LONGWOOD, Fla., May 15, 2019 (GLOBE NEWSWIRE) — Spectrum Global Solutions, Inc. (OTCQB: SGSI) (the “Company”), reported financial results for the fiscal period ended March 31, 2019.
Roger Ponder, CEO of the Company stated, “Revenue was just over $11.3 million which reflects consistent growth in our AW Solutions, ADEX and TNS subsidiaries. We also reported positive income from operations for the period. This is Spectrums’ first quarter with positive income from operations which demonstrates continued improvements in the business.”
Mr. Ponder continued: “We are experiencing consistent revenue growth from our AW Solutions, ADEX and TNS subsidiaries that is much stronger than the prior year and expect to continue this growth pattern both organically and through strategic, accretive acquisitions.”
Revenue was $11,335,732 compared to $4,327,764 for the same period in 2018. Gross profit attributable to the subsidiaries acquired in April 2017, February 2018 and January 2019was $2,511,567, or 22.2%, compared to gross profit of $543,244, or 12.6% in the first quarter of 2018. The Company had income from operations of $14,699 compared to a loss from operations of $(743,491) in the same period of 2018. The Company had net loss attributable to common stockholders of $(1,332,587) during the period ended March 31, 2019 compared to net income of $134,269 for the comparable period of 2018. The increase in net loss was primarily due to increases in other expenses of loss on change in fair value of derivatives, amortization of discounts on convertible debentures and notes payable and interest expense.
Our operating results for the Period ended March 31, 2019 and 2018 are summarized as follows:
|Three Months Ended
March 31, 2019
|Three Months Ended
|Statement of Operations Data:|
|Income (loss) from operations||14,699||(743,491||)|
|Total other income (expense)||(1,337,688)||822,987|
|Net Income (loss) attributable to common stockholders||(1,332,587)||134,269|
|Balance sheet data for period ended March 31, 2019:|
|Accounts receivable, net||7,759,001|
|Total current assets||11,215,761|
|Goodwill and intangible assets, net||6,455,725|
|Total current liabilities||19,583,128|
|Stockholders’ (deficit) equity||(5,510,323||)|
About Spectrum Global Solutions
Spectrum Global Solutions operates through its subsidiaries, AW Solutions, ADEX and TNS. The Company is a leading provider of telecommunications engineering and infrastructure services and solutions across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at www.SEC.gov or the Company’s website at https://SpectrumGlobalSolutions.com/
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
Spectrum Global Solutions