HACKETTSTOWN, NJ, Could 17, 2021 (GLOBE NEWSWIRE) — Vislink (“the “Firm”) (Nasdaq: VISL), a worldwide expertise chief within the assortment, supply and administration of top quality reside video and related knowledge, reported monetary outcomes for the quarter ended March 31, 2021. Firm administration will host a reside webcast on Tuesday, Could 18, 2021 at roughly 9:00 a.m. ET to evaluation the Firm’s monetary and working outcomes and supply a basic enterprise replace (see webcast particulars beneath).
Q1 2021 Business Replace:
- Formally launched Quantum IP-native wi-fi digital camera receiver, which supplies high-reliability reception from wi-fi digital camera transmitters and creates extra environment friendly workflows by incorporating IP connectivity on the coronary heart of reside video manufacturing.
- Formally launched IP Hyperlink three.Zero, a brand new ATSC three.Zero superior studio-transmitter hyperlink system that may allow broadcasting service platforms to entry new avenues for monetization.
- Acquired an order as a companion with Technical Providers Group (TSG) on a undertaking valued at roughly $2.eight million to improve the statewide microwave distribution system for Alabama Public Tv (APT). The undertaking will ship assist for ATSC three.Zero transmission requirements and would require an improve of 30 places utilizing Vislink bi-directional, high-speed IP parts.
- Acquired an order valued at over $four million from the U.S. Division of Protection for the availability of handheld intelligence, surveillance and reconnaissance (ISR) receiver units and equipment. This represents one more order by the U.S. armed forces for ruggedized and light-weight receivers that are designed to show high-resolution, real-time video imagery transmitted by aerial platforms.
- Introduced newest contract within the Center East with Asharq Information, a Pan Arab 24/7 tv community and devoted digital platform that gives an Arabic-language number of information and data.
- First quarter 2021 revenues had been $four.1 million in comparison with $5.four million within the first quarter of 2020.
- Gross margins had been 46% of income within the first quarter of 2021, in comparison with 47% of income within the first quarter of 2020.
- Within the first quarter of 2021, internet loss was $2.7 million, or $(Zero.07) per share, in comparison with internet lack of $four.four million, or $(Zero.54) per share within the first quarter of 2020.
- EBITDA (earnings earlier than curiosity, taxes depreciation and amortization) for the three months ended March 31, 2021 was destructive $2.four million in comparison with destructive $three.9 million for the three months ended March 31, 2020.
- Ended the primary quarter of 2021 with $60 million in money and money equivalents, in comparison with $5.2 million at December 31, 2020.
“Within the first quarter of 2021, we began to appreciate income from initiatives that had been delayed or cancelled due to the COVID-19 pandemic,” stated Carleton Miller, CEO of Vislink. “Amongst our notable wins was being chosen as a undertaking provider to improve Alabama Public Tv, the place we are going to debut IP Hyperlink three.Zero in its first main deployment, in addition to a U.S. Division of Protection order we obtained for our ruggedized and light-weight video communications gear. We additionally launched the Quantum wi-fi digital camera receiver, which is within the technique of delivery and is anticipated to be deployed at many tier-1 occasions this summer season. Each merchandise have wholesome gross sales pipelines and can contribute to our plan to introduce extra new merchandise this yr than we have now within the final 5.”
Mr. Miller continued, “Regardless of the decrease revenues recorded within the first quarter, the numerous price and operational enhancements we have now executed resulted in a considerably narrower loss, whereas positioning us for higher outcomes as enterprise will increase. Notably, we proceed to see considerably larger quoting exercise for brand new initiatives, as reside in-person sports activities and leisure occasions are reopening. As an indication of our enterprise returning to regular, our bookings thus far are larger than in all of 2020. Because the overwhelming majority of orders being positioned are for supply within the 2021 timeframe, this portends properly for closing new enterprise over the upcoming quarters.”
Mr. Miller concluded, “We’re very inspired that we see appreciable alternatives to maximise revenues, regrow our enterprise and ship shareholder worth throughout the remainder of the yr and past.”
Monetary Outcomes Webcast Particulars
On Tuesday, Could 18, 2021, Vislink’s CEO, Carleton Miller, and CFO, Michael Bond, will host a webcast at roughly 9:00 a.m. ET to evaluation the Firm’s monetary and working outcomes and supply a basic enterprise replace. This webcast shall be reside at https://companies.choruscall.com/mediaframe/webcast.html?webcastid=Nb09UYok. Traders will have the ability to submit questions throughout the webcast.
Non-GAAP Monetary Measure: EBITDA
To complement our monetary outcomes introduced in accordance with Usually Accepted Accounting Ideas (GAAP), we’re presenting EBITDA on this incomes launch and the associated incomes convention name. EBITDA is a non-GAAP monetary measure that’s not based mostly on any standardized methodology prescribed by GAAP and isn’t essentially corresponding to equally titled measures introduced by different corporations. We outline EBITDA as our internet earnings (loss), excluding the influence of depreciation and amortization expense and curiosity earnings (expense). Now we have introduced EBITDA as a result of it’s a key measure utilized by our administration and board of administrators to grasp and consider our working efficiency, to determine budgets and to develop operational objectives for managing our enterprise. Specifically, we imagine that excluding the influence of those bills in calculating EBITDA can present a helpful measure for period-to-period comparisons of our core working efficiency.
About Vislink Applied sciences, Inc.
