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CSPI...or $20+, $30+, $40+, ect...
WSTG...Climb Channel Solutions Adds Seagate Lyve Cloud Object Storage to Complete a Frictionless Edge-to-Cloud Solution
EATONTOWN, N.J., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Climb Channel Solutions, an international specialty technology distributor and wholly-owned subsidiary of Wayside Technology Group, Inc. (NASDAQ: WSTG), in collaboration with Seagate® Technology Holdings plc (NASDAQ: STX), a world leader in mass-data storage infrastructure solutions, is expanding its cloud storage portfolio to include Seagate Lyve™ Cloud to the channel community. Costs should not be a barrier to storing and activating data at scale in multi-cloud environments. Lyve Cloud, Seagate’s efficient, trusted and simple S3 object storage, is designed to enable multi-cloud freedom by eliminating egress fees, API calls, and vendor lock-ins that trap data in silos.
“We’ve been working with Seagate to offer mass capacity data storage systems and Lyve Mobile data transfer service to our channel community. The efficiency, performance, and savings delivered through these enterprise solutions are substantial. With the addition of Lyve Cloud, the collaboration with Seagate will be transformative to our channel partners as multi-cloud complexity becomes a challenge,” said Dale Foster, CEO of Climb Channel Solutions. “We look forward to growing with Seagate and enabling solution providers to thrive and innovate with highly flexible, scalable and cost-competitive edge-to-cloud mass capacity infrastructure.”
From a specialized distributor of innovative solutions and a global leader in mass data storage management, the latest collaboration offers the channel a new approach to cloud storage. Predictable and reasonable costs eliminate anxiety and uncertainties which frees CIO and IT decision makers from multi-cloud headaches. This flexible and frictionless approach to data allows customers to move data into, around, and out of Lyve Cloud freely and safely without hefty egress fees, enabling true multi-cloud freedom.
“From Systems and Lyve Mobile edge storage data transfer services to Lyve Cloud object storage, Seagate provides complete edge-to-cloud, on and off-premises mass capacity infrastructure solutions to meet diverse enterprise mass storage needs,” said Brad Painter, Director of Americas Channel Sales at Seagate. “Through Climb Channel Solutions, Seagate extends the one-stop enterprise offerings to the channel community, adding value to a broader group of customers and partners who are ready to tackle more data challenges in multi-cloud environments.”
WSTG...Another accretive acquisition!!! Paid for in cash!!!...Wayside Technology Group to Acquire EMEA Channel Distributor, Spinnakar Limited
Acquisition Expands Wayside’s Reach in EMEA and Strengthens Product Offerings in Storage, Cloud, Security and Data Management
Transaction Expected to be Accretive to Gross Margin and EPS
Spinnakar Founder and CEO Gerard Brophy to Join Company as a Managing Director
EATONTOWN, N.J., Aug. 18, 2022 (GLOBE NEWSWIRE) -- Wayside Technology Group, Inc. (NASDAQ: WSTG) (“Wayside” or the “Company”), a value-added global IT channel company providing innovative sales and distribution solutions for emerging technology vendors, has completed the acquisition of Spinnakar Limited (“Spinnakar”), a UK-based IT channel distributor, for an aggregate purchase price of $11.8 million (£9.8 million) payable at closing (subject to working capital and other adjustments), plus a potential post-closing earn-out. The Company funded the acquisition of Spinnakar utilizing cash from the Company’s balance sheet.
Spinnakar is a UK-based, IT channel distributor focused on storage, cloud, security and data management businesses across Europe, the Middle East and South Africa (“EMEA”). Spinnakar brings scale and channel expertise to Wayside with more than 15 vendor partners, including Cloudian, Deep Instinct, Rubrik, Virtuozzo and most notably, Vast Data, a universal data platform providing simple, affordable and fast scaling data and storage capabilities. For the trailing twelve months ended July 31, 2022, Spinnakar reported pre-tax income of $2.0 million1 (£1.5 million2).
Founder and CEO of Spinnakar, Gerard Brophy, will continue to lead and scale Spinnakar’s EMEA business and will seamlessly integrate with Wayside's European business units, Climb UK and Grey Matter. Wayside anticipates various operating synergies and improvements for vendor recruitment and expansion in EMEA and across the globe. Mr. Brophy is a seasoned executive and brings a strong track record of success in the IT channel, including his leadership role at BigTec, which was acquired by Exclusive Networks, in addition to his deep relationships with various vendor partners throughout the EMEA region.
“Spinnakar’s founders have a proven pedigree of over 40 years in building successful IT distribution businesses and bringing emerging vendors to market, where they have experienced exceptional growth,” said Wayside CEO Dale Foster. “Their European line card includes several vendors that we represent in the US, while also bringing several new key vendors such as Vast Data that provide significant cross-sell opportunities. Their deep knowledge and expertise in storage, cloud, security and data management match up seamlessly with our key verticals of focus. We expect this acquisition to be accretive to gross margin and net income, boosting both growth and profitability going forward.”
Commenting on the acquisition, Spinnakar Founder and CEO Gerard Brophy stated: “We are thrilled to combine with the Climb and Grey Matter UK teams and look forward to scaling the integrated business across EMEA. Both organizations have very similar DNA with our focus on emerging technology products and services. As a new member of the team, I plan to further expand our line card through our combined expertise and shared vision of bringing new, innovative companies to market through our global network.”
Additional information regarding the acquisition is available on our Current Report on Form 8-K filed with the Securities and Exchange Commission on August 18, 2022.
WSTG...(UK division Q&A "Distributors You Need to Know 2022")...
16 August 2022
Climb Channel Solutions
Revenue: £50m (+6%)
Specialism: Software
Top vendors: Canonical, Corel, Flexera, Intel, ManageEngine, Microsoft, Quest, SmartBear, SolarWinds, TechSmith
Staff: 31
HQ: Ashburton, Devon
Having rebranded last year from Sigma Software Distribution, the UK/EMEA business of this software distributor turned over £50m in 2021, according to numbers it shared with us.
According to its website, US-based Climb boasts total revenues of over $700m. The UK business, which counts Microsoft, Intel and SolarWinds among its vendor chums, is based in picturesque Ashburton, Devon.
Q&A with Climb's VP of distribution, EMEA, Jane Silk
What's been your biggest business highlight of 2022 so far?
The increase in new reseller partners that Climb is now attracting every month.
Do you expect to grow in 2022?
The numbers are very good so far!
Have you made any significant vendor signings in the last 12 months?
We have some key new vendor relationships that we will be announcing over the next month but we are also excited to have been deepening our strategic partnerships with a number of our established vendors who have chosen Climb as the distributor they trust to grow their business through 2022 and beyond.
How is the chip shortage impacting you, and when will it end?
Because of the type of software we focus on, the impact on Climb UK's business has been minimal.
2022 has seen a couple of blockbuster distribution mergers already. What M&A trends do you expect to see over the next 12 months?
I think that we will continue to see some distributors building out their capabilities through specialist acquisitions.
What, if any, role does distribution have to play when it comes to sustainability?
We all have the responsibility to implement more sustainable practices both at home and also at our place of work; distribution can work in tandem with its partners to influence and share ideas.
What's been your biggest business mistake?
Pretty sure I make at least some mistakes every single week, the constant challenge to stay ahead in this industry is what's kept me interested for so long.
https://www.channelweb.co.uk/news/4054717/distributors-2022/page/7?utm_id=bc33ca2ec0b4b76919595157f3c4b073
CSPI...Nice balance sheet, cash, and backlog. And reinstated the dividend (even though it's less than it was before covid) and bought back a small amount of shares.
Very shareholder friendly.
CSPI...Nice to see Joe is still buying.
FTK/PFHC...Flotek mentioned 21 times in ProFrac's cc!!!...Good stuff!!...
https://www.fool.com/earnings/call-transcripts/2022/08/12/profrac-holding-corp-pfhc-q2-2022-earnings-call-tr/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
I'm not an expert here, but IMO the contract with ProFrac will give nice market/industry exposure to Flotek over the next year as Flotek rolls into profitability...
