For
more information, contact:
Linda
Ford
DynTek, Inc.
949-271-6705
linda.ford@dyntek.com
DynTek Announces Results for Fiscal
Year 2013
Company Reports Annual Growth in
Revenues and EBITDA
Newport Beach, CA ? September 23, 2013
? DynTek, Inc.
(DYNE.OTC),
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 Ended June 30,
|
|
Fiscal Year Ended June 30,
|
|
Quarter Ended June 30,
|
|
Fiscal Year
Ended June
30,
|
|
|
2013
|
|
2013
|
|
2012
|
|
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
|
|
Dyntek (CE) (USOTC:DYNE)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Dyntek (CE) (USOTC:DYNE)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024