Vislink is a worldwide expertise enterprise specializing within the assortment, supply, and administration of top quality, reside video and related knowledge from the scene of the motion to the viewing display screen. For the printed markets, Vislink supplies options for the gathering of reside information, sports activities, and leisure occasions. Vislink additionally furnishes the surveillance and protection markets with real-time video intelligence options utilizing quite a lot of tailor-made transmission merchandise. The Vislink group additionally supplies skilled and technical companies using a workers of expertise specialists with many years of utilized data and real-world expertise to the areas of a terrestrial microwave, satellite tv for pc, fiber optic, surveillance, and wi-fi communications techniques, to ship a broad spectrum of buyer options. Vislink’s shares of Widespread Inventory are publicly traded on the Nasdaq Capital Market below the ticker image “VISL.” For extra info, go to www.vislink.com.
Word on Ahead-looking Statements
Sure statements on this press launch are forward-looking statements that contain substantial dangers and uncertainties for functions of the secure harbor supplied by the Personal Securities Litigation Reform Act of 1995. This press launch accommodates forward-looking statements that contain substantial dangers and uncertainties for functions of the secure harbor supplied by the Personal Securities Litigation Reform Act of 1995. Any statements, aside from statements of historic reality included on this press launch, together with these concerning the Firm’s technique, future operations, future monetary place, projected bills, prospects, plans, targets of administration, new product launches, anticipated contract values and anticipated market alternatives throughout the Firm’s working segments, the results of the COVID-19 pandemic, the sufficiency of the Firm’s capital sources to fund the Firm’s operations and any statements concerning future outcomes are forward-looking statements. Vislink could not really obtain the plans, perform the intentions or meet the expectations or projections disclosed in any forward-looking statements such because the foregoing and you shouldn’t place undue reliance on such forward-looking statements. Such statements are based mostly on administration’s present expectations and contain dangers and uncertainties, together with these mentioned in Vislink’s Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2020, filed with the SEC on April 15, 2021 and in subsequent filings with, or submissions to, the SEC.
The statements made on this press launch converse solely as of the date said herein, and subsequent occasions and developments could trigger the Firm’s expectations and beliefs to vary. Whereas the Firm could elect to replace these forward-looking statements publicly in some unspecified time in the future sooner or later, the Firm particularly disclaims any obligation to take action, whether or not because of new info, future occasions or in any other case, besides as required by legislation. These forward-looking statements shouldn’t be relied upon as representing the Firm’s views as of any date after the date said herein.
KCSA Strategic Communications
Anthony Feldman / Jenny Robles
KCSA Strategic Communications
VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA)
|For the Three Months Ended|
|Value of income and working bills|
|Value of parts and personnel||2,207||2,821|
|Stock valuation changes||152||25|
|Basic and administrative bills||three,647||6,200|
|Acquire on lease termination||—||(21||)|
|Analysis and improvement bills||602||656|
|Amortization and depreciation||261||423|
|Complete price of income and working bills||6,869||10,104|
|Loss from operations||(2,779||)||(four,752||)|
|Different (expense) earnings|
|Adjustments in honest worth of spinoff liabilities||(78||)||17|
|Acquire on settlement of associated social gathering obligation||—||331|
|Acquire on settlement of debt||194||—|
|Complete different (expense) earnings||112||332|
|Fundamental and diluted loss per share||$||(Zero.07||)||$||(Zero.54||)|
|Weighted common variety of shares excellent:|
|Fundamental and diluted||36,591||eight,116|
|Unrealized (loss) acquire on forex translation adjustment||(43||)||277|
VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
|March 31,||December 31,|
|Accounts receivable, internet||three,393||four,525|
|Pay as you go bills and different present belongings||1,262||814|
|Complete present belongings||72,785||16,515|
|Proper of use belongings, working leases||1,023||1,077|
|Property and gear, internet||1,134||1,138|
|Intangible belongings, internet||1,711||1,921|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Present portion of PPP mortgage||1,168||905|
|Working lease obligations, present||481||475|
|Buyer deposits and deferred income||1,806||975|
|Complete present liabilities||eight,718||eight,846|
|Lengthy-term portion of PPP mortgage||—||263|
|Working lease obligations, internet of present portion||1,441||1,545|
|Commitments and contingencies (See Word 9)|
|Most popular inventory – $Zero.00001 par worth per share: 10,000,000 shares licensed at December 31, 2020 and 2019; -Zero- shares issued and excellent as of December 31, 2020 and 2019||—||—|
|Widespread inventory – $Zero.00001 par worth per share, 100,000,000 shares licensed, 45,652,249 and 21,382,290 shares issued and 45,649,590 and 21,379,631 excellent as of March 31, 2021 and December 31, 2020, respectively||—||—|
|Extra paid-in capital||339,480||280,273|
|Accrued different complete earnings||105||148|
|Treasury inventory, at price – 2,659 shares at March 31, 2021 and December 31, 2020, respectively||(277||)||(277||)|
|Complete stockholders’ fairness||66,494||9,997|
|Complete liabilities and stockholders’ fairness||$||76,653||$||20,651|
Reconciliation of GAAP to Non-GAAP Metrics
VISLINK TECHNOLOGIES, INC.
RECONCILIATION OF GAAP to NON-GAAP RESULTS
QUARTER ENDING MARCH 31, 2021
|Reconciliation of internet earnings to EBITDA|
|Amortization and depreciation||261|