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Franklin Wireless Reports First Quarter 2007 Results

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Friday, 17 November 2006

Franklin Wireless Reports First Quarter 2007 Results

Rise in First Quarter Profit Due to New Product Launches and Increased Sales of Mobile Broadband USB Modems in USA and South American Markets

SAN DIEGO, CA--(MARKET WIRE)--Nov 16, 2006 -- Franklin Wireless Corp. (Other OTC:FKLT.PK - News) posted its first quarter 2007 results on Nov 13, 2006. Franklin Wireless shows rise in first quarter profit due to the launch of the CDU-550 in USA and Mexico, and increase in sales of the CCU-550 mobile broadband USB modems in South American markets.

The results were prepared in accordance with United States generally accepted accounting principles.

Our net sales for the three months ended September 30, 2006 amounted to $969,528, gross profit was $293,678, or 30.3% of revenue, operating expenses were $199,264 and net income were $98,923, or basic earnings per share of $0.0001. Our balance sheet remains satisfactory with $1.16 million of cash and cash equivalents.

Results for the first quarter of 2007, compared to the first quarter of 2006 are as follows:

Net sales increased by 1113.6% to $969,528 for the three months ended September 30, 2006 from $79,890 for the same period of 2005. Gross profit was 30.3% of net sales for the three months ended September 30, 2006, compared to 78.1% for the same period in 2005. Selling, general, and administrative expenses increased by 92.1% to $199,264 for the three months ended September 30, 2006 from $103,734 for the same period of 2005. Net income was $98,923, or basic earnings per share of $0.0001 for the three months ended September 30, 2006, compared to a net loss of $77,946, or loss per share of $0.0001, in the same period of 2005.

About Franklin Wireless

Franklin Wireless Corporation (Other OTC:FKLT.PK - News) designs, builds, and markets broadband high speed data communication products. It offers third generation wireless modules and modems. The company's wireless broadband data products include wireless USB dongles, PC cards, embedded modules, and stand-alone broadband modems used for high speed data services. It also provides wireless solutions to electronic consumer product companies. The company offers its products to various industries, including cellular operators, government agencies, personal computer makers, and application integrators, as well as computer/handheld computing industry, automotive industry, and telemetry markets. It markets its products through original equipment manufacturers (OEMs) and distributors, as well as directly to operators and end users in the United States, Canada, South America, Asia, and parts of Europe. The company was founded in 1984 and is headquartered in San Diego, California.


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