Control4 Corporation (NASDAQ: CTRL) seems to be hitting its stride.
The company announced record quarterly and annual revenues for 2016. For Q4 2016, revenues were $57.4 million, representing a 34 percent increase year over year. For the full year of 2016, the company's revenues reached $208.8 million, a 28-percent increase over its $163.2 million revenues in 2015.
If revenues from the Pakedge acquisition in February 2016 are deducted, the company still showed a 15-percent growth rate.
Meanwhile, the bottom line is growing too. Net income for the fourth quarter of 2016 was $4.0 million, or $0.16 per diluted share, compared to net loss in the fourth quarter of 2015 of $0.7 million, or $(0.03) per diluted share in 2015. Net income for the twelve months ended December 31, 2016 was $13.0 million, or $0.53 per diluted share, compared to a net loss of $1.7 million, or $(0.07) per diluted share, for the twelve months ended December 31, 2015. The company has $61.9 million in unrestricted cash and net investments.
“We closed 2016 with strong business performance, and we remain focused on sales and operations as well as new opportunities designed to increase customer and dealer awareness and satisfaction,” says Martin Plaehn, chairman and chief executive officer of Control4.
“We continue to execute on our strategies, which include enhancing our industry-leading connected home solutions, strengthening our channel presence around the world, delivering tools and services to enhance dealer productivity, and expanding our partner and interoperability ecosystem — which we believe will collectively continue to strengthen the Control4 brand.”
Commenting on the company’s financial results, Mark Novakovich, chief financial officer of Control4, adds: “We delivered record revenue for both the quarter and full year. Fueled by consistently improving cross-company performance, our full-year 2016 non-GAAP net income and non-GAAP earnings per share grew over full year 2015 by 150% and 158% respectively, reflecting the operating leverage improvements we made throughout the year and delivering on our commitment to achieve sustainable, profitable growth to enhance long-term shareholder value.”
For Q1 and 2017, Control4 is bullish. It expects revenue in the first quarter of 2017, which is the seasonal low quarter each year, to be between $46.0 million and $48.0 million. Control4 expects revenue for the full year 2017 to be between $228 million and $232 million.
The company ended the year with 3,963 active dealers who have purchased equipment in the past 12 months. Of those, 2,913 are in North America. In all, 143 new dealers were added in Q4. The company shipped 29,332 controllers in Q4.
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