    
(974
)
    
(228
)
Net cash provided by (used in) financing activities
    
(4,080
)
    
415
  
                 
Change in cash and cash equivalents 
  
$
644
    
$
2,148
  


 
Xplore Technologies Quarterly Historical Information

   
FY 2017
  
   
1st Qtr
    
2nd Qtr
    
3rd Qtr
    
4th Qtr
    
YTD
  
                               
Revenue
  
$
16,473
    
$
20,007
    
$
24,499
    
$
-
    
$
60,979
  
Cost of revenue
    
11,609
      
14,31
      
17,784
      
-
      
43,764
  
Gross profit
    
4,864
      
5,636
      
6,715
      
-
      
17,215
  
                                         
Expenses
                                        
Sales, marketing and support
    
3,435
      
2,896
      
3,153
      
-
      
9,484
  
Product research, development & engineering
    
953
      
1,317
      
1,303
      
-
      
3,573
  
General administrative
    
2,039
      
1,868
      
1,816
      
-
      
5,723
  
Total expenses
    
6,427
      
6,081
      
6,272
      
-
      
18,780
  
                                         
Profit/(loss) from operations
    
(1,563
)
    
(445
)
    
443
      
-
      
(1,565
)
                                         
Other expenses
                                        
Interest expense
    
(8
)
    
(69
)
    
(79
)
    
-
      
(156
)
Other income/expenses
    
(96
)
    
(22
)
    
(96
)
    
-
      
(214
)
     
(104
)
    
(91
)
    
(175
)
    
-
      
(370
)
                                         
Income/(loss) before taxes
    
(1,667
)
    
(536
)
    
268
      
-
      
(1,935
)
Income taxes
    
(80
)
    
-
      
(49
)
    
-
      
(129
)
Net income
  
$
(1,747
)
  
$
(536
)
  
$
219
    
$
-
    
$
(2,064
)
                                         
Depreciation & amortization
    
348
      
456
      
364
      
-
      
1,168
  
Interest expense
    
8
      
69
      
79
      
-
      
156
  
Income taxes
    
80
      
-
      
49
      
-
      
129
  
EBITDA
    
(1,311
)
    
(11
)
    
711
      
-
      
(611
)
                             
-
          
Non-cash compensation
    
175
      
127
      
111
      
-
      
413
  
Adjusted EBITDA
  
$
(1,136
)
  
$
116
    
$
822
    
$
-
    
$
(198
)
   
FY 2016
  
   
1st Qtr
    
2nd Qtr
    
3rd Qtr
    
4th Qtr
    
YTD
  
                               
Revenue
  
$
24,043
    
$
28,853
    
$
27,023
    
$
20,611
    
$
100,530
  
Cost of revenue
    
15,893
      
20,744
      
18,181
      
14,365
      
69,183
  
Gross profit
    
8,150
      
8,109
      
8,842
      
6,246
      
31,347
  
                                         
Expenses
                                        
Sales, marketing and support
    
3,620
      
3,642
      
3,925
      
3,909
      
15,096
  
Product research, development & engineering
    
1,830
      
1,577
      
1,129
      
1,235
      
5,771
  
General administrative
    
2,331
      
2,487
      
2,521
      
2,088
      
9,427
  
Total operating expenses
    
7,781
      
7,706
      
7,575
      
7,232
      
30,294
  
                                         
Profit/(loss) from operations
    
369
      
403
      
1,267
      
(986
)
    
1,053
  
                                         
Other expenses
                                        
Interest expense
    
(6
)
    
(52
)
    
-
      
-
      
(58
)
Cost of integration
    
(670
)
    
(122
)
    
(95
)
    
(26
)
    
(913
)
Other income/expenses
    
63
      
(131
)
    
(317
)
    
(65
)
    
(450
)
     
(613
)
    
(305
)
    
(412
)
    
(91
)
    
(1,421
)
Income/(loss) before taxes
    
(244
)
    
98
      
855
      
(1,077
)
    
(368
)
Income taxes
    
-
      
-
      
(69
)
    
75
      
6
  
Net income
  
$
(244
)
  
$
98
    
$
786
    
$
(1,002
)
  
$
(362
)
                                         
Depreciation & amortization
    
358
      
457
      
498
      
417
      
1,730
  
Interest expense
    
6
      
52
      
-
      
-
      
58
  
Income taxes
    
-
      
-
      
69
      
(75
)
    
(6
)
EBITDA
    
120
      
607
      
1,353
      
(660
)
    