From Profracs cc...
Stephen Gengaro -- Stifel Financial Corp. -- Analyst
I don't know if you, you could comment on this or not. Do you have -- can you give us a sense for Flotek revenue per fleet per year?
Ladd Wilks -- Chief Executive Officer
Yeah. I don't want to look at an indication there. But what we do like is that the contracts that we have with them is going according to plan, they continue to scale operations and not just with us, but also out with third, with true third-party customers on their end. So we're really excited to see that business continue to scale and really look forward to the early, early part of 2023 to get this to fully contracted volumes that we've mutually negotiated.
And of course, as that does get to scale, we're really excited to see what that does with their financials in bringing this to profitability. We're also outside of that agreement. We, we're very excited about the JP3 agreement that we have in place that gives us confidence in the quality of the gas that we're, that we're pumping with. And being able to monitor BTUs in near real time allows us to protect our equipment and provide reliable service for not just the dual fuel systems, but also for the turbines providing or for the power gen on location that runs on the gas.
So making sure that we have good high-quality gas on location is a very important thing. We're also excited about what that means for Flotek and the JP3 team because being able to monitor BTUs for gas has far-reaching, consequences has far-reaching, impacts across the entire oil and gas industry, and especially for the midstream side for these operators, as they look to make sure that they capture every dollar for the gas that they, they sell down the line.
PFHC...$20.15 +$1.83 (+9.96%) after being in the red this morning. Nice.
PFHC...ProFrac Holding Corp. Reports Strong 2022 Second Quarter Financial and Operational Results
ProFrac's Two-Prong Growth Strategy
– Acquire, Retire, Replace(TM) and scaling Vertical Integration –
Drives Significant Increases in Revenue, Net Income and Adjusted EBITDA
WILLOW PARK, Texas, Aug. 11, 2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: PFHC) ("ProFrac" or the "Company") today announced strong financial and operational results for its second quarter ended June 30, 2022.
Second Quarter 2022 Results and Recent Highlights
Total revenue grew approximately 40% sequentially to $589.8 million over 2022 first quarter revenue, on a pro forma basis for the FTSI acquisition,(1) of $421.6 million, and up over 70% over 2022 first quarter reported revenue of $345.0 million
Net income rose to $70.1 million, which included $38.8 million of stock compensation expense related to a deemed contribution from a related party
Net income excluding stock compensation expense related to a deemed contribution was $108.9 million, up over 350% compared to 2022 first quarter reported net income of $24.1 million
Adjusted EBITDA(2) increased over 100% sequentially to $210.6 million compared to 2022 first quarter Adjusted EBITDA, on a pro forma basis for the FTSI acquisition,(3) of $99.4 million
Annualized Adjusted EBITDA per fleet excluding Flotek was $28.1 million on 31 average active fleets during the quarter
Announced pending acquisition of U.S. Well Services, Inc. in late June and expect to close the transaction in the fourth quarter of 2022
Upsized Term Loan by $150 million and closed on the acquisition of the SPS Monahans assets in late July 2022
Second quarter results include the consolidation of Flotek results after May 17, 2022 which contributed $15.4 million in revenue and ($7.5) million in Adjusted EBITDA
Ladd Wilks, ProFrac Holding Corp.'s Chief Executive Officer, stated, "Our business performed extremely well during the second quarter. We had 31 average active fleets during the quarter and we are currently deploying our first electric fleet into the field. We do not have plans to activate any additional conventional fleets at this time. We continue to focus our supply chain and our team on our existing fleets and our electric deployments. I am proud to partner with our customers and our team to continue pushing for a better, safer service company that provides best-in-class products and services, while focusing on driving superior returns for our shareholders."
Matt Wilks, Executive Chairman, added, "Over the past several quarters, we have been focused on executing our Acquire, Retire, Replace(TM) strategy and scaling our Vertical Integration strategy. As such, we are very pleased to report tremendous growth metrics during our second quarter which highlights the strong value of both strategies. The second quarter demonstrates our two-prong strategy in action because this is our first full quarter that includes the fleets acquired in the FTSI transaction. This is also the time that vertical integration matters the most. We are excited and look forward to continue proving the value creation potential of our two-prong growth strategy to our new investors as a public company as we integrate our most recently announced acquisitions."
Second Quarter 2022 Financial Results
For the second quarter of 2022, consolidated revenues totaled $589.8 million, or approximately $76 million per fleet on an annualized basis. On a pro forma basis for the FTSI acquisition, this compares to $421.6 million in the first quarter, or $54.4 million per fleet on an annualized basis. The increase was driven by higher average pricing, higher activity levels achieved with our fleets, and more materials provided to our customers.
Selling, general, and administrative costs ("SG&A") was $87.5 million and included $38.8 million of stock compensation expense related to a deemed contribution, $4.2 million of costs attributable to Flotek, $4.1 million in acquisition related expenses and included a full quarter of SG&A from FTSI. Higher costs were also driven by incentive compensation costs and acquisition related expenses during the quarter.
The stock-based compensation expense related to a deemed contribution of $38.8 million was related to shares sold by Farris Wilks and Dan Wilks (or entities they control) (collectively the "Wilks") to Ladd Wilks and Matt Wilks, respectively. These transfers were completed in connection with the IPO and the accounting treatment resulted in stock-based compensation funded directly by the Wilks.
Net income for the second quarter totaled $70.1 million. Net income excluding the stock compensation expense related to a deemed contribution from related parties was $108.9 million, compared to $24.1 million for the first quarter.
Adjusted EBITDA totaled $210.6 million in the second quarter, or $27.2 million per fleet on an annualized basis. Excluding the operating results attributable to Flotek, Adjusted EBITDA totaled $218.0 million, or $28.1 million per fleet on an annualized basis.
Operating cash flow was $39.5 million which was impacted by a working capital build due to increased pricing, increased activity levels, and increased materials provided to our customers.
The Company's average active fleet count for the second quarter was 31 fleets.
Outlook
The Company is deploying its first electric fleet during the third quarter and expects to average approximately 31 active fleets for the full quarter. We expect to deploy two more electric fleets in the fourth quarter. There are no current plans to reactivate any conventional or dual fuel fleets for the remainder of 2022.
The Company also expects incremental improvement in third quarter results, as compared to the second quarter attributable to further bundling of materials with our pressure pumping services, continued pricing improvements, and the anticipated deployment of our first electric fleet.
Business Segment Information
The Stimulation Services segment generated revenues in the second quarter of 2022 of $576.6 million, which resulted in $196.1 million of Adjusted EBITDA.
The Manufacturing segment generated revenues of $34.9 million in the second quarter of 2022, which resulted in $9.4 million of Adjusted EBITDA. Approximately 88% of the Manufacturing segment's revenue was intercompany.
The Proppant Production segment generated revenues of $17.5 million in the second quarter of 2022, which resulted in $12.6 million of Adjusted EBITDA. Approximately 66% of the Proppant Production segment's revenue was intercompany.
Our other business activities generated revenues of $15.4 million in the second quarter of 2022, which resulted in $(7.5) million of Adjusted EBITDA.
The Other business activities solely relate to the results of Flotek Industries, Inc. ("Flotek"). In May 2022, the Flotek shareholders approved the issuance of $50 million in initial principal amount of convertible notes that are convertible into Flotek common stock in exchange for amending our supply agreement to increase the term to ten years and the scope to 30 fleets. We were also granted the right to designate four of seven directors to Flotek's board of directors. As a result of our right to appoint directors without a direct equity interest, we determined that Flotek is a variable interest entity ("VIE"). We further determined that the Company is the primary beneficiary of the VIE, primarily due to our ability to appoint four of seven directors to Flotek's board of directors. As a result, and in accordance with GAAP, subsequent to May 17, 2022, we have accounted for this transaction as a business combination using the acquisition method of accounting and Flotek's financial results from May 17, 2022 to June 30, 2022 have been consolidated into our consolidated financial statements.
