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Monday, October 26, 2020 9:03:18 AM
WidePoint Increases Fiscal Year 2020 EBITDA Guidance by 50%Company Increases Fiscal 2020 EBITDA Guidance to Between $4.7 Million to $4.9 Million, Representing a 50% Increase from Previously Issued Guidance and a 69% Improvement over Fiscal 2019
FAIRFAX, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) -- WidePoint Corporation(WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, has updated its financial outlook for the fiscal year ending December 31, 2020.
On June 18, 2020, WidePoint(WYY) issued revenue guidance of $185 million to $195 million and EBITDA guidance of $3.0 million to $3.4 million for fiscal 2020. Today, the Company has increased its EBITDA guidance and reiterated its revenue expectations for fiscal 2020. The Company now expects EBITDA to range between $4.7 million and $4.9 million, which, at the midpoint of the guidance range, is 50% above the Company’s previously issued guidance and represents a 69% year-over-year increase compared to fiscal 2019. The company is also providing fiscal 2020 adjusted EBITDA guidance, which excludes stock-based compensation expense, of $5.5 million to $5.7 million, which, at the midpoint of the guidance range, represents a 57% year-over-year increase compared to fiscal 2019.
“Throughout the year, we’ve added higher margin business and improved our operational efficiency, both of which are driving a more profitable year than we originally anticipated,” said WidePoint’s CEO, Jin Kang. “By nearly every metric, fiscal 2020 will be a record year for WidePoint(WYY). We look forward to leveraging the momentum of this year to build a stronger organization that will continue to prosper for many years to come.”
About WidePoint(WYY)
WidePoint Corporation (WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Investor Relations:
Gateway Investor Relations
Matt Glover or Charlie Schumacher
949-574-3860
WYY@gatewayir.com
Image: wide.png
Source: WidePoint Corporation(WYY)
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