- During
the second quarter of 2019, Spectrum Global Solutions’ revenues reached
$19.7 million
- A
growth period started in the first quarter of the year and was mainly
attributed to the expansion of Spectrum’s primary subsidiaries, including
TNS Inc.
- Over
the coming 12 months, Spectrum expects to win new contracts and expand
into several key international markets
Spectrum Global Solutions Inc. (OTCQB: SGSI) recently
announced that it received $3.7 million in new contracts during the second
quarter of 2019 in a press release detailing the company’s financial results
for the three-month period (http://ibn.fm/HagGQ).
Spectrum Global Solutions also entered into a definitive
agreement for the acquisition of WaveTech GmBH, an innovative energy management
technology firm. The agreement is expected to enable Spectrum to improve
monetization of its existing customer base while expanding into new global
markets.
During the second quarter of 2019, Spectrum witnessed strong
revenue growth. Its total revenues reached $19.7 million, marking an increase
of 29 percent on a quarterly basis. Gross profit during the second quarter was
$1.2 million, or 13.9 percent of revenues.
The company brought down general and administrative expenses
for Q2 2019 to $1 million (a reduction of 38 percent on an annual basis).
Operating loss for the second quarter of the year went down by 21 percent on an
annual basis.
Spectrum also reduced its ongoing interest expense by $0.3
million annually, converted approximately $3.7 million in debt at a 75 percent
premium to the market and engaged MZ Group to implement an investor relations
and financial communication program across all key markets.
“Taken together, we look forward to leveraging our strong
foundation to execute on our significant backlog, win new contacts, and expand
into several key international markets over the next 12 months. Ultimately, we
expect these strategic steps to create long-term value for our shareholders,”
Spectrum CEO Roger Ponder stated in a news release.
The results for the second quarter of the year continue a
positive trend that was established during Q1 2019. In the first quarter of
2019, Spectrum registered revenue of $11.33 million, in comparison to the sales
of $4.33 million that Spectrum accomplished in the first quarter of 2018 (http://ibn.fm/kd7v1).
The first quarter revenue was reflective predominantly of
the consistent growth of the company’s primary subsidiaries, including TNS Inc.
TNS is a Chicago-based Spectrum Global Solutions subsidiary that completes
on-premise broadband capability enterprise expansion and operates nationwide,
as well as in Mexico.
Spectrum Global Solutions is a leading single-source
provider of end-to-end next generation network infrastructure and professional
service solutions to carriers and corporate enterprises. The company works with
clients across the U.S., Canada, Puerto Rico, the Caribbean and Guam.
Through its various subsidiaries, including TNS Inc., AW
Solutions, ADEX Corporation and Tropical Communications Inc., Spectrum Global
Solutions provides services directly to carriers, utilities, enterprises,
aggregators, project management organizations and original equipment
manufacturers (OEMs). Its subsidiaries enable the provision of comprehensive
solutions to cover all aspects of fiber network and infrastructure.
For more information, visit the company’s website at www.SpectrumGlobalSolutions.com
NOTE TO INVESTORS: The latest news and updates
relating to SGSI are available in the company’s newsroom at http://ibn.fm/SGSI
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