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Share Name | Share Symbol | Market | Type |
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Agilent Technologies | NYSE:A | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.72 | -0.55% | 129.85 | 130.74 | 129.24 | 130.52 | 2,163,017 | 01:00:00 |
FAIRFAX, VA , a leading provider of information technology assurance and identity management services, today announced financial results for the third quarter ended September 30, 2007.
The company reported total revenue of $4,005,000 for the quarter, an increase of 24.8% from revenue of $3,208,000 in the third quarter of 2006. Revenue in the company's Public Key Infrastructure (PKI) credentialing and managed services segment increased 437% from $245,000 in Q3 '06 to $1,315,000 in Q3 '07. For the nine months ending September 30, 2007, PKI and managed services segment revenue increased 320% to $2,810,000 from $669,000 in the year ago period primarily as a result of federal mandates to roll out credential programs to various agencies and contractors.
Third quarter 2007 highlights include:
-- WidePoint recorded its first profitable quarter during the period, earning $178,000 or $0.003 per diluted share, compared with a net loss of $192,000 a year ago. -- The 437% increase in PKI revenues represented an absolute increase of $2,141,000 over the prior year period, driving an improvement in total operating income from a loss of $221,000 in the third quarter of 2006 to an operating gain of $159,000 in the current period. Excluding depreciation and amortization expenses, operating income for the current quarter was $294,000. -- The company realized strong sequential growth from the second to third quarter of 2007. Although the consulting services segment realized a slight decline in the top line during the quarter on a year over year basis due to delays in sourcing qualified personnel, revenues for the segment increased 28% from the prior quarter. The PKI and managed services segment realized 11% growth versus the prior quarter. -- Potential backlog for the quarter increased by more than $28 million. WidePoint was awarded a number of multi-year contracts during the quarter, including agreements with Lockheed Martin and the Department of Commerce. The company also began offering its identity management and information assurance solutions to the State of California, won two federal follow-on awards and secured seven contract extension options. -- WidePoint ended the period with working capital of approximately $3.7 million and cash and equivalents of approximately $2.9 million.
Steve Komar, CEO of WidePoint, stated, "We continued to execute well in our PKI and managed services business during the third quarter. Our backlog expanded as we secured several new contracts, including a contract with Lockheed Martin and its Transportation Worker's team utilizing ORC's core technology. We continue to pursue numerous high-profile identity management and information assurance initiatives in the federal sector and we are laying the strategic groundwork to expand our core capabilities into several emerging state and commercial opportunities."
WidePoint CFO Jim McCubbin said, "We are pleased to report that during the quarter we witnessed continuing growth in our PKI and managed services business. This growth led to the improvements we realized in increases in our gross margins and our profitability, along with the expansion of our working capital and backlog. As we continue to grow our operations, while making the necessary capital investments in our business, we believe we can chart a course that will both secure and expand a leadership role for WidePoint within our early stage industry."
WidePoint will hold a conference call with CEO Steve Komar and senior members of the management team today at 4:30 p.m. Eastern Standard Time. The call will cover the company's third quarter results. Komar will open the call and a question-and-answer session will follow.
To participate, call (866) 225-8754 any time after 4:20 p.m. Eastern Time on November 12. International callers should dial (480) 629-9564. While in conference, if callers should experience any difficulty or require operator assistance, they can press the (*) followed by the (0) button. This will call an operator to the line.
About WidePoint
WidePoint is a leading provider of information technology assurance and identity management services to the government sector and commercial markets. WidePoint specializes in providing systems engineering, integration and information technology services. WidePoint's wholly owned subsidiary, ORC, is at the forefront of implementing government-compliant eAuthentication identity management managed services and associated systems engineering and integration. ORC has earned four major U.S. federal government certifications offering the highest levels of assurance for transactions over the Internet.
WidePoint's portfolio of customers encompasses U.S. Federal Government agencies, including the Department of Defense, the Department of Homeland Security and the Department of Justice as well as major U.S. defense contractors and several major pharmaceutical companies. For more information, visit http://www.widepoint.com.
An investment profile about WidePoint may be found at http://www.hawkassociates.com/wyyprofile.aspx.
For investor relations information regarding WidePoint, visit http://www.hawkassociates.com and http://www.americanmicrocaps.com, or contact Frank Hawkins or Cale Smith, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. To receive these releases via e-mail, subscribe at http://www.hawkassociates.com/email.aspx.
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.
