- SGSI reported revenue of $11,335,732 for Q1 2019, as compared to $4,327,764 from Q1 2018
- The company’s CEO said that its first quarter with positive income from operations reflects “continued improvements” in business
- SGSI reported income from Q1 2019 operations of $14,699, as compared to a loss of $743,491 from operations in Q1 2018
Spectrum Global Solutions Inc. (OTCQB: SGSI) in Q1 2019 reported its first quarter with positive income from operations. For the three months ended March 31, 2019, SGSI reported revenues of $11,335,732, as compared to sales of $4,327,764 the first quarter of 2018. In 2019, the company showed its first quarterly income from continuing operations of $14,699, as compared to a loss from operations of $743,491 during the same period in 2018 (http://ibn.fm/Uuf5g).
“Revenue was just over $11.3 million, which reflects consistent growth in our AW solutions, ADEX and TNS subsidiaries,” SGSI CEO Roger Ponder stated in a news release. “We also reported positive income for the period. This is Spectrums’ first quarter with positive income from operations, which demonstrates continued improvements in the business.”
Ponder also praised the performance of these three subsidiaries. “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,” he added.
SGSI is a single-source provider of wireless and wireline network infrastructure and professional service solutions to the service provider (carrier) and corporate enterprise markets (http://ibn.fm/jICGy). The company is a leading provider of telecommunications engineering and infrastructure services in the United States, Puerto Rico, Canada, Guam and the Caribbean.
Subsidiaries acquired in April 2017, February 2018 and January 2019 were significant in the company’s 2019 performance. Their combined gross profit in Q1 2019 was $2,511,567 at a 22.2 percent gross profit percentage. By comparison, in Q1 2018, gross profit was $543,244 at 12.6 percent.
Net loss attributable to common shareholders for Q1 2019 was $1,332,587, as compared to net income of $134,269 for the comparable period in 2018. SGSI said that the increase in net loss was attributable to increases in other expenses of loss on change in fair value of derivatives, as well as the amortization of discounts on notes payable, convertible debentures and interest expense.
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