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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SuperCom Ltd | NASDAQ:SPCB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.009 | -4.06% | 0.2125 | 0.2081 | 0.2134 | 0.219 | 0.2026 | 0.2129 | 3,769,051 | 00:49:31 |
TEL AVIV, Israel, Sept. 3, 2020 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-government, public safety, healthcare, and finance sectors, reports 6 months ended June 30th, 2020 financial results. SuperCom management will host a conference call, upon filing of the full 2020 semi-annual financial report including balance sheet and cash flows statements.
First Half 2020 Financial Highlights
First Half 2020 and Recent Operational Highlights
Select Announcements:
Management Commentary
"It was a challenging half year, with the unexpected effects of the Covid-19 on our operations and our customer's operations, with government imposed restrictions and lockdowns limiting our ability to get new clients from courts, serve our existing clients, travel as part of ongoing operations, proper shipping and handling of goods, progress project deployment effectively, run sales processes, and implement R&D plans. Although thanks to our agile teams and operating structures, we managed to adapt quickly and efficiently. We decreased our operating expenses to new lows, while continuing to support all required operational and customer needs," commented Arie Trabelsi, President and CEO of SuperCom. "The financial result highlighted an improvement in some of our financial performance compared to last year. We achieved improvements in profitability margins with 36% EBITDA margins and GAAP gross margins of 62%, and as we continued to optimize our cost structure, operating expenses reached a low of $3.45 million for the first half of 2020."
"While we did see some monthly revenue declines with the spread of Covid-19 and government imposed restrictions, we believe we have passed the bottom and have been pleased to see monthly increases in active unit counts and revenues in recent months. The unexpected environment has forced us to adapt and quickly. We have implemented cost-optimizations that can persist and improve future profitability, launched new products to meet the rapidly changing and growing needs of our customers, enhanced our opportunity pipeline with great new prospects and projects, and learned to work better together to overcome even the most devastating of global shifts. We believe we are weathering the storm and at the end will come out stronger and improved," concluded Arie Trabelsi.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information, visit www.supercom.com.
SuperCom Corporate Contact:
Ordan Trabelsi, President, Americas
Tel: +1-212-466-4606
ordan@supercom.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical or current facts. Examples of these statements include, but are not limited to, statements regarding business and economic trends, the anticipated impact of the COVID-19 outbreak on travel and physical locations and the anticipated impact of such outbreak on our business and results of operations. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include, but are not limited to, the effects of the COVID-19 outbreak, including levels of consumer, business and economic confidence generally, the duration of the COVID-19 outbreak and severity of such outbreak, the pace of recovery following the COVID-19 outbreak, the effect on our supply chain, our ability to implement cost containment and business recovery strategies; and the adverse effects of the COVID-19 outbreak on our business or the market price of our ordinary shares, risks and uncertainties described under the heading "Forward Looking Statements" in any repot and the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2018 and our subsequent filings with the U.S. Securities and Exchange Commission and reports on Form 6-K are uncertain. Except as required by law, we not undertake any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this release of operating results also contains non-GAAP financial measures, which SuperCom believes are the principal indicators of the operating and financial performance of its business. Management believes the non-GAAP financial measures provided are useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the Company. Management uses these non-GAAP financial measures as a basis for strategic decisions, forecasting future results and evaluating the Company's current performance. However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Reconciliation of the non-GAAP measures to the most comparable GAAP measures are provided in the schedules attached to this release.
SUPERCOM LTD. | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(U.S. dollars in thousands) | |||||||
6 months ended June 30 2020 | |||||||
Unaudited | |||||||
REVENUES | 6,796 | ||||||
COST OF GOODS SOLD | 2,573 | ||||||
Gr PROFIT | 4,223 | ||||||
OPERATING EXPENSES: | |||||||
Research and development | 987 | ||||||
Selling and marketing | 973 | ||||||
General and administrative | 1,453 | ||||||
Other expenses(Income) | 45 | ||||||
Total operating expenses | 3,458 | ||||||
OPERATING INCOME | 765 | ||||||
FINANCIAL (EXPENSES) | (1,141) | ||||||
NET PROFIT (LOSS) BEFORE | (376) | ||||||
TAXES ON INCOME | 0 | ||||||
PROFIT (LOSS) FOR THE | (376) | ||||||
SUPERCOM LTD. | |||||||
Reconciliation Table of GAAP to Non-GAAP Figures and EBITDA to Net Income | |||||||
(U.S. dollars in thousands, except per share data) | |||||||
Unaudited | |||||||
GAAP Gross Profit | 4,223 | ||||||
Amortization of Software and IP | 177 | ||||||
Non-GAAP Gross Profit | 4,400 | ||||||
GAAP operating Income | 765 | ||||||
Amortization of Software/IP, Customer Contracts and Brand | 459 | ||||||
Foreign Currency Loss | 805 | ||||||
Non-GAAP Operating Income | 2,029 | ||||||
GAAP NET Profit (Loss) | (376) | ||||||
Amortization of Software/IP, Customer Contracts and Brand | 459 | ||||||
Foreign Currency Loss | 805 | ||||||
Income tax expense (benefit) | - | ||||||
Non-GAAP Net Profit | 888 | ||||||
Non-GAAP EPS | 0.06 | ||||||
GAAP NET Profit (Loss) for the period | (376) | ||||||
Income tax expenses (benefit) | - | ||||||
Financial expenses (income), net | 1,141 | ||||||
Depreciation and Amortization | 980 | ||||||
Foreign Currency Loss | 805 | ||||||
EBIDTA * | 2,550 | ||||||
* EBITDA is a non-GAAP financial measure generally defined as earnings before interest, taxes, depreciation and amortization |
View original content:http://www.prnewswire.com/news-releases/supercom-reports-financial-result-for-the-first-half-of-2020-with-2-5-million-ebitda-36-ebitda-margin-and-non-gaap-eps-0-06--301123907.html
SOURCE SuperCom Ltd
Copyright 2020 PR Newswire
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