Revenues Increased 11% and EBITDA Improved $3.5 Million Over Q1 2020, Best Financial Performance Since Company IPO
HACKETTSTOWN, NJ, Aug. 13, 2020 (GLOBE NEWSWIRE) — Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq: VISL) announced its results for the second quarter ended June 30, 2020. Company management will host a live webcast on Friday, August 14, 2020 at approximately 10:00 a.m. ET to review the Company’s financial and operating results and provide a general business update (see webcast details below).
- Revenues for the three months ended June 30, 2020 were $6 million, compared to $5.4 million in the first quarter of 2020 and $7.4 million for the three months ended June 30, 2019.
- EBITDA (earnings before interest, taxes depreciation and amortization) was a negative $421,000 for the three months ended June 30, 2020, compared to a negative $3.9 million for the three months ended March 31, 2020 and a negative $1.9 million for the three months ended June 30, 2019.
- Ended the second quarter 2020 with $5.1 million in cash, compared to $2.5 million at the end of the first quarter of 2020.
- Gross margins were 59.6% of revenue in the second quarter of 2020, compared to 47% in the first quarter of 2020 and 52.1% in the second quarter of 2019.
- Net loss attributable to common shareholders was $778,000, or $(0.05) per share in the second quarter of 2020 compared to a net loss of $4.4 million, or $(0.09) per share in the first quarter of 2020 and a net loss of $3.6 million, or $(10.70) per share in the second quarter of 2019.
- Net loss attributable to common shareholders was $5.2 million, or $(0.45) per share for the six months ended June 30, 2020 compared to a net loss of $6.7 million, or $(20.44) per share for the six months ended June 30, 2019.
Second Quarter Business Highlights
- Right-sized the business through a focus on cost reduction and conservation of cash.
- Addressed supply chain issues to improve efficiency and increase liquidity.
- Created four solution areas: Live Event Production, Military/Government, Satellite Communications and Managed Services.
- Re-energized the Satcom solutions vertical.
- Realigned sales teams in line with target market priorities.
- Re-prioritized research and development to maintain new product pipeline and technical innovation.
- Reconstituted senior leadership and board of directors.
“In the second quarter, despite a challenging business environment caused by the effects of the COVID-19 pandemic, we are pleased to report that our revenues increased by 11%, our net loss narrowed and EBITDA improved by $3.5 million compared to the first quarter of 2020,” said Carleton Miller, CEO of Vislink Technologies. “We built on the strong actions we took in the previous quarter to make significant progress in our turnaround, of which the first phase is now complete. By adhering to the cost reduction plan that we previously instituted, in addition to our ongoing focus on…
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