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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., Aug. 14, 2014 /PRNewswire/ -- WidePoint Corporation (NYSE Mkt: WYY) a leading provider of Managed Mobility Services (MMS) featuring Cybersecurity and Telecommunications Lifecycle Management (TLM) solutions, today announced financial results for the second quarter ended June 30, 2014.
Recent Business Highlights
Second Quarter 2014 Financial Highlights
"We posted a solid quarter, reflecting several new task order awards in our federal government business, particularly under our $600 million BPA with DHS. Meanwhile, we continue to pick up additional federal business with other Department-level agencies and new commercial opportunities are expanding our available target markets. In addition, we are excited about our recent acquisition of Soft-ex Communications, which has opened the European and Middle Eastern markets to us; in fact, we have already leveraged this business to gain entry into the G-Cloud 5, the UK Government's cloud computing initiative," Steve Komar, CEO, WidePoint, commented. Mr. Komar further stated, "We are also very enthusiastic about our 'Cert-on-Device' offering. We are already seeing widespread interest across both the government and commercial markets for our capabilities and expertise and expect to see numerous new revenue opportunities arise from this secured communications capability in coming quarters."
James McCubbin, WidePoint CFO, added, "We continue to see expanding demand for our managed mobility service and product offerings. In the month of July alone, we received over 30 inquiries from organizations seeking additional information about our managed mobility solutions cyber-related offerings driven by what we believe is the need to address cyber- and mobility-related security concerns in the marketplace. We began receiving task orders under our DHS BPA at the end of the first quarter and recently were awarded $25.8 million in new task orders under this contract vehicle. As a result of this market demand we expect our sales pipeline to continue to grow. We continue to believe the second half of 2014 should be stronger than the first half of 2014, and we anticipate an increase in sequential revenue growth in the 3rd quarter of 2014 as compared to the 2nd quarter of 2014."
Conference Call Information
A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Thursday, August 14, 2014. Anyone interested in participating should call 1-888-378-0320 if calling within the United States or 1-719-457-2664 if calling internationally. There will be a playback available until August 28, 2014. 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 3988996 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=110369.
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.
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 |
-tables follow-
WIDEPOINT CORPORATION AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
JUNE 30, |
DECEMBER 31, | ||
2014 |
2013 | ||
ASSETS | |||
CURRENT ASSETS |
|||
Cash and cash equivalents |
$ 4,103,311 |
$ - | |
Accounts receivable, net of allowance for doubtful accounts |
6,177,272 |
7,612,400 | |
of $29,794 and $30,038 in 2014 and 2013, respectively |
|||
Unbilled accounts receivable |
2,860,011 |
1,561,030 | |
Inventories |
35,871 |
61,338 | |
Prepaid expenses and other assets |
549,789 |
533,944 | |
Income taxes receivable |
- |
763 | |
Total current assets |
13,726,254 |
9,769,475 | |
NONCURRENT ASSETS |
|||
Property and equipment, net |
1,836,865 |
1,545,951 | |
Intangibles, net |
4,080,957 |
3,613,271 | |
Goodwill |
20,838,927 |
16,618,467 | |
Deferred income tax asset, net of current |
5,498,201 |
4,407,630 | |
Deposits and other assets |
118,228 |
120,046 | |
