DIRV .0052 news out! .06 revs and 11M stock repurchase. Hasn't gotten out yet bottom chart.
Financial Highlights
Q2 consolidated net income of $0.06 per basic and diluted share
Q2 repurchase of debt extinguishes $11.0 million in derivative liabilities
Q2 operating loss narrows sequentially by 18%
Roger Ralston, CEO and Chairman of DirectView, commented: "Our top line performance improved significantly in the second quarter when compared to Q2 2013 as we continue to position for the future. During the quarter we repurchased debt that carried a significant potential for dilution which we believe will help provide us with significant future financial flexibility. We also were able to secure $338,000 in financing in the quarter to help fuel future growth. We have worked to further establish our presence in several key verticals as we look to build on our revenue momentum in the first half of 2014. We continue to believe we are in the right place at the right time to attain our goal of sustained revenue growth and eventual profitability."
Operating Results
Consolidated revenues for Q2 2014 were $112,000, a 49% increase compared to last year's second quarter consolidated revenues of $75,000. The increase was primarily due to new business and customers in our security and surveillance operations.
The Company recorded an operating loss of ($427,000), an 18% sequential improvement from a loss of ($523,000) recorded in Q1 2014. We recorded an operating loss of ($137,000) in Q2 2013.
Net Income/(Loss)
For the second quarter of 2014, the Company recorded net income attributable to common stockholders of $25.3 million or net income of $0.06 per diluted share on 352.0 million weighted average shares outstanding. This compares to a loss of ($0.15) million or ($0.00) per diluted share on 167.5 million weighted average shares outstanding in the second quarter of 2013. The increase in net income in Q2 2014 was mainly attributable to a decrease of $11 million in derivative liabilities due to the extinguishment of certain convertible debt and a $14.8 million change in the fair value of other derivative liabilities.
Additional information can be found in the Company's Form 10-Q filed with the United States Securities and Exchange Commission on August 19, 2014.
