FOURTH QUARTER HIGHLIGHTS:
Net revenue was $23.2 million in the fourth quarter of 2013, up 54% from $15.1 million in the same period of 2012 and representing the strongest revenue quarter in the Company's history
Gross profit margin was 63% in the fourth quarter of 2013, increased from 43% in the same period of 2012 and demonstrating the third consecutive quarter at or above 60%
Operating expenses decreased 10% from $8.7 million in the fourth quarter of 2012 to $7.8 million in the fourth quarter of 2013
Reflecting the strongest profit quarter in the Company's history, net income was $6.7 million, or $0.13 per share, compared to a net loss of $(2.2) million, or $(0.04) per share, in the same period of the prior year
FULL YEAR HIGHLIGHTS:
In line with expectations, net revenue increased $0.4 million from $42.6 million in 2012 to $43.0 million in 2013 on strong shipments in the fourth quarter
Gross profit margin increased from 47% in 2012 to 60% in 2013
Operating expenses decreased $0.3 million from $28.9 million in 2012 to $28.6 million in 2013 amid heavy investment tied to the commercialization of oil & gas solutions
Net loss reduced by 62% from $(8.3) million in 2012 to $(3.1) million in 2013
Loss per share improved from $(0.16) in 2012 to $(0.06) in 2013
Cash flow from operations increased by $6.5 million from a use of $(4.4) million in 2012 to $2.1 million in 2013