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Spectrum Global Solutions Reports First Quarter 2019 Results

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drugmanrx   Wednesday, 05/15/19 04:58:02 PM
Re: Hou-trader post# 83180
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Spectrum Global Solutions Reports First Quarter 2019 Results
Wed May 15, 2019 4:42 PM|GlobeNewswire|About: SGSI

LONGWOOD, Fla., May 15, 2019 (GLOBE NEWSWIRE) -- Spectrum Global Solutions (SGSI), 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.”

Financial Highlights:

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
March 31,2018
Statement of Operations Data:
Revenues $ 11,335,732 $ 4,327,764
Gross profit 2,511,567 543,244
Operating expenses 2,496,868 1,286,735
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:
Cash $ 966,790
Accounts receivable, net 7,759,001
Total current assets 11,215,761
Goodwill and intangible assets, net 6,455,725
Total assets 18,036,886

Total current liabilities 19,583,128
Derivative liabilities 2,874,674
Stockholders' (deficit) equity (5,510,323)

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