TOTAL ASSETS |
$ 46,099,432 |
$ 36,074,840 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
CURRENT LIABILITIES |
|||
Line of credit advance |
$ - |
$ 916,663 | |
Short term note payable |
34,529 |
119,336 | |
Accounts payable |
3,550,495 |
3,228,586 | |
Accrued expenses |
4,221,829 |
4,407,286 | |
Deferred revenue |
829,257 |
40,911 | |
Income taxes payable |
21,121 |
217,982 | |
Deferred income taxes |
700,743 |
700,743 | |
Current portion of long-term debt |
2,164,185 |
1,150,455 | |
Current portion of deferred rent |
71,547 |
78,525 | |
Current portion of capital lease obligations |
75,835 |
45,125 | |
Total current liabilities |
11,669,541 |
10,905,612 | |
NONCURRENT LIABILITIES |
|||
Long-term debt, net of current portion |
1,759,501 |
2,509,492 | |
Capital lease obligation, net of current portion |
70,592 |
57,119 | |
Deferred rent, net of current portion |
18,395 |
2,421 | |
Deferred revenue |
68,672 |
82,494 | |
Deposits and other liabilities |
1,964 |
1,964 | |
Total liabilities |
13,588,665 |
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; 73,040,329 and 63,907,357 shares issued |
|||
and outstanding, respectively |
73,040 |
63,907 | |
Additional paid-in capital |
81,484,180 |
69,867,491 | |
Accumulated other comprehensive (loss) |
(34,856) |
- | |
Accumulated deficit |
(49,011,597) |
(47,415,660) | |
Total stockholders' equity |
32,510,767 |
22,515,738 | |
Total liabilities and stockholders' equity |
$ 46,099,432 |
$ 36,074,840 |
WIDEPOINT CORPORATION AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
THREE MONTHS ENDED |
SIX MONTHS ENDED | |||||||||
JUNE 30, |
JUNE 30, | |||||||||
2014 |
2013 |
2014 |
2013 | |||||||
REVENUES |
$ 12,394,021 |
$ 11,343,962 |
$ 21,996,800 |
$ 23,312,068 | ||||||
COST OF REVENUES (including amortization and depreciation of |
||||||||||
$391,899, $363,609, $666,840, and $737,928, respectively) |
8,780,226 |
7,816,920 |
15,915,767 |
16,510,574 | ||||||
GROSS PROFIT |
3,613,795 |
3,527,042 |
6,081,033 |
6,801,494 | ||||||
OPERATING EXPENSES |
||||||||||
Sales and Marketing |
1,038,059 |
880,303 |
1,883,171 |
1,686,120 | ||||||
General and Administrative Expenses (including share-based |
||||||||||
compensation of $83,988, $58,281, $166,704, and |
||||||||||
$112,268, respectively, and gain on change in fair value of |
||||||||||
contingent obligation of $0, $369,000, $0, and $589,000, |
||||||||||
respectively) |
3,666,282 |
2,386,801 |
6,722,120 |
4,913,616 | ||||||
Depreciation and Amortization |
143,219 |
73,241 |
212,729 |
139,519 | ||||||
Total Operating Expenses |
4,847,560 |
3,340,345 |
8,818,020 |
6,739,255 | ||||||
(LOSS) INCOME FROM OPERATIONS |
(1,233,765) |
186,697 |
(2,736,987) |
62,239 | ||||||
OTHER INCOME (EXPENSE) |
||||||||||
Interest Income |
4,594 |
2,612 |
5,324 |
3,461 | ||||||
Interest (Expense) |
(46,332) |
(55,937) |
(92,558) |
(115,519) | ||||||
Other Income (Expense) |
5,924 |
4,134 |
11,799 |
8,505 | ||||||
Total Other Income (Expense) |
(35,814) |
(49,191) |
(75,435) |
(103,553) | ||||||
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES |
(1,269,579) |
137,506 |
(2,812,422) |
(41,314) | ||||||
INCOME TAX BENEFIT |
(600,340) |
(1,845) |
(1,216,485) |
(145,396) | ||||||
NET (LOSS) INCOME |
$ (669,239) |
$ 139,351 |
$ (1,595,937) |
$ 104,082 | ||||||
BASIC EARNINGS PER SHARE |
$ (0.009) |
$ 0.002 |
$ (0.023) |
$ 0.002 | ||||||
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING |
72,998,461 |
63,751,857 |
69,929,300 |
63,751,857 | ||||||
DILUTED EARNINGS PER SHARE |
$ (0.009) |
$ 0.002 |
$ (0.023) |
$ 0.002 | ||||||
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING |
72,998,461 |
63,936,607 |
69,929,300 |
63,908,752 |
SOURCE WidePoint Corporation
Copyright 2014 PR Newswire
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