Capital Expenditures and Capital Allocation
Capital expenditures for full year 2022 are expected to range from $265 million to $290 million, which represents the high end of the range provided previously, due to increased activity levels and costs. The first electric fleet has been deployed for field trials and is expected to be fully deployed prior to the fourth quarter. The West Munger sand plant is expected to be operational by the beginning of the fourth quarter of this year.
Balance Sheet and Liquidity
Total gross debt outstanding as of June 30, 2022 was $495.0 million, $17.5 million of which was attributable to Flotek. Gross debt outstanding excluding amounts attributable to Flotek was $477.5 million, compared to $648.0 million as of March 31, 2022.
Total cash and cash equivalents as of June 30, 2022, was $73.7 million, $33.1 million of which was attributable to Flotek. Cash and cash equivalents excluding amounts attributable to Flotek was $40.6 million, compared to $28.7 million as of March 31, 2022.
As of June 30, 2022, and excluding amounts attributable to Flotek, the Company had $88.0 million of liquidity, including $40.6 million in cash and cash equivalents and net availability of $47.4 million under its asset-based credit facility.
On July 25, 2022, the Company entered into an amendment to its Term Loan Credit Facility to increase the size of the facility by $150 million, with an uncommitted option to obtain commitments for a potential additional $100 million of delayed draw loans before the earlier to occur of (i) the consummation of the pending acquisition of U.S. Well Services, Inc. and (ii) March 31, 2023.
SPS Monahans Acquisition
On July 25, 2022, the Company acquired SP Silica of Monahans, LLC, and SP Silica Sales, LLC (collectively, "SPS Monahans"), the West Texas subsidiaries of Signal Peak Silica, for approximately $90 million in cash plus approximately $10 million in working capital closing adjustments. For additional information related to the acquisition, please reference the Company's press releases available on its website at https://ir.pfholdingscorp.com/news-events/press-releases.
Footnotes
(1) Pro forma for the FTSI acquisition assumes that FTSI was acquired on 1/1/2022, in which case our combined first quarter revenue, net loss, and adjusted EBITDA would have totaled $421.6 million, $(1.2) million and $99.4 million, respectively.
(2) Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles ("GAAP") (a "Non-GAAP Financial Measure"). Please see "Non-GAAP Financial Measures" at the end of this news release.
(3) Adjusted EBITDA per fleet is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Measures" at the end of this news release.
Conference Call
ProFrac has scheduled a conference call on Friday, August 12, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 412-902-0030 and ask for the ProFrac Holding Corp. call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://ir.pfholdingscorp.com/news-events/ir-calendar. A telephonic replay of the conference call will be available through August 19, 2022 and may be accessed by calling 201-612-7415 using passcode 13731713#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
PFHC...Profrac reports after the close. Should be decent and might get some insight into the Flotek (FTK) contract.
HSON...Adj EPS = $1.25...NICE!...Hudson Global Reports 2022 Second Quarter Results
OLD GREENWICH, Conn., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq: HSON) ("Hudson Global" or "the Company"), a leading global total talent solutions company, announced today financial results for the second quarter ended June 30, 2022.
2022 Second Quarter Summary
Revenue of $51.0 million increased 28.4% from the second quarter of 2021 and 37.4% in constant currency.
Adjusted net revenue of $27.3 million increased 80.7% from the second quarter of 2021 and 90.6% in constant currency.
Net income increased to $3.1 million, or $0.98 per diluted share, compared to net loss of $0.1 million, or $0.04 per diluted share, for the second quarter of 2021. Adjusted net income per diluted share (non-GAAP measure)* was $1.25 compared to adjusted net income per diluted share of $0.15 in the second quarter of 2021.
Adjusted EBITDA (non-GAAP measure)* was $5.7 million compared to adjusted EBITDA of $1.7 million in the second quarter of 2021.
Total cash including restricted cash was $26.2 million at June 30, 2022.
“Our business exhibited very strong growth in revenue, adjusted net revenue, and adjusted EBITDA across all three regions in the second quarter of 2022 versus the prior year quarter,” said Jeff Eberwein, Chief Executive Officer of Hudson Global. “Globally, our sales teams continue to deliver new business wins while our delivery teams continue to provide excellent service to our clients. The strong momentum and organic growth we have been generating is a testament to the dedication and quality of our team. Consistent with our growth strategy, we continue to invest in organic growth and evaluate potential bolt-on acquisition opportunities.”
* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Constant currency, adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.
Regional Highlights
All growth rate comparisons are in constant currency.
Americas
In the second quarter of 2022, Americas revenue of $14.4 million increased 169% and adjusted net revenue of $13.8 million increased 177% from the second quarter of 2021. Strong organic growth as well as the acquisition of Karani in Q4 2021 contributed to the region's overall growth. EBITDA increased to $2.3 million in the second quarter of 2022 from an EBITDA loss of $0.2 million in same period last year. The region recorded adjusted EBITDA of $3.4 million in the second quarter of 2022 compared to adjusted EBITDA of $0.5 million in the same period last year.
Asia Pacific
Asia Pacific revenue of $29.9 million increased 12% and adjusted net revenue of $9.2 million increased 42% in the second quarter of 2022 compared to the same period in 2021. EBITDA was $2.3 million in the second quarter of 2022 compared to EBITDA of $1.0 million in the same period one year ago, and adjusted EBITDA was $2.6 million compared to adjusted EBITDA of $1.4 million in the second quarter of 2021.
Europe
Europe revenue in the second quarter of 2022 increased 34% to $6.6 million and adjusted net revenue of $4.3 million increased 49% from the second quarter of 2021. EBITDA increased to $0.6 million in the second quarter of 2022 compared to EBITDA of $0.5 million in the same period one year ago. Adjusted EBITDA increased to $0.8 million in the second quarter of 2022 compared to adjusted EBITDA of $0.6 million in the second quarter of 2021.
Corporate Costs
In the second quarter of 2022, the Company's corporate costs were $1.0 million compared to $0.8 million in the prior year quarter. Corporate costs in the second quarter of 2021 excluded $0.1 million of non-recurring expenses.
Liquidity and Capital Resources
The Company ended the second quarter of 2022 with $26.2 million in cash, including $0.4 million in restricted cash. The Company generated $7.6 million in cash flow from operations during the second quarter of 2022 compared to generating $1.0 million of cash flow from operations in the second quarter of 2021.
Share Repurchase Program
Since the beginning of 2019, the Company has reduced its share count by 12% and continues to view share repurchases as an attractive use of capital. Under its $10 million common stock share repurchase program, the Company has $1.7 million remaining.
NOL Carryforward
As of December 31, 2021, Hudson Global has $312 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Hudson Global common stock to 4.99%. Stockholders who wish to own more than 4.99% of Hudson Global common stock, or who already own more than 4.99% of Hudson Global common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.
COVID-19 Update
The Company is monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company believes it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet.
Conference Call/Webcast
The Company will conduct a conference call today at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at hudsonrpo.com.
CSPI/PCTI/FTK...nelson, yes! These 3 companies fit nicely in my portfolio. All have good long term growth potential with low to no debt.
