We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
WidePoint Corporation | AMEX:WYY | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -1.44% | 2.05 | 2.21 | 2.05 | 2.11 | 42,474 | 23:30:16 |
MCLEAN, Va., March 16, 2015 /PRNewswire/ -- WidePoint Corporation (NYSE Mkt: WYY), a leading provider of Managed Mobility Services (MMS) specializing in Cybersecurity and Telecommunications Lifecycle Management (TLM) solutions, today announced financial results for the fourth quarter and full-year ended December 31, 2014.
Recent Business Highlights
Full Year 2014 Financial Highlights
Fourth Quarter 2014 Financial Highlights
"We continue to gain new task order awards under our DHS BPA, and we are creating new opportunities in the federal and commercial marketplaces, both directly and through partnerships, for our technology offerings," Steve Komar, WidePoint chief executive officer, commented. Mr. Komar further stated, "We remain excited about our Certificate-on-Device and other next-generation identity management services. Combined with our range of differentiated cross-border MMS offerings and a host of new partnerships and alliances, we believe we have set the stage to exploit a diverse range of new revenue opportunities in 2015."
James McCubbin, WidePoint CFO, added, "2014 was a year of investment in our sales and marketing resources and in our personnel and technology platforms in order to build and improve upon our operating infrastructure, which should allow us to accelerate growth and expand margins as we progress into 2015 and beyond. We believe we will deliver financial leverage and improved operating performance as we work towards adding higher-margin recurring revenue to our sales mix in 2015."
Conference Call Information
A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Monday, March 16, 2015. Anyone interested in participating should call 1-888-500-6950 if calling within the United States or 1-719-325-2315 if calling internationally. There will be a playback available until March 30, 2015. To listen to the playback, please call 1-877-870-5176 if calling within the United States or 1-858-384-5517 if calling internationally. Please use PIN code 5717039 for the replay. The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=113389.
About WidePoint
WidePoint is a leading provider of secure, cloud-delivered, enterprise-wide information technology-based solutions that can enable enterprises and agencies to deploy fully compliant IT services in accordance with government mandated regulations and advanced system requirements. WidePoint has several major government and commercial contracts. For more information, visit www.widepoint.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; (iv) the declaration and payment of dividends; and (v) the risk factors disclosed in the Company's periodic reports filed with the SEC. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
-tables follow-
WIDEPOINT CORPORATION AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
DECEMBER 31, | |||
2014 |
2013 | ||
ASSETS | |||
CURRENT ASSETS |
|||
Cash and cash equivalents |
$ 13,154,699 |
$ - | |
Accounts receivable, net of allowance for doubtful accounts of $88,719 and $30,038 in 2014 and 2013, respectively |
8,543,050 |
7,612,400 | |
Unbilled accounts receivable |
5,547,416 |
1,561,030 | |
Inventories |
37,025 |
61,338 | |
Prepaid expenses and other assets |
426,736 |
533,944 | |
Income taxes receivable |
25,984 |
763 | |
Deferred income taxes |
18,584 |
- | |
Total current assets |
27,753,494 |
9,769,475 | |
NONCURRENT ASSETS |
|||
Property and equipment, net |
1,614,182 |
1,545,951 | |
Intangibles, net |
5,992,992 |
3,613,271 | |
Goodwill |
18,555,578 |
16,618,467 | |
Deferred income tax asset, net of current |
- |
4,407,630 | |
Deposits and other assets |
161,994 |
120,046 | |
TOTAL ASSETS |
$ 54,078,240 |
$ 36,074,840 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
CURRENT LIABILITIES |
|||
Line of credit advance |
