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Q4 sales surge 35.1% at Kornit Digital
10
Feb '16
Sales for the fourth quarter of 2015 at Kornit Digital totaled $25.5 million, a surge of 35.1 per cent over the prior year's fourth quarter when it stood at $18.9 million.

“Higher sales were attributable to widespread growth in all areas, including systems and services as well as inks and consumables,” the digital textile printer manufacturer said in a press release.

Non-GAAP gross profit in the three months to December 31, 2015 was $12.4 million, or 48.6 per cent of sales, compared with $8.6 million, or 45.6 per cent of sales in the year ago quarter.

On a GAAP basis, fourth quarter gross profit reached $12.1 million as against $8.5 million, in the previous year's same quarter.

“Higher gross margins primarily reflected a favourable sales mix of high throughput systems, and a stronger contribution from ink and consumables during the current period,” the company explained.

Non-GAAP operating expenses in the fourth quarter increased to $9.1 million, or 35.5 per cent of sales, vis-à-vis $6.9 million, or 36.4 per cent of sales in the same quarter of 2014.

On a GAAP basis, total operating expenses in the reporting quarter were $9.9 million, compared to $7.2 million in the prior year's comparable period.

“The increase in total operating expenses was consistent with the previously stated growth strategy, as the company continues to execute to its global infrastructure build out,” it explained.

Fourth quarter of 2015 non-GAAP research and development expenses touched $3.2 million, or 12.7 per cent of sales as against $2.6 million, or 13.7 per cent of sales in the earlier year's fourth quarter.

Non-GAAP operating profit in the fourth quarter of 2015 increased to $3.3 million, compared to $1.7 million, while as a percentage of sales, adjusted operating margin for the fourth quarter was 13.1 per cent.

Non-GAAP net earnings for the fourth quarter of 2015 were $3.2 million, or $0.10 per diluted share, versus $1.6 million in the same quarter of 2014.

On a GAAP basis, the company reported net earnings of $2.1 million, or $0.07 per diluted share, compared to a net gain of $1.2 million, in the fourth quarter of 2014.

CEO Gabi Seligsohn said, “We are pleased to report a strong finish to our first year as a public company, and are proud of the milestones we have achieved throughout the year.”

“Notably, operating margin improved 350 basis points over the prior-year, despite increased investment in our global infrastructure and R&D, and the addition of almost 100 full-time employees during the year,” he too added.

“We expect that these investments should enable the company to capitalise on its market leading DTG position, and support the ongoing rollout of the Allegro,” Seligsohn observed. (AR)

Fibre2Fashion News Desk – India

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