CSPI...NICE! NICE! NICE!...CSP Inc. Reports Fiscal Third Quarter Results; Record Gross Backlog Reaches $23.8 Million and Gross Margin Continues Expansion
LOWELL, MA / ACCESSWIRE / August 10, 2022 / CSP Inc. (NASDAQ: CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, reported improved financial and operating results for the fiscal 2022 third quarter ended June 30, 2022, and provided a business update. The Company also announced that its Board of Directors has reinstated and declared a quarterly dividend of $0.03 per share, payable on September 9, 2022, to CSPi shareholders of record on the close of business on August 22, 2022
Third Quarter Operating Highlights and Recent Achievements
Services revenue grew 37% compared to the year-ago third quarter as the MSP business continued to attract new customers and expand existing customer relationships
Higher margin products and services lead to record gross margin of 37%, an increase of more than six percentage points over the year ago period
Gross backlog (backlog) as of June 30, 2022, was a record $23.8 million and $17.3 million on March 31, 2022
"The business momentum established over the past few quarters for our high margin products and services has continued in fiscal Q3. We have a record backlog of $23.8 million for products and services," said Victor Dellovo, Chief Executive Officer. "Despite the Technology Solutions (TS) business converting some of its older backlog into revenue, we still expanded overall backlog by $6.5 million from the fiscal second quarter. Within the TS business, we successfully transitioned sales leads into orders so the TS backlog grew by $5.8 million and now represents $19.8 million as of June 30, 2022. Our Managed Services Practice (MSP), which has not been hindered by the supply chain issues impacting our other revenue streams, is generating significant growth and remains a reliable source of recurring revenue from both new and existing customers. The High-Performance Products (HPP) business, which reported modest revenue in fiscal Q3 and will likely report similar results in fiscal Q4, is nonetheless positioned for success during fiscal 2023 and the ARIA opportunity pipeline strengthens from quarter to quarter. We also believe the HPP backlog of $4 million, when converted to revenue, is going to be a disproportionate contributor to our bottom-line during the next fiscal year.
The supply chain and inflationary issues constraining our business growth are not expected to change in the near-term, so our goal is to maximize the performance of our services segment while we continue to grow our backlog for our products' segments. With the Board feeling more confident we have the resources to execute our strategy, we reinstated the quarterly dividend to return cash to CSPi's shareholders.
Fiscal Year 2022 Third Quarter Results
Revenue for the fiscal 2022 third quarter was $13.3 million compared to $13.7 million in the year-ago quarter as the Company continued to operate in a challenging business environment. The supply chain issues impacting many global businesses continues to limit the Company's ability to receive needed components impacting the Company's ability to deliver finished products to the customer. Gross profit for the fiscal third quarter was $5.0 million, or 37.3% of sales, compared with $4.2 million, or 30.8% of sales, in the year-ago fiscal third quarter. The Company reported net income of $0.7 million in the fiscal 2022 third quarter, or $0.15 per diluted common share compared with a net loss of $(0.4) million, or $(0.10) loss per common share for the fiscal third quarter of fiscal 2021. The 2022 third quarter results reflect a $0.6 million gain from the impact of foreign currency exchange rates.
Fiscal Year 2022 Nine Month Results
Revenue for the fiscal nine months ended June 30, 2022, was $37.7 million compared with revenue of $39.2 million for the same prior year period. Gross profit for the fiscal nine months ended June 30, 2022, was $12.8 million, or 33.9% of sales, compared with $12.0 million, or 30.6% of sales, reflecting a more favorable product mix. The Company reported net income of $0.5 million in the fiscal nine months ended June 30, 2022, or $0.11 income per diluted common share compared with a net loss of $(0.1) million, or $(0.03) loss per common share for the fiscal nine months ended June 30, 2021. The 2021 nine-month results include a gain on forgiveness of debt of the Paycheck Protection Plan SBA Loans at the TS and HPP segment totaling $2.2 million, which was established as part of the CARES Act loan and recognized in fiscal 2021 first quarter.
The Company had cash and cash equivalents of $21.4 million as of June 30, 2022, which was an increase of $1.4 million from September 30, 2021. During the fiscal third quarter ended June 30, 2022, the Company utilized the stock repurchase program and repurchased approximately 7,000 shares of its common stock.
FTK...Signed agreement in principle to provide 20 of the Company's JP3 Verax® analyzer units to ProFrac Holdings for a period of five years...
FLOTEK JP3 VERAX® ANALYZER ENABLES FIELD GAS USAGE AT PROFRAC
HOUSTON, Aug. 9, 2022 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in technology-driven specialty green chemistry solutions, today announced an agreement in principle to provide 20 of the Company's JP3 Verax® analyzer units to ProFrac Holdings for a period of five years.
"In April we commenced a 10-year chemistry Supply Agreement with ProFrac, which we are ramping up. We served an average of 8 ProFrac frac fleets in the second quarter and expect to grow this rapidly. Today, we add a new facet to our already strong relationship. ProFrac's adoption of Flotek's JP3 Verax® analyzers is expected to accelerate diesel's replacement with natural gas produced in the field in ProFrac's dual-fuel fleets, thereby simultaneously reducing cost and greenhouse gas emissions while increasing returns to our producer customers and protecting their capital equipment. This is a win/win/win for Flotek, ProFrac, and producers," said Chairman and CEO John W. Gibson, Jr. He continued, "current use cases show that maximizing natural gas usage in dual fuel fleets can reduce diesel consumption by 50 – 70%. This, in turn, can enable dual fuel operations to adhere to Tier 4 EPA emissions requirements, which represent a reduction of 35% compared to Tier 2. These environmental benefits are further expected to be accompanied by both a rapid pay-back and significant long-term financial returns. We are extremely excited about the future as more customers evaluate this technology."
"ProFrac's agreement for JP3's sensors allows reliable and consistent gas quality that protects our people and equipment in highly variable field conditions. We believe JP3's energy content monitoring can be widely applied across the oil and gas industry," says Matt Wilks, ProFrac's Executive Chairman.
https://finance.yahoo.com/news/flotek-jp3-verax-analyzer-enables-030000297.html
FTK...Nice news & Q report this morning....FLOTEK ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULT
HOUSTON, Aug. 9, 2022 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced second quarter results for the three months ended June 30, 2022.
"I'm pleased to report our second quarter 2022 results in which revenue of $29.4MM increased 2.3x compared to the first quarter 2022 and 3.2x compared to the second quarter of 2021. Our Supply Agreement with ProFrac was effective as of April 1st, spans 10 years, and covers an equivalent volume of our full suite of downhole chemistries to serve 30 of their frac fleets or 70% of their total frac fleet, whichever is greater. While we are still in the early days of the contract, serving an average of 8 fleets in Q2, we remain confident in our ramp up to the full contract scope over the coming quarters. We also have no reason to expect that our relationship is bounded by the 30 fleet or 70% numbers. As we continue to provide exemplary service, ProFrac has the incentive to maximize chemical deliveries from Flotek due to the structure of our arrangement. ProFrac recently announced the acquisition of US Well Services which is expected to close in Q4. As a result, they expect to be operating 44 active frac fleets by the end of 2022. While 70% of 44 is a bit less than 31, we fully expect that we will win more of that business as we scale up" said John W. Gibson, Jr., Chairman, President, and Chief Executive Officer.
"While we are proud of our ability to increase volume and revenue thus far, and are confident that we have the capability to fulfill future demand, we recognize that the glide path to positive Adjusted EBITDA hinges on future margins. We further recognize that this was only the first quarter of the ProFrac contract, and economies of scale and operating leverage should drive better margins as we continue to grow. In addition to the challenge any company would face evolving to growth at this pace, we were confronted with a difficult freight & logistics environment which our team is working hard to neutralize. In summary, we remain committed to achieving positive Adjusted EBITDA margins and continue to be optimistic about the future and expect improving financial performance throughout the year."
Key Second Quarter 2022 Financial Results
Total Revenues: Flotek generated second quarter 2022 consolidated revenue of $29.4 million, up 128% from $12.9 million in the first quarter of 2022, driven by increased activity with ProFrac and continued growth in deliveries to transactional Chemistry Technologies customers.
Net Income and EPS: The Company recorded net income of $6.2 million, or $0.08 per basic and $(0.05) diluted share, in the second quarter 2022 compared to a net loss of $10.7 million, or $0.15 per basic/diluted share, in the first quarter of 2022. The sequential improvement is primarily due to the change in fair value of contingent convertible notes payable of $17.2 million.
Non-GAAP Adjusted EBITDA: Adjusted EBITDA for the second quarter 2022 was negative $7.2 million, a 33% decline compared to negative $5.4 million in the first quarter 2022.
