DynTek, Inc. (PINKSHEETS: DYNE), a leading
provider of professional technology services, today announced
results for its fourth fiscal quarter and fiscal year ended June
30, 2013.
Fiscal Year Ended June 30, 2013
DynTek reported revenues of $130,347,000 for the year ended June
30, 2013, an increase of $12,984,000, or 11%, from $117,363,000 for
the prior year ended June 30, 2012. Gross profit increased to
$21,830,000 for the year ended June 30, 2013, an increase of
$1,168,000, or 6%, from $20,662,000 for the prior year ended June
30, 2012. Total operating expenses were $17,861,000 for the year
ended June 30, 2013 compared to $17,207,000 for the prior year
ended June 30, 2012, primarily attributable to higher selling
expenses associated with higher revenues.
DynTek reported EBITDA of $4,514,000 for the year ended June 30,
2013, an increase of $523,000, or 13%, from $3,991,000 for the
prior year ended June 30, 2012. Net income for the year ended June
30, 2013 was $3,377,000 or $1.60 per diluted share, an increase of
$989,000 or $0.45 per diluted share, over the prior year ended June
30, 2012 net income of $2,388,000 or $1.15 per diluted share.
Fourth Fiscal Quarter Ended June 30,
2013
DynTek reported revenues of $34,700,000 for the fourth quarter
ended June 30, 2013, a decrease of $5,160,000, or 13%, from
$39,860,000 in the prior year fourth quarter ended June 30, 2012.
Gross profit for the fourth quarter ended June 30, 2013 was
$5,713,000, a decrease of $994,000, or 15%, from $6,707,000 for the
prior year fourth quarter. The lower revenue and gross profit is
primarily a variance in the number of product orders closed in Q4
2013 which are expected to close in Q1 of the new FY2014. Total
operating expenses decreased by $729,000 to $4,967,000 in the
fourth quarter ended June 30, 2013 compared to $5,696,000 in the
prior year fourth quarter, reflective of lower revenue.
DynTek reported EBITDA of $1,042,000 for the fourth quarter
ended June 30, 2013, a decrease of $355,000, or 25%, from
$1,397,000 for the prior fourth fiscal quarter ended June 30, 2012.
Net income for the fourth fiscal quarter of 2013 was $792,000, or
$0.37 per diluted share, a decrease of $20,000 or $0.03 per diluted
share, over the net income for the prior year fourth fiscal quarter
of $812,000, or $0.40 per diluted share.
"The DynTek team produced solid results in the fourth quarter
which contributed to stellar results in FY2013 in terms of revenue
growth, profitability, customer satisfaction and industry
accolades," said Ron Ben-Yishay, DynTek's chief executive officer.
"As our customers look to us to support explosive data growth,
cloud initiatives and the consumerization of IT, DynTek has the
methodologies, best practices, technology partnerships and talented
team of IT professionals in place to facilitate this business and
IT transformation. In addition, we are extremely proud of the
industry recognition and validation our team received this past
year including Microsoft Global Partner of the Year - Public
Sector, Education; McAfee Government, Health and Education Partner
of the Year; CRN Fast Growth 150 and more."
EBITDA The Company defines EBITDA as
income from operations before interest, taxes, depreciation and
amortization, and stock-based compensation. Other companies may
calculate EBITDA differently. Although EBITDA is a widely used
financial indicator of a company's ability to service debt, it is
not a recognized measure for financial statement presentation under
generally accepted accounting procedures (GAAP). EBITDA should not
be considered in isolation or as superior or as an alternative to
net income or to cash flows from operating activities as determined
in accordance with GAAP. Nonetheless, the Company believes that
EBITDA provides useful supplemental information for investors and
others to measure operating performance, especially in situations
where a company has significant non-cash operating expenses that
are not indicative of core business operating results. EBITDA is
widely used in the IT services industry to analyze comparable
company performance, and management of the Company also uses
EBITDA, in addition to GAAP information, as a measure of operating
performance for assessing its business units.
