SuperCom Announces Preliminary Third Quarter Revenue and Updates Full Year 2015 Forecast
HERZLIYA, Israel, November 30, 2015 /PRNewswire/ --
SuperCom Ltd. (SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors, provided preliminary revenue for the third quarter ended September 30, 2015, and updated guidance for the full year of 2015.
Based on preliminary estimates, revenue for the quarter ended September 30, 2015 is anticipated to be in a range of $5.5 million to $6.1 million. Cash and cash-equivalents were approximately $35 million as of September 30, 2015. The Company is working to complete its third quarter financial, and will report financial results within two weeks.
SuperCom has revised its guidance for the full year 2015. The Company believes that revenue for the full year will exceed $30 million. The Company further believes that EBITDA for the full year of 2015 will exceed $9 million.
"Our financial performance in the third quarter and full-year were impacted by our inability to recognize more than $10 million of revenues that were expected this year, mainly due to delays associated with foreign government customers," commented Mr. Arie Trabelsi, President and Chief Executive Officer of SuperCom. "This delay, while inherent in our business, is frustrating, but we believe we will be able to recognize this revenue in 2016. As a result of these delays, we are adjusting our full-year outlook. Our confidence in our continued growth in 2016 and beyond remains intact. We continue to be successful in identifying, bidding upon and winning business. Our quarterly results can be erratic based on complex revenue recognition challenges, but nothing that has occurred has changed our medium and long-term outlook."
The above assessment for the third quarter and full year 2015 is based on the Company's initial analysis and is subject to change as the routine review and finalization of results continues