Operational Highlights
In the first quarter 2022, the Company entered into a long-term supply agreement with ProFrac Services, LLC (ProFrac), to provide full downhole chemistry solutions for the greater of 33% of ProFrac's crews or 10 crews minimum for three years. In the second quarter, the Company entered into an amended agreement with ProFrac to expand the Agreement to a term of 10 years and 70% of ProFrac's frac fleet or 30 hydraulic fracturing fleets, whichever is greater. The expansion was overwhelmingly approved by shareholders on May 9, 2022. Combined, the contracts are expected to exceed $2 billion in revenue over the next decade. Additional details can be found in the Company's SEC and 10-Q filings.
Balance Sheet and Liquidity
As of June 30, 2022, the Company reported cash and equivalents of $33.1 million compared to $24.9 million at the end of the first quarter 2022, benefitted by the Private Investment in Public Equity (PIPE) transactions with ProFrac, which were disclosed previously.
On June 17, 2022, Flotek entered into a Securities Purchase Agreement with ProFrac. Pursuant to the Securities Purchase Agreement, the Company will receive $19,500,000 in cash and ProFrac will receive pre-funded warrants permitting ProFrac to purchase 13,104,839 shares of common stock of the Company at an exercise price equal to $0.0001 per share, representing a 20% premium to the 30-day volume average price of the Company's common stock at the close of business on the day prior to the date of the Securities Purchase Agreement. ProFrac may not receive any voting or consent rights in respect of the Prefunded Warrants or the underlying shares unless and until the Company has obtained approval from a majority of its shareholders excluding ProFrac and its affiliates, and ProFrac has paid an additional $4,500,000 to the Company.
On April 18, 2022, the Company closed on a contract to sell the Waller, TX facility for $4.3 million. The proceeds are included in our second quarter 2022 results. In addition, the Company is currently entertaining an offer to sell the Monahans,TX facility and we expect to be able to close that sale in the coming quarters. The Monahans facility remained classified as held for sale as of June 30, 2022.
Conference Call Details
Flotek will host a conference call on August 10, 2022, at 9:00 a.m. CST (10:00 a.m. EST) to discuss its second quarter results for the three months ended June 30, 2022. Participants may access the call through Flotek's website at www.flotekind.com under "Webcasts'' or by telephone at 1-844-835-9986 approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company's website.
About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek's Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit www.flotekind.com.
PCTI...Nice Q...Adj EPS = $0.10...PCTEL Reports Second Quarter 2022 Financial Results
Revenue increased 15% year-over-year and achieved gross profit margin of 45.8%
Strong execution for both product lines through significant orders for test & measurement products and the launch of an innovative new antenna portfolio
August 09, 2022 04:01 PM Eastern Daylight Time
PCTEL, Inc. (Nasdaq: PCTI), a leading global provider of wireless technology solutions, announced its results for the second quarter ended June 30, 2022.
Recent Highlights
Revenues increased 15.2% year-over-year to $25.0 million
GAAP gross profit margin of 45.8%
GAAP net income of $0.4 million or $0.02 per diluted share
Non-GAAP net income of $1.8 million or $0.10 per diluted share
Adjusted EBITDA increased 18% year-over-year to $2.6 million
Launched new 5G, 10-in-1 combination antenna portfolio for rail, fleet, and mass transit, supporting the Company’s commitment to innovative product development
Received multimillion dollar orders from two of its largest OEM customers for the Gflex® and HBflex™ scanning receivers
David Neumann, Chief Executive Officer of PCTEL, Inc., commented, “We are pleased to have delivered strong results in the quarter, driven by double-digit top-line expansion and operational efficiencies, both of which contributed to our solid performance. We expect positive momentum to continue and are keenly focused on executing on our three key growth strategies: launching innovative wireless products, increasing market share by providing more components of the wireless ecosystem, and expanding and leveraging distribution channels.”
Neumann continued, “We recently launched a 10-in-1 combination antenna designed to perform in harsh conditions and therefore useful in numerous end markets. We have also made great progress within our test & measurement product line, securing multimillion dollar OEM orders for our leading products, the Gflex and HBflex, and launching a new product, SeeHawk™ Monitor, that will continuously monitor public safety RF performance. Finally, we have made significant advances in expanding our distribution channels globally, building on our strong foundation in the Americas with the acquisition of Smarteq, that is now contributing products for distribution in both our European and American channels. We have momentum in innovation, market penetration, and distribution channel leverage, and will continue to execute on our growth strategy in the coming quarters.”
Second Quarter Financial Results
Revenue increased 15.2% to $25.0 million, compared to $21.7 million in the second quarter of 2021.
Antennas and IIoT Devices revenue was $17.6 million, an increase of 12.8% year-over-year due to an increase in revenues related to antennas for fleet applications and a full quarter of revenue recognized from Smarteq, which was acquired at the end of April 2021.
Test & Measurement products revenue was $7.4 million, an increase of 15.9% year-over-year due to higher revenues for 5G products in the U.S.
GAAP gross margin was 45.8% compared to 45.9% for the second quarter of 2021. Non-GAAP gross margin was 46.0% compared to 47.5% in the second quarter of 2021 due to lower gross margin for antennas and devices.
GAAP operating expenses were $11.1 million compared to $10.1 million in the second quarter of 2021. Non-GAAP operating expenses were $9.7 million compared to $8.8 million in the second quarter of 2021. Operating expenses include a full quarter of expenses related to Smarteq in the second quarter 2022 versus two months of expenses in the second quarter 2021.
GAAP net income was $0.4 million or diluted earnings per share of $0.02 compared to GAAP net loss of $(0.2) million or $(0.01) per share in the second quarter of 2021. Restructuring expenses related to the manufacturing transition in China were $0.02 per share in the second quarter 2022 compared to $0.00 in the second quarter 2021.
Non-GAAP net income was $1.8 million or $0.10 diluted earnings per share compared to $1.3 million or $0.07 in the second quarter of 2021.
Adjusted EBITDA increased by 18% to $2.6 million compared to $2.2 million in the second quarter of 2021.
Cash, cash equivalents and investments were $28.3 million, an increase of approximately $0.6 million as compared to the first quarter of 2022 as free cash flow of $1.6 million offset cash used in financing activities of $0.6 million.
Third Quarter 2022 Outlook
The following ranges represent our current expectations for the third quarter based upon available data and estimates.
Revenue: $25.5 million to $26.5 million
Non-GAAP Gross Margin: 44% to 45%
Non-GAAP EPS: $0.09 to $0.11
Kevin McGowan, Chief Financial Officer of PCTEL, added, “We remain confident in our ability to execute on our strategic growth initiatives despite the impact of macro-environmental and supply chain challenges, which our team continues to mitigate through careful supply chain management. Our third quarter outlook reflects our backlog across both our antenna and test & measurement product lines and solid demand for our wireless products.”
CONFERENCE CALL / WEBCAST
PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call will also be webcast at https://investor.pctel.com/news-events/webcasts-events. The call can also be accessed by dialing (877) 545-0523 (United States/Canada) or (973) 528-0016 (International), access code: 556919.
Replay: A replay will be available for two weeks after the call on either the website listed above or by calling (877) 481-4010 (United States/Canada), or (919) 882-2331 (International), access code: 45956.
FTK...Earnings next week. Up 30% since trading @ $0.94 a month ago. Current price = $1.23
HSON...Hudson reports next Thursday. I'm back in. Was buying yesterday in the low to mid $28's.
https://finance.yahoo.com/news/hudson-global-report-second-quarter-201500343.html
WSTG...Mixed bag...Sales lower, profits higher...Wayside Technology Group Reports Second Quarter 2022 Results
Net Income Up 56% to $2.8 Million or $0.63 per Share, with Adjusted EBITDA (non-GAAP) up 27% to $4.5 Million
Fifth Consecutive Quarter of Double-Digit Profitability Improvements
EATONTOWN, N.J., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Wayside Technology Group, Inc. (NASDAQ: WSTG) (“Wayside” or the “Company”), a value-added global IT channel company providing innovative sales and distribution solutions for emerging technology vendors, is reporting results for the second quarter ended June 30, 2022.
Second Quarter 2022 Summary vs. Same Year-Ago Quarter
Net sales were $67.9 million compared to $75.4 million.
