April 17 for audited results////preliminary results below...
NAPLES, Fla., April 03, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American:FTNW) ("FTE" or the "Company"), a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure and intelligent buildings, announced today certain unaudited preliminary revenue results for the six months ended December 31, 2017.
Financial and Operational Highlights for the six months ended 12/31/17
Second half results for July 1 - Dec 31 (2 complete quarters as a consolidated operation)
Total revenue of approximately $189.6 million
Gross margin of approximately 16.0%
Net income of approximately $(6.7) million
Adjusted net income of approximately $9.6 million
Adjusted EBITDA of approximately $15.1 million for six months ended December 31, 2017
Adjusted diluted earnings per share of approximately $1.73
Achieved a combined backlog of approximately $434 million as of December 31, 2017, which includes several Master Services Agreements
Successfully uplisted to the New York Stock Exchange (American) in December 2017
Announced new infrastructure and technology expansion projects valued at approximately $108.5 million in 2018
“Our initial six months as a consolidated operation have produced strong results, including our highest quarter of revenue generation since inception, which underscores our confidence in the business as we enter 2018,” commented Michael Palleschi, FTE Networks’ Chief Executive Officer. “During the fourth quarter, we successfully launched our CrossLayer technology platform as a foundational service offering to our Benchmark Builders client base, which drove a record backlog of $434 million at year-end, which includes several Master Services Agreements. With our strategically structured and integrated organization that provides both technology and infrastructure services, we have secured both new customers and re-occurring projects with Fortune 100/500 companies and top-ranking REITs.”
Mr. Palleschi continued, “During 2017, FTE acquired and integrated Benchmark Builders, a tier one firm in the coveted New York City market, which both enhanced our top-and-bottom lines and created an ideal sales channel for our first to market compute-to-the-edge technology powered by CrossLayer. These accomplishments were instrumental in the achievement of a key corporate milestone of uplisting to the New York Stock Exchange (American) in December 2017. This distinction allows for the potential of greater liquidity and access to capital, as well as expanded communications to our investor base.”
Outlook for 2018
“The momentum in our business has continued into 2018, as we announced more than approximately $108.5 million in new contracts during the first quarter. We believe that FTE’s integrated business model represents a new paradigm that spans both the technology and infrastructure sectors. Further, we are confident that the patent-pending CrossLayer technology platform positions FTE to equip our clients with innovative, technology-oriented solutions that offer their commercial tenants a cutting-edge high speed networking experience, powered by edge computing, while providing the Company with enhanced efficiencies and margins, driving sustainable profitability and shareholder value,” concluded Mr. Palleschi.
These are preliminary unaudited financial results and remain subject to the completion of the Company's customary quarterly and annual close and review procedures. Material adjustments may arise between the date of this release and the date on which the Company announces its fourth quarter and annual 2017 results and files its Form 10-K with the SEC, which is anticipated to occur on April 17, 2018.
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW"), FTE Networks, Inc. ("FTNW") is a leading provider of innovation technology. We enable adaptive and efficient smart network connectivity platforms, infrastructure and buildings. FTE provides end-to-end design, build, and support solutions for state-of-the-art networks, data centers, residential and commercial properties. We create transformative smart platforms and buildings. FTE's services are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of leading edge projects and services. The Company works with Fortune 100/500 companies, including some of the world's leading Telecommunications and IT Services Providers as well as REITs and Media Providers.
(*) Use of Non-GAAP Financial Information
The Company's financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States of America (GAAP) and using certain non-GAAP financial measures. Management believes that presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of core operating results across reporting periods. Management also uses non-GAAP financial measures for financial and operational decision making, planning and forecasting purposes and to manage the Company's business. Management believes that these non-GAAP financial measures enable investors to evaluate our operating results and future prospects in the same manner as management. The non-GAAP financial measures do not replace the presentation of GAAP financial results and should only be used as a supplement to and not as a substitute for the Company's financial results presented in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not therefore present the full measure of the Company's recorded costs
Best wishes as always,
GMAN
