Control4 Reports Financial Results for First Quarter 2015
Revenue for the first quarter of 2015 was $32.1 million, compared with revenue of $31.9 million during the same period last year, representing 1% year-over-year growth.
SALT LAKE CITY – Control4 Corp. (NASDAQ: CTRL) reported a loss of $4.2 million in its first quarter, ended March 31. The company, based here, said it had a loss of 17 cents per share. Losses, adjusted for stock option expense and costs related to mergers and acquisitions, came to 5 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
The provider of in-home automation and control services posted revenue of $32.1 million in the period. For the current quarter ending in June, Control4 expects its per-share earnings to range from 10 cents to 17 cents. The company said it expects revenue in the range of $41 million to $44 million for the fiscal second quarter.
Control4 shares have fallen 24% since the beginning of the year. In the final minutes of trading on Thursday (April 30), shares hit $11.72, a drop of 34% in the last 12 months.
“Though the first quarter is our seasonally slowest revenue quarter, customer and dealer enthusiasm for our newest home-automation software and products is very strong,” said Martin Plaehn, chairman and CEO of Control4. “Our January acquisition of Nexus Technologies [and its Leaf-branded products] and our February roll-out of new Control4 products extended our foundation of stronger solutions for smart and connected homes. We’re confident in the business opportunities ahead and are already engaged to pursue them.”
Commenting on the company’s financial results for the first quarter, Dan Strong, CFO of Control4, added demand for the company’s newly announced products has been strong.
“We ended the quarter with a higher than normal product backlog which impacted our revenue in the first quarter. We expect to increase our revenue growth rate from the first quarter, and to continue to invest in R&D and sales and marketing to bolster our new product development capabilities, and to strengthen our dealer network with enhanced channel programs and direct-to-consumer marketing,” he said.
Control4 is a provider of automation and control solutions for the connected home. The company provides consumers the ability to integrate music, video, lighting, temperature, security, communications and other functionalities into a unified home automation solution.
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