Adjusted gross billings (a non-GAAP financial measure defined below) increased 3% to $241.8 million.
Gross profit increased 14% to $12.5 million.
Net income increased 56% to $2.8 million or $0.63 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 27% to $4.5 million.
Management Commentary
“Our Q2 results were highlighted by another period of improved profitability as we generated a double digit increase in gross profit and material increases in net income and adjusted EBITDA,” said CEO Dale Foster. “We also expanded our leadership team during the quarter with the promotion of Tim Popovich as President of Climb North America. With over 18 years of experience at Climb and even longer in the IT channel, Tim brings a wealth of expertise to the business as a key executive.
“As we progress through the second half of the year, we plan to continue executing on our core initiatives – generating organic growth with existing vendors and customers while adding new emerging vendors to our line card. We will also continue to evaluate M&A opportunities that can enhance our geographic footprint and service offerings and anticipate sharing further updates this quarter. We are closely monitoring the evolving macroeconomic conditions and its potential impact on our business, however we believe we are well positioned to continue driving growth through our global network of vendors and customers.”
Dividend
Subsequent to quarter end, on August 2, 2022, Wayside’s board of directors declared a quarterly dividend of $0.17 per share of its common stock payable on August 19, 2022 to shareholders of record on August 15, 2022.
Second Quarter 2022 Financial Results
Net sales in the second quarter of 2022 were $67.9 million compared to $75.4 million for the same period in 2021. The decrease is attributed to record net sales with one of the Company’s vendors in the same period in 2021 and an unfavorable impact of foreign exchange rates. Excluding that vendor and the unfavorable impact of foreign exchange rates, the Company grew net sales by nearly 10% with the remaining top 20 partners. In addition, adjusted gross billings in the second quarter of 2022 increased $6.7 million to $241.8 million compared to $235.1 million for the same period in 2021, an increase of 3%.
Gross profit in the second quarter of 2022 increased 14% to $12.5 million compared to $11.0 million for the same period in 2021. The increase in gross profit was driven by organic growth with the Company’s top 20 vendors, as well as fewer customers taking advantage of early-pay discounts compared to the year-ago period.
Total selling, general, and administrative (“SG&A”) expenses in the second quarter of 2022 were $8.4 million compared to $8.5 million for the same period in 2021. SG&A as a percentage of net sales was 12.3% for the second quarter of 2022 compared to 11.3% in the same period in 2021. SG&A as a percentage of adjusted gross billings was 3.5% for the second quarter of 2022 compared to 3.6%.
Net income in the second quarter of 2022 increased 56% to $2.8 million or $0.63 per diluted share, compared to $1.8 million or $0.41 per diluted share for the same period in 2021.
Adjusted EBITDA in the second quarter of 2022 increased 27% to $4.5 million compared to $3.5 million for the same period in 2021.
Net income as a percentage of gross profit for the second quarter of 2022 was 22.4% compared to 16.3% in the year ago quarter. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased to 35.8% in the second quarter of 2022 compared to 32.0% for the same period in 2021.
On June 30, 2022, cash and cash equivalents remained flat at $29.3 million compared to December 31, 2021, while working capital increased by $5.4 million during this period. The Company had $2.1 million of debt on June 30, 2022, with no borrowings outstanding under either its $20 million or £8 million credit facilities.
PCTI...PCTEL Announces Spectrum Monitoring and Uplink Testing Solution for Critical Communications Networks
8/1/2022 BusinessWire
PCTEL, Inc. (Nasdaq: PCTI), a leading global provider of wireless technology solutions, today announced the launch of SeeHawk(TM) Monitor, an automated spectrum monitoring system for P25 public safety radio and other critical communications networks. SeeHawk Monitor also enables automatic testing of the uplink signal, which is the signal from a handset to the radio site, for the purpose of determining that in-building coverage complies with fire code standards.
First responders rely on radio communications to protect their teams and the communities they support. Interference on the radio network can have life threatening consequences if public safety personnel can't communicate with incident command or with each other. The SeeHawk Monitor system automatically detects and helps users to identify interference from sources such as other communications networks, bidirectional amplifiers (BDAs), and high-powered industrial systems, so radio network managers can mitigate these sources of interferences to ensure reliable critical communications for first responders.
SeeHawk Monitor users can:
Continuously monitor spectrum across multiple radio sitesRapidly detect and characterize service impacting noise and interferenceInvestigate problems with spectrum analysis in real-time or event replay modesAutomatically test the uplink signal during in-building coverage testing
"SeeHawk Monitor resolves key pain points repeatedly mentioned in our conversations with public safety industry professionals," said James Zik, PCTEL's Vice President, Test & Measurement Product Management. "It's more than just public safety, as public and private wireless networks can also benefit from quickly and efficiently identifying service-impacting issues such as interference and poor in-building coverage."
The SeeHawk(TM) Monitor system is easy to install and is scalable to the needs of any network. It is composed of multiple Remote Test Units (RTUs), which monitor spectrum and measure radio signals at each radio site, and the SeeHawk Monitor Platform Manager, which monitors and configures all RTUs in the system.
SeeHawk Monitor's uplink testing feature makes it easier to ensure high-quality indoor coverage that complies with National Fire Protection Agency (NFPA) and International Fire Code (IFC) standards. The SeeHawk Monitor Platform Manager remotely manages automated uplink data collection on RTUs throughout the network. This enables a tester using a single PCTEL(R) public safety network testing solution to automatically collect uplink and downlink measurements in one survey of a building.
RGP...Up 13% today to new 52wk high after releasing earnings yesterday...
https://finance.yahoo.com/news/resources-connection-inc-reports-financial-200700580.html
WSTG...HUMAN Names Climb Channel Solutions as Preferred Distributor
July 26, 2022 08:00 ET | Source: Climb Channel Solutions
EATONTOWN, N.J., July 26, 2022 (GLOBE NEWSWIRE) -- Climb Channel Solutions, an international specialty technology distributor and wholly-owned subsidiary of Wayside Technology Group, Inc. (NASDAQ: WSTG) was named preferred distributor with HUMAN’s enterprise defense platform enabling resellers to round out their security stack.
“With a full suite of products focused on defending customer data and exposure to fraudulent activity Climb Channel Solutions is proud to be named HUMAN’s preferred distributor,” says Dale Foster, CEO at Climb. “The IT channel will soon be leaning on HUMAN’s products and solutions to help detect fraud within security, inventory, account management, and even marketing.”
Recent reports have indicated that 77% of all digital attacks are bot-based, and bots and cybercriminals become increasingly sophisticated year after year. Today, HUMAN verifies the humanity of more than 15 trillion digital interactions per week, offering enterprises a platform with unmatched visibility into fraudulent activity across the internet. HUMAN achieves this scale with a suite of products to protect the complete digital customer journey: BotGuard for Applications, BotGuard for Growth Marketing, MediaGuard, and Bot Insights Services. As new partners and enterprises leverage the HUMAN Defense Platform, they benefit collectively from HUMAN’s Modern Defense Strategy, which is built on best-in-class visibility and network effect powered by collective protection and disruptions.
“We are thrilled to add Climb Channel Solutions as our preferred distribution partner for North America as we continue to build HUMAN’s channel ecosystem,” said HUMAN Vice President of Channel Sales Ron Wagner. “Climb’s expertise as a value-added distributor along with their focus on emerging and disruptive technology makes them an ideal partner. We look forward to working with Climb and their vast network of resellers to realize HUMAN’s mission of safeguarding the integrity of the internet from bot attacks and fraud to keep digital experiences human.”
Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at sales@climbcs.com
About HUMAN
HUMAN is a cybersecurity company that safeguards enterprises and internet platforms from sophisticated bot attacks and fraud to keep digital experiences human. Our modern defense strategy is enabled by internet visibility, network effect powered by collective protection, and disruptions, enabling enterprises to increase ROI and trust while decreasing customer friction, data contamination, and cybersecurity exposure. Today we verify the humanity of more than 15 trillion interactions per week for some of the largest companies and internet platforms. Protect your digital business with HUMAN. To Know Who’s Real, visit www.humansecurity.com
LAD...Bought LAD this morning in the $271's/$272's...Just for a trade for now though. New car inventory is still near all time lows and I'm guessing 1/4 to 1/3 of in-transit cars/trucks are pre-sold before they hit the dealership. Still a long way to go but this should be a good long term investment.