1,420
  
                                         
Non-cash compensation
    
607
      
492
      
535
      
522
      
2,156
  
Cost of integration
    
670
      
122
      
95
      
26
      
913
  
Adjusted EBITDA
  
$
1,397
    
$
1,221
    
$
1,983
    
$
(112
)
  
$
4,489
  
 
   
FY 2015
  
   
1st Qtr
    
2nd Qtr
    
3rd Qtr
    
4th Qtr
    
YTD
  
                               
Revenue
  
$
8,267
    
$
7,522
    
$
16,443
    
$
10,407
    
$
42,639
  
Cost of revenue
    
5,203
      
5,255
      
10,569
      
7,293
      
28,320
  
Gross profit
    
3,064
      
2,267
      
5,874
      
3,114
      
14,319
  
                                         
Expenses
                                        
Sales, marketing and support
    
1,598
      
1,714
      
1,630
      
1,410
      
6,352
  
Product research, development & engineering
    
991
      
739
      
815
      
992
      
3,537
  
General administrative
    
1,007
      
977
      
980
      
1,139
      
4,103
  
Total operating expenses
    
3,596
      
3,430
      
3,425
      
3,541
      
13,992
  
                                         
Profit/(loss) from operations
    
(532
)
    
(1,163
)
    
2,449
      
(427
)
    
327
  
                                         
Other expenses
                                        
Interest expense
            
(1
)
    
(2
)
    
-
      
(3
)
Cost of integration
    
-
      
-
      
-
      
-
      
-
  
Other income/expenses
    
(19
)
    
(3
)
    
(7
)
    
(7
)
    
(36
)
     
(19
)
    
(4
)
    
(9
)
    
(7
)
    
(39
)
                                         
Income/(loss) before taxes
    
(551
)
    
(1,167
)
    
2,440
      
(434
)
    
288
  
Income taxes
    
-
      
-
      
(39
)
    
-
      
(39
)
Net income
  
$
(551
)
  
$
(1,167
)
  
$
2,401
    
$
(434
)
  
$
249
  
                                         
Depreciation & amortization
    
172
      
264
      
253
      
230
      
919
  
Interest expense
    
-
      
1
      
2
      
-
      
3
  
Income taxes
    
-
      
-
      
39
      
-
      
39
  
EBITDA
    
(379
)
    
(902
)
    
2,695
      
(204
)
    
1,210
  
                                         
Non-cash compensation
    
159
      
166
      
152
      
207
      
684
  
Cost of integration
    
-
      
-
      
-
      
-
      
-
  
Adjusted EBITDA
  
$
(220
)
  
$
(736
)
  
$
2,847
    
$
3
    
$
1,894
  

Xplore Technologies Quarterly Key Statistics

   
FY 2017
  
   
1st Qtr
    
2nd Qtr
    
3rd Qtr
    
4th Qtr
    
YTD
  
                               
Gross margin
    
29.5
%
    
28.2
%
    
27.4
%
        
28.2
%
Operating margin
    
-9.5
%
    
-2.2
%
    
1.8
%
            
-2.6
%
Periodic revenue %
    
N/A
      
N/A
    
NA
              
100.0
%
Quarter over Quarter
                                        
Revenue Change %
    
-20.1
%
    
21.5
%
    
22.5
%
                
                                         

   
FY 2016
  
   
1st Qtr
    
2nd Qtr
    
3rd Qtr
    
4th Qtr
    
YTD
  
                               
Gross margin
    
33.9
%
    
28.1
%
    
32.7
%
    
30.3
%
    
31.2
%
Operating margin
    
1.5
%
    
1.4
%
    
4.7
%
    
-4.8
%
    
1.0
%
Periodic revenue %
    
23.9
%
    
28.7
%
    
26.9
%
    
20.5
%
    
100.0
%
Quarter over Quarter
                                        
Revenue Change %
    
131.0
%
    
20.0
%
    
-6.3
%
    
-23.7
%
        


   
FY 2015
  
   
1st Qtr
    
2nd Qtr
    
3rd Qtr
    
4th Qtr
    
YTD
  
                               
Gross margin
    
37.1
%
    
30.1
%
    
35.7
%
    
29.9
%
    
33.6
%
Operating margin
    
-6.4
%
    
-15.5
%
    
14.9
%
    
-4.1
%
    
0.8
%
Periodic revenue %
    
19.4
%
    
17.6
%
    
38.6
%
    
24.4
%
    
100.0
%
Quarter over Quarter
                                        
Revenue Change %
    
-0.9
%
    
-9.0
%
    
118.6
%
    
-36.7
%
        

XPLORE TECHNOLOGIES CORP Reports