About DynTek DynTek is a leading provider
of professional technology services to mid-market companies, such
as state and local governments, educational institutions and
commercial entities in the largest IT markets nationwide. From
virtualization and cloud computing to unified communications and
collaboration, DynTek provides professional technology solutions
across the three core areas of our customers' technical
environment: Infrastructure/Data Center, Microsoft Platforms, End
Point Computing. DynTek's multidisciplinary approach allows our
clients to turn to a single source for their most critical
technology requirements. For more information, visit
http://www.dyntek.com.
Follow Us Online: Twitter: @DynTek DynTek on Facebook DynTek on LinkedIn
Forward Looking Statements This press
release contains certain 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.
Investors are cautioned that forward-looking statements made in
this press release, involve known and unknown risks and
uncertainties that could cause actual results to materially differ
from the forward-looking statements. Such risks and uncertainties
include, among others, our success in reaching target markets for
services and products in a highly competitive market; our ability
to maintain existing customers and attract future customers; our
ability to finance and sustain operations, including our ability to
comply with the terms of the revolving line of credit and the
Company's other existing and future indebtedness; our ability to
achieve profitability and positive cash flow from operations; our
ability to maintain business relationships with IT product vendors;
the size and timing of additional significant orders for our
products and services and our ability to fulfill such orders; the
continuing desire of state and local governments to outsource to
private contractors and the availability of budgets to place orders
for our products and services; our ability to retain skilled
professional staff and certain key executives; the performance of
our government and commercial technology services; and the
continuation of general economic and business conditions that are
conducive to outsourcing of IT services. We have no obligation to
publicly revise any forward-looking statements to reflect
anticipated or unanticipated events or circumstances occurring
after the date of such statements.
DYNTEK, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(EBITDA presentation)
(Unaudited, in thousands, except share and per share data)
Quarter Fiscal Year Quarter Fiscal Year
Ended June Ended June Ended June Ended June
30, 2013 30, 2013 30, 2012 20, 2012
----------- ----------- ----------- -----------
REVENUES
Product revenues $ 25,689 $ 96,596 $ 31,347 $ 86,078
Service revenues 9,011 33,751 8,513 31,285
----------- ----------- ----------- -----------
TOTAL REVENUES 34,700 130,347 39,860 117,363
----------- ----------- ----------- -----------
COST OF REVENUES
Cost of products 21,974 81,790 26,651 72,650
Cost of services 7,012 26,727 6,502 24,051
----------- ----------- ----------- -----------
TOTAL COST OF REVENUES 28,987 108,517 33,154 96,701
----------- ----------- ----------- -----------
GROSS PROFIT 5,713 21,830 6,707 20,662
----------- ----------- ----------- -----------
OPERATING EXPENSES
Selling 3,577 13,247 3,799 11,765
General and
administrative 1,367 4,518 1,866 5,317
Depreciation and
amortization 22 96 31 125
----------- ----------- ----------- -----------
TOTAL OPERATING
EXPENSES 4,967 17,861 5,696 17,207
----------- ----------- ----------- -----------
INCOME FROM OPERATIONS 746 3,970 1,011 3,455
EBITDA 1,042 4,514 1,397 3,991
OTHER INCOME (EXPENSE)
Interest expense (203) (896) (189) (939)
Other income (expense) - 6 - -
----------- ----------- ----------- -----------
TOTAL OTHER EXPENSE (203) (890) (189) (939)
----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAX 543 3,080 822 2,516
Income tax (benefit)
provision (249) (297) 10 128
----------- ----------- ----------- -----------
NET INCOME $ 792 $ 3,377 $ 812 $ 2,388
=========== =========== =========== ===========
NET INCOME PER SHARE:
Basic $ 0.38 $ 1.61 $ 0.40 $ 1.17
=========== =========== =========== ===========
Diluted $ 0.37 $ 1.60 $ 0.40 $ 1.15
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER
OF SHARES:
Basic 2,094,202 2,092,368 2,033,325 2,033,325
=========== =========== =========== ===========
Diluted 2,121,859 2,115,339 2,047,149 2,073,837
=========== =========== =========== ===========
For more information, contact: Linda Ford DynTek, Inc.
949-271-6705 Email Contact
Dyntek (CE) (USOTC:DYNE)
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