SMCI...Damn that's strong!! Wish I owned it... :-/
FTK,...Good point short term, but after seeing Haliburton's earnings yesterday and reading their comments, I'm more than confident in Flotek's future than ever. Specialty chemical's (green) should remain a strong area of growth for the foreseeable future. Next year Flotek should easily do $200M+ in revenue next year while being profitable. This is an easy long term double IMO.
FTK...Flotek Industries (FTK) Announces Preliminary Second Quarter 2022 Revenue
HOUSTON, July 20, 2022 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in technology-driven specialty green chemistry solutions, today announced that it expects second quarter 2022 revenue to be in excess of $28MM compared to first quarter 2022 revenue of $12.9MM and second quarter 2021 revenue of $9.2MM. In addition, the Company provided commentary on progress made ramping up volumes related to the ProFrac Holdings (ProFrac) contract.
"The revenue growth we expect to achieve in the second quarter is strong evidence that we are successfully ramping up the transformational ProFrac contract, and I am very proud of our team. During the second quarter, we serviced an average of 8 ProFrac hydraulic fracturing fleets with no service quality issues, and expect to service an average of 16 or greater fleets in the third quarter. Since the April 1, 2022 effective date of the contract, we have delivered over 31 million pounds of chemistry to ProFrac. Combined with the 9 million pounds of chemistry delivered to our transactional (non-ProFrac) customers, total delivered volume in the second quarter was approximately double what we delivered for the entire year in 2021. We are delighted with how far we have come over a short period of time, and are very excited about the future. While we still have additional work to do in order to achieve the full scope of the contract, we are up to the task," said CEO John W. Gibson, Jr.
"We are proud of the work that the collective teams at Profrac and Flotek have accomplished. We are well on pace to reach full fleet adoption per the Profrac/Flotek contract by the beginning of 2023. Flotek's chemistry is the highest quality and continues to enable the smooth transition of each of our fleets. With the continued expansion of volumes, our belief is that Flotek will see continued efficiencies in logistics and purchasing power that reduces over-all costs and improves margins," said Profrac Executive Chairman Matt Wilks.
While delivered volume and revenue are expected to show strong growth over the first quarter 2022, the ramp up required the Company to incur some one-time expenses, including costs related to the mobilization of additional field deployment tanks (ISO), which increased from 20 to 101. In addition, freight and logistics costs are expected to be significantly above expectations, consistent with inflation being experienced by peers. However, these issues are not expected to interrupt consistent improvement in Adjusted EBITDA margin through the second half of 2022, and the Company still expects to generate positive Adjusted EBITDA excluding convertible notes amortization before the end of the fourth quarter 2022.
https://finance.yahoo.com/news/flotek-announces-preliminary-second-quarter-113000999.html
PCTI...PCTEL Announces Multimillion Dollar 5G Scanning Receiver Orders from Leading Network Testing Solution Providers
BLOOMINGDALE, Ill., July 18, 2022--(BUSINESS WIRE)--PCTEL, Inc. (Nasdaq: PCTI), a leading global provider of wireless technology solutions, announced multimillion dollar orders of 5G scanning receivers from two of its largest network testing solution OEM customers. The orders include Gflex® and HBflex™ scanning receivers, and will be delivered by the end of 2022.
"We are grateful to our customers and thrilled with the growing demand for PCTEL test and measurement solutions from network operators and regulators around the world," said Arnt Arvik, PCTEL’s Vice President and Chief Sales Officer. "These orders are clear evidence that the market recognizes the unique value of our flagship Gflex scanning receiver as a compact, future-proof solution that can keep up with the rapid growth and evolution of 5G networks."
The Gflex scanning receiver was designed specifically to meet the complex demands of multi-carrier 5G network testing across multiple sub-8 GHz and mmWave bands in a single lightweight, portable unit. It is the first purpose-built walk and drive test scanner to support every 5G band as currently defined in the 3GPP release 17, and the first capable of measuring the full bandwidth of a 100 MHz 5G channel.
PCTEL scanning receivers support a wide variety of cellular and public safety network testing applications, including network planning, deployment, optimization, troubleshooting, interference hunting, and benchmarking for both in-building and outdoor networks.
About PCTEL
PCTEL is a leading global provider of wireless technology solutions, including purpose-built Industrial IoT devices, antenna systems, and test and measurement products. Trusted by our customers for over 25 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.
PCTI...PCTEL Receives Regulatory European Certification for New Industrial IoT Radio Module
BLOOMINGDALE, Ill.--(BUSINESS WIRE)--PCTEL, Inc. (Nasdaq: PCTI), a leading global provider of wireless technology solutions, today announced receipt of the Declaration of Conformity in Europe for their IoT Radio Module.
PCTEL’s industrial grade radio module, RM-WIFI-AC-2X2-HP, meets rigorous customer requirements for Industrial IoT applications. This rugged, high power 802.11ac WiFi radio module supports 5 GHz WiFi bands and can be installed in a wide variety of products that accept standard mini-PCIe cards. Purpose-built to support industrial applications targeting a range of markets including utilities, fleets, manufacturing, automation, mining, and oil and gas, this module’s small form factor makes it ideal for integration into wireless IT platforms and its high transmit power provides continuous connectivity. “We are excited to announce the CE Declaration of Conformity for the RM-WIFI-AC-2X2-HP. It is a significant milestone in our strategy to expand PCTEL’s Industrial IoT devices market in Europe,” said Chintan Fafadia, PCTEL’s Vice President, IIoT Device Product Management.
The reliable and adaptable RM-WIFI-AC-2X2-HP module helps customers increase operational efficiency, allowing them to stay connected with the right wireless solution.
“Along with our current offerings in antennas and wireless test and measurement, PCTEL continues to expand its capabilities and product offerings for the Industrial IoT market in Europe with high performance and ruggedized wireless connectivity solutions including WiFi access points and multi-connectivity and multi-sensor platforms,” said Fafadia.
https://www.businesswire.com/news/home/20220707005072/en/PCTEL-Receives-Regulatory-European-Certification-for-New-Industrial-IoT-Radio-Module
PCTI...Look @ the 20 chart...For what reason would someone not want this as part of their long term portfolio? Trading @ low $4's, high $3's (5.2% dividend yield, no debt, good cash, positive cash flow, high growth tech sector).
Lowest this stock has traded within the past 13 years is approx $3.70...
https://www.ldmicro.com/profile/PCTI
PCTI...PCTEL Announces Its New CMTA Portfolio for Intelligent Transportation Systems
BLOOMINGDALE, Ill., June 30, 2022--(BUSINESS WIRE)--PCTEL, Inc. (Nasdaq: PCTI), a leading global provider of wireless technology solutions, today announced its new 5G FR1, 10-in-1 combination antenna portfolio, the CMTA, for rail, fleet, and mass transit.
The CMTA portfolio is designed to withstand the extreme conditions and hazardous environments of critical infrastructure, specifically in rail, where rugged and reliable solutions are essential. The CMTA portfolio enables the connectivity necessary for railroad networks to identify where vehicles are on the tracks, ensuring that hi-rail vehicles always stay within their designated track. Additionally, the CMTA portfolio can be used for industrial fleets and mass transit applications.
"We understand that precision positioning and determination of exact location as well as 5G and WiFi capabilities are important for high-rail vehicles operations, which is why PCTEL designed and developed the CMTA, an ultra-rugged, low profile, multiband antenna portfolio with robust construction that complies with EN50155 and AAR railway standards, for maximum safety and durability," said Juan Verenzuela, PCTEL’s Vice President of Product Management & Strategy. "Developing high performance and reliable products for critical operations is what we are well known for. I am excited about the opportunities to come with this new antenna portfolio," added Verenzuela.