WIDEPOINT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Sep 30, Dec 31, 2007 2006 ------------ ------------ Assets (unaudited) Current assets: Cash and cash equivalents $ 2,861,982 $ 2,774,813 Accounts receivable 3,682,709 6,220,444 Prepaid expenses and other assets 323,591 463,369 ------------ ------------ Total current assets 6,868,282 9,458,626 ------------ ------------ Property and equipment, net 267,728 205,231 Goodwill 2,526,110 2,526,110 Intangibles, net 1,118,699 1,358,212 Other assets 106,947 56,192 ------------ ------------ Total assets $ 10,887,766 $ 13,604,371 ============ ============ Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,987,008 $ 4,364,747 Accrued expenses 909,348 786,842 Deferred revenue 175,730 564,594 Short-term portion of deferred rent - 3,057 Short-term portion of capital lease obligation 52,725 45,020 ------------ ------------ Total current liabilities 3,124,811 5,764,260 ------------ ------------ Long-term portion of deferred rent - - Capital lease obligation, net of current portion 38,360 67,851 ------------ ------------ Total liabilities 3,163,171 5,832,111 Stockholders' equity: Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 and 195,214 shares issued and outstanding, respectively - 195 Common stock, $0.001 par value; 110,000,000 shares authorized; 52,558,699 and 50,494,759 shares issued and outstanding, respectively 52,559 50,495 Stock warrants 38,666 38,666 Additional paid-in capital 60,816,310 60,667,229 Accumulated deficit (53,182,940) (52,984,325) ------------ ------------ Total stockholders' equity 7,724,595 7,772,260 ------------ ------------ Total liabilities and stockholders' equity $ 10,887,766 $ 13,604,371 ============ ============ WIDEPOINT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Nine Months Ended September 30, September 30, -------------------------- -------------------------- 2007 2006 2007 2006 ------------ ------------ ------------ ------------ (unaudited) Revenues, net $ 4,005,463 $ 3,208,261 $ 10,146,942 $ 10,734,027 Cost of sales (including amortization and depreciation of $112,749, $102,127, $332,867, and $306,090, respectively) 2,873,643 2,327,930 7,262,276 8,322,886 ------------ ------------ ------------ ------------ Gross profit 1,131,820 880,331 2,884,666 2,411,141 Sales and marketing 239,248 248,730 685,857 662,121 General & administrative 710,956 845,311 2,413,017 2,473,663 Depreciation expense 22,599 7,202 59,773 20,927 ------------ ------------ ------------ ------------ Gain (Loss) from operations 159,017 (220,912) (273,981) (745,570) Interest income 21,944 29,122 83,942 67,887 Interest expense (2,704) (573) (8,576) (2,544) ------------ ------------ ------------ ------------ Net gain (loss) before income tax $ 178,257 $ (192,363) $ (198,615) $ (680,227) Income tax benefit, net - - - 83 ------------ ------------ ------------ ------------ Net gain (loss) $ 178,257 $ (192,363) $ (198,615) $ (680,144) ============ ============ ============ ============ Basic net gain (loss) per share $ 0.003 $ (0.004) $ (0.004) $ (0.015) ============ ============ ============ ============ Basic weighted average shares outstanding 52,558,699 47,442,123 52,348,799 44,089,874 ============ ============ ============ ============ Diluted net gain (loss) per share $ 0.003 $ (0.004) $ (0.004) $ (0.015) ============ ============ ============ ============ Diluted weighted average shares outstanding 57,470,064 47,442,123 52,348,799 44,089,874 ============ ============ ============ ============ WIDEPOINT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2007 2006 2007 2006 ---------- ---------- ---------- ---------- (unaudited) Cash flows from operating activities: Net gain (loss) $ 178,257 $ (192,363) $ (198,615) $ (680,144) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation expense 34,241 8,221 89,318 23,695 Amortization expense 101,107 101,108 303,322 303,322 Stock compensation expense - 5,625 - 29,094 Stock options expense 31,090 112,236 117,753 265,628 Changes in assets and liabilities Accounts receivable (869,338) 1,732,571 2,537,735 1,016,516 Prepaid expenses and other current assets 136,795 67,966 139,778 (10,467) Other assets (49,536) 2,274 (50,755) 38,027 Accounts payable and accrued expenses 24,488 (1,649,235) (2,618,947) (667,464) ---------- ---------- ---------- ---------- Net cash provided by operating activities $ (412,896) $ 188,403 $ 319,589 $ 318,207 ---------- ---------- ---------- ---------- Cashflows from investing activities: Purchase of property and equipment (6,799) (20,665) (135,429) (35,862) Software development costs - - (63,809) - ---------- ---------- ---------- ---------- Net cash used in investing activities $ (6,799) $ (20,665) $ (199,238) $ (35,862) ---------- ---------- ---------- ---------- Cashflows from financing activities: Principal payments under capital lease obligation (13,019) - (38,172) - Costs related to registration statement - (40,786) (29,720) (372,533) Proceeds from exercise of stock options - 36,288 34,710 180,331 Proceeds from exercise of warrants - 160,000 - 204,571 Costs related to warrant exercise - - - (166,600) ---------- ---------- ---------- ---------- Net cash (used in) provided by financing activities $ (13,019) $ 155,502 $ (33,182) $ (154,231) ---------- ---------- ---------- ---------- Net increase (decrease) in cash $ (432,714) $ 323,240 $ 87,169 $ 128,114 ---------- ---------- ---------- ---------- Cash and cash equivalents, beginning of period $3,294,696 $2,331,509 $2,774,813 $2,526,635 ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period $2,861,982 $2,654,749 $2,861,982 $2,654,749 ========== ========== ========== ========== Supplementary Information: Liabilities incurred but not yet paid relating to Registration statement $ - $ 15,570 $ - $ 59,222 Noncash investing and financing activity - capital leases for acquisition of property and equipment - - 16,386 - Cash paid for interest $ 2,704 $ - $ 8,576 $ -
Investor Relations Contact: Hawk Associates, Inc. Frank Hawkins and Cale Smith Phone: (305) 451-1888 E-mail: Email Contact http://www.hawkassociates.com WidePoint Corporation One Lincoln Centre 18 W 140 Butterfield Rd., Suite 1100 Oakbrook Terrace, IL 60181 (630) 629-0003 Phone (630) 629-7559 Fax http://www.widepoint.com
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