Very nice CORPORATE UPDATE posted below: Highlights:
This was accomplished by way of a
comprehensive rebranding initiative, in which we brought our corporate and operating brands together
under the single entity of Vislink Technologies. Expressing ourselves as a singular global brand has allowed
us to communicate with existing and potential customers more cohesively, while emphasizing the
company’s core values of innovation and leadership in the markets we serve. The reaction we have
received to this initiative from all stakeholders has been overwhelmingly positive.
We announced the closing on a $12 million public offering on July 17, 2019, which enabled us to deploy part
of the proceeds to our working capital requirements. Our delivery schedules were impacted in the second
quarter because of the delay, reflected in our Q2 results.
With the additional capital in place, we have now begun seeing improvements in our supply chain and
deliveries. Also, the additional capital raised allowed us to pay off early, and in full, the convertible debt
we had due in September 2019, resulting in a debt-free company and well-positioned for the future.
As of June 30, we ended the quarter with $416,000 in cash. Accounts receivable was $5.6 million.
Inventory was $12.7 million. Total current assets were $19.7 million. Current liabilities excluding short term debt, operating lease obligations, deferred revenue and derivative liabilities was $11.5 million, so
roughly $8.2 million in working capital. Our debt including short term obligations stood at $5.8 million.
Q2 2019 Highlights
Among the key business highlights for Q2 2019 were the following:
• We introduced the INCAM-HS, an integrated 4K UHD wireless camera transmitter unit designed
for SONY’s HDC-5500 multi-format live camera system.
• We partnered with Grass Valley on an all-in-one broadcast solution that includes the Vislink INCAM-HG 4K UHD transmitter and Grass Valley’s LDX 86N Series camera.
• We introduced the HCAM+ULRX wireless camera solution, which provides end-to-end, ultra-low
latency when working with 4K content for broadcast sports and major entertainment event coverage applications.
• We received $650,000 in airborne video downlink orders from California and Minnesota law
enforcement agencies.
• We deployed its wireless camera equipment to cover events at the OGN Super Arena, the largest
es-ports studio arena on the U.S. West Coast, and the first esports venue in North America
designed specifically for popular “battle royale” esports games.
• We were awarded a $2.8 million U.S. Army contract for handheld intelligence, surveillance and
reconnaissance (ISR) receiver devices.
• Subsequent to the end of the second quarter, the company also closed on a $12 million public
offering that allowed it to pay off convertible debt incurred during 2018 in full and ahead of
schedule.
During the second quarter, the company realized an additional $1.3 million of savings primarily related to
facilities consolidation. Our Billerica, MA facility was subleased in May 2019 with expected savings over the term of the lease of $0.6 million. In addition, our Sunrise, FL lease expired in May 2019, with annual savings of $0.2 million. Lastly, the company consolidated its Colchester, UK facilities from two sites into
one on May 31, 2019, with savings of $0.5 million through June 2020.
Looking forward, we are optimistic that the difficult steps taken over the last year have put the company
in a position to reach our objective of realizing sustainable and profitable growth. We have begun to fulfill
the backlog we built up during the first and second quarters and expect to ramp up new bookings during
the remainder of the year. Our goal is to return to profitability by the end of the year.
We firmly believe that making decisions that transcend a
quarter-to-quarter perspective is the best way to ensure that the company can sustain, grow, and thrive
for the benefit of all Vislink Technologies shareholders.
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