$ - |
$ 916,663 | |
Short term note payable |
137,025 |
119,336 | |
Accounts payable |
6,165,477 |
3,228,586 | |
Accrued expenses |
5,980,110 |
4,407,286 | |
Deferred revenue |
710,275 |
40,911 | |
Income taxes payable |
12,574 |
217,982 | |
Deferred income taxes |
- |
700,743 | |
Current portion of long-term debt |
2,184,016 |
1,150,455 | |
Current portion of deferred rent |
9,274 |
78,525 | |
Current portion of capital lease obligations |
76,597 |
45,125 | |
Total current liabilities |
15,275,348 |
10,905,612 | |
NONCURRENT LIABILITIES |
|||
Long-term debt, net of current portion |
1,327,800 |
2,509,492 | |
Capital lease obligation, net of current portion |
36,669 |
57,119 | |
Deferred rent, net of current portion |
152,815 |
2,421 | |
Deferred revenue |
56,977 |
82,494 | |
Deferred income taxes |
447,811 |
- | |
Deposits and other liabilities |
1,964 |
1,964 | |
Total liabilities |
17,299,384 |
13,559,102 | |
STOCKHOLDERS' EQUITY |
|||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 2,045,714 shares issued and none outstanding |
- |
- | |
Common stock, $0.001 par value; 110,000,000 shares authorized; 81,656,763 and 63,907,357 shares issued and outstanding, respectively |
81,657 |
63,907 | |
Additional paid-in capital |
92,661,000 |
69,867,491 | |
Accumulated other comprehensive (loss) |
(147,515) |
- | |
Accumulated deficit |
(55,816,286) |
(47,415,660) | |
Total stockholders' equity |
36,778,856 |
22,515,738 | |
Total liabilities and stockholders' equity |
$ 54,078,240 |
$ 36,074,840 |
WIDEPOINT CORPORATION AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
YEARS ENDED | ||||||
DECEMBER 31, | ||||||
2014 |
2013 | |||||
REVENUES |
$ 53,316,210 |
$ 46,825,032 | ||||
COST OF REVENUES (including amortization and depreciation of $1,462,505, $1,462,995, and $1,511,267, respectively) |
39,802,293 |
34,713,471 | ||||
GROSS PROFIT |
13,513,917 |
12,111,561 | ||||
OPERATING EXPENSES |
||||||
Sales and Marketing |
3,432,602 |
3,125,867 | ||||
General and Administrative Expenses (including share-based compensation of $324,281 and $227,035, respectively, and gain on change in fair value of contingent obligation of $-- and $1,250,000 respectively) |
14,356,372 |
9,872,655 | ||||
Depreciation and Amortization |
375,951 |
288,333 | ||||
Total Operating Expenses |
18,164,925 |
13,286,855 | ||||
(LOSS) INCOME FROM OPERATIONS |
(4,651,008) |
(1,175,294) | ||||
OTHER INCOME (EXPENSE) |
||||||
Interest Income |
17,002 |
7,364 | ||||
Interest (Expense) |
(186,796) |
(175,358) | ||||
Other Income (Expense) |
12,890 |
11,267 | ||||
Total Other Income (Expense) |
(156,904) |
(156,727) | ||||
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES |
(4,807,912) |
(1,332,021) | ||||
INCOME TAX (BENEFIT) PROVISION |
3,592,714 |
362,764 | ||||
NET (LOSS) INCOME |
$ (8,400,626) |
$ (1,694,785) | ||||
BASIC EARNINGS PER SHARE |
$ (0.115) |
$ (0.027) | ||||
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING |
73,048,883 |
63,802,275 | ||||
DILUTED EARNINGS PER SHARE |
$ (0.115) |
$ (0.027) | ||||
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING |
73,048,883 |
63,802,275 | ||||
QUARTERS ENDED | ||||||
DECEMBER 31, | ||||||
2014 |
2013 | |||||
Operating Results |
||||||
Revenues |
$ 16,763,502 |
$ 11,290,459 | ||||
Gross profit |
3,448,494 |
2,331,098 | ||||
(Loss) income from operations |
(1,034,182) |
(1,183,589) | ||||
Net (loss) income |
(902,993) |
(2,093,688) |
For More Information: | |
Jim McCubbin, EVP & CFO |
Brett Maas or David Fore |
WidePoint Corporation |
Hayden IR |
7926 Jones Branch Drive, Suite 520 |
(646) 536-7331 |
McLean, VA 22102 |
brett@haydenir.com |
(703) 349-2577 |
|
jmccubbin@widepoint.com |
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/widepoint-corporation-announces-full-year-2014-financial-results-300051053.html
SOURCE WidePoint Corporation
Copyright 2015 PR Newswire
1 Year WidePoint Chart |
1 Month WidePoint Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions