Control4 Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Half Year Ended June 30, 2017; Provides Earnings Guidance for the Third Quarter and Full Year 2017
For the half year, revenue was $111,644,000 against $96,250,000 a year ago. Income from operations was $1,999,000 against loss of $2,526,000 a year ago. Income before income taxes was $2,202,000 against loss of $2,738,000 a year ago. Net income was $4,736,000 or $0.18 per diluted common share against $7,163,000 or $0.30 per diluted common share a year ago. Net cash provided by operating activities was $8,826,000 against $175,000 a year ago. Purchases of property and equipment were $1,618,000 against $1,171,000 a year ago. Non-GAAP income from operations was $11,142,000 against $6,473,000 a year ago. Non-GAAP net income was $11,646,000 or $0.44 per diluted common share against $6,454,000 or $0.27 per basic and diluted common share a year ago.
The company provided earnings guidance for the third quarter and full year 2017. The company expects revenue in the third quarter of 2017 to be between $62.5 and $64.5 million. The company expects non-GAAP net income for the third quarter of 2017 to be between $6.4 and $7.4 million, or, based on an expected 27.2 million weighted average shares outstanding (diluted), between $0.24 and $0.27 per diluted share.
The company expects revenue for the full year 2017 to be between $240.5 and $244.5 million. The company expects non-GAAP net income to be between $26.5 and $28.5 million, or, based on an expected 27.6 million weighted average shares outstanding (diluted) in the fourth quarter, between $0.99 and $1.06 per diluted share. The company anticipates that blended gross margins for the year will be similar to 2016.