The antenna is also compatible with the world’s leading multi-carrier cellular routers.
To learn more about the CMTA portfolio visit https://www.pctel.com/cmta-5g-fr1-wifi-antenna-portfolio-pr
About PCTEL
PCTEL is a leading global provider of wireless technology solutions, including purpose-built Industrial IoT devices, antenna systems, and test and measurement products. Trusted by our customers for over 25 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.
https://finance.yahoo.com/news/pctel-announces-cmta-portfolio-intelligent-210400821.html
FTK...Added below $1 today. I'm in deep but lowering my average. :-/
PCTI...Nice pop in volume and strong run into the close today!!...Waited out my 31 day waiting period (on the shares I sold for a loss) and I've been adding all week below $4. Perfect timing and a good loss to use this year.
No news that I can find so we'll see what happens.
WSTG...Climb Channel Solutions Announces Partnership with Hammerspace...
EATONTOWN, N.J., June 08, 2022 (GLOBE NEWSWIRE) -- Climb Channel Solutions, an international specialty technology distributor and wholly-owned subsidiary of Wayside Technology Group, Inc. (NASDAQ: WSTG) announces partnership with Hammerspace, storageless data for hybrid IT environments to efficiently provide a hybrid cloud data platform as a fully automated consumption-based resource.
"Hammerspace is radically advancing the way organizations access and manage their massive data sets across the hybrid cloud. Our technology is taking data driven businesses to the next generation of productivity by enabling users and applications to access all of an organization’s data, no matter where it is stored in the data center and in the cloud," said Chris Bowen, SVP of Global Sales at Hammerspace. "Organizations from life sciences, high-performance computing, manufacturing, media and entertainment, and more are anxious to deploy Hammerspace to address their decentralized business needs. We are thrilled to bring the Hammerspace Global Data Environment to our partners and customer base more rapidly through the partnership with Climb."
The global data era has arrived, accelerated dramatically by pandemic-induced decentralizing shifts in organizational operations and talent resources. Data is increasingly being created and stored in a variety of locations – at the edge, in multiple data centers and cloud regions. As a result, data needs to be a globally consolidated and consumable resource. Hammerspace delivers the world’s first and only solution to give high performance, local read/write data access to global users and applications, of all an organization’s data, no matter where it is stored. Hammerspace enables users working from anywhere in the world access to use their choice of applications, compute resources, and data to effectively do their jobs without creating copies of data in multiple locations that are both expensive and difficult to manage.
“The ability for businesses to access their global data from anywhere regardless of location creates an environment that can not only scale business operations, but also provides proficient and easy access for businesses to collaborate, compute, recover, protect, and manage precious data. Climb Channel Solutions’ partnership with Hammerspace is an excellent addition to our Cloud and Virtualization vendors,” says Dale Foster, CEO at Climb Channel Solutions.
About Hammerspace
Hammerspace delivers a Global Data Environment that spans across on-prem data centers and public cloud infrastructure. With origins in Linux, NFS, open standards, flash and deep file system and data management technology leadership, Hammerspace delivers the world’s first and only solution to connect global users with their data and applications, on any existing data center infrastructure or public cloud services. Read more at www.hammerspace.com.
https://finance.yahoo.com/news/climb-channel-solutions-announces-partnership-120000522.html
CSPI...NICE news today...Aria Cybersecurity Introduces Breakthrough Solution Accelerated by NVIDIA to Stop Network-Based Cyber-Attacks Within Core of the Internet and Public Cloud
BOSTON, June 06, 2022 (GLOBE NEWSWIRE) -- ARIA Cybersecurity Solutions, a CSPi business (NASDAQ: CSPi) announces its ARIA Zero Trust Gateway, a next-generation network security solution focused on automated 100G Network Response accelerated by the NVIDIA® BlueField-2® DPU.
Network Service Providers and Cloud Operators asked for a better approach than a firewall/IPS to solve today’s network security requirements. They need to stop a wider array of network attacks immediately, as soon as detected, at today’s 100G network line rates.
Key capabilities of the solution include:
Runs in-line at 100G as well as 10 and 25 G speeds
Finds and stops network attacks and data exfiltration in real-time
Runs fully automated
Does not impact customer data performance or service SLAs
Lowers the cost per protected packet by up to 10x
Lowers the cost per packet watt by up to 10x vs alternatives
Lower the rack footprint by up to 10x
The ARIA Zero Trust (AZT) Gateway is deployed as a compact, in-line bump-in-the-wire standalone network device that will stop attacks without impacting the delivery of other traffic crossing the wire. To do so, the AZT Gateway operates by sitting in line with the data traffic, analyzing each packet at line rate, creating analytics for threat analysis while enforcing existing standing protection policies as well as those dynamically written to stop detected attacks.
To detect attacks, the packet analytics go to the central brain of the solution. This brain is ARIA’s Advanced Detection & Response (ADR) product that uses ML and AI-driven threat models that analyze the analytics for over 70 different types of attacks utilizing the MITRE ATT&CK framework. This is accomplished in a totally automated approach that may take humans out of the detection loop. In addition, specific traffic conversation copies can be sent to an Intrusion Detection System (IDS) function for deeper analysis. In both cases, the results are relayed back to the gateway as dynamically generated rules to block and remove the identified attack conversations in real-time. Attacks can be identified and stopped in seconds without humans in the loop – a major breakthrough.
“The BlueField-2 DPU’s unique capabilities packed into a compact footprint combined with low power draw make it the ideal platform for our AZT Gateway when deploying in network provider and Cloud data center environments,” said Gary Southwell ARIA Cybersecurity’s VP & GM.
AZT Gateway software leverages the NVIDIA BlueField-2 DPU’s data center infrastructure-on-a-chip capabilities to provide the ability to monitor two 100G links at a time without dropping traffic or consuming any critical CPU resources. The BlueField-2 DPU further provides AZT with hardware accelerators that create the analytics for each packet. The AZT system software executes within the BlueField-2’s highly efficient Arm core processor to classify each packet at a conversation level as well as to apply the preset and the dynamically generated rulesets.
“ARIA Zero Trust Gateway solves a critical cyber problem for service providers who need a modern approach to protect their customers’ data from attack,” said Ami Badani, vice president of Networking at NVIDIA. “NVIDIA BlueField DPUs offload, accelerate and isolate infrastructure workloads to equip innovators such as ARIA to create pioneering next-generation security applications. The BlueField-2 DPU further provides AZT with hardware accelerators to deliver the accelerated performance to handle today’s demanding networking speeds in excess of 100G.”
FTK...I hope not bbotcs, but you never know...The sales will be going higher and higher so maybe the price will find a floor. My buying power will increase substantially after the split so I might be adding if it drops.
FTK...Annual meeting is next week. Reverse stock split should follow...
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168739193
FTK...Flotek Director purchased 50,000 shares @ approx $1.31...
https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=116755628&type=HTML&symbol=FTK&companyName=Flotek+Industries+Inc.&formType=4&formDescription=Statement+of+changes+in+beneficial+ownership+of+securities&dateFiled=2022-06-03&CK=928054
FTK...Strong comments from Flotek's CEO/President last week..."I'm an investor in Flotek. I have no other investment in my portfolio that has NO/LOW DEBT, has a RECURRING REVENUE CONTRACT THAT SECURES TIES WITH WITH US TO COMPANIES GOING FORWARD, has TREMENDOUS UPSIDE inside of that contract with ProFrac, has the opportunity to be the non-exclusivity to actually go out and use this scale and scope to benefit all of the other people in the industry as well, and has this kind of downside protection against the full cycle economics of oil & gas. I mean I feel confident that we'll go through at least 2 more cycles during this 10yr period. And we'll be the company that doesn't have to be concerned about that because we've securitized full cycle economics for our investors for the next decade."
https://globalmeet.webcasts.com/starthere.jsp?ei=1548519&tp_key=09c329c199
FTK = Hold, Wait, and Accumulate (IMO). Currently my top holding.