DynTek Announces Results for the Second Quarter and Year-to-Date
Period Ended December 31, 2013
Company Reports Record Revenues of $50,466,000, EBITDA of
$2,555,000, Net Income of $2,079,000 and $0.95 Earnings per
Share
NEWPORT BEACH, CA--(Marketwired - Jan 28, 2014) - DynTek,
Inc. (PINKSHEETS: DYNE), a leading provider of professional
technology services, today announced results for its fiscal year
2014 second quarter and six months ended December 31,
2013.
Second Fiscal Year 2014
Quarter Ended December 31, 2013
DynTek reported revenues of $50,466,000 and gross profit of
$8,105,000 for the second fiscal quarter ended December 31, 2013
compared to revenues of $31,868,000 and gross profit of $5,514,000
in the prior year second fiscal quarter ended December 31, 2012.
The $18,598,000 or 58% revenue growth, and the $2,591,000 or 47%
gross profit growth, quarter over prior year quarter, are primarily
attributable to the simultaneous closing of several multi-million
dollar deals with government customers in the New York district and
government and commercial customers in the Newport Beach district
in the second quarter of fiscal year 2014.
Total operating expenses were $5,639,000 in the second fiscal
quarter ended December 31, 2013 compared to $4,230,000 in the prior
year second quarter ended December 31, 2012. The $1,409,000 or
33% increase quarter over prior year quarter is due primarily to
sales commissions on higher revenue levels.
DynTek reported EBITDA of $2,555,000 for the second fiscal
quarter ended December 31, 2013, compared to $1,399,000 in the
prior year second quarter, an increase of $1,156,000 or 82%. Net
income was $2,079,000 for the second fiscal quarter of 2014, or
$0.95 per diluted share, an increase of $1,135,000 or $0.50 per
diluted share, over net income of $944,000 or $0.45 per diluted
share, in the second quarter of 2013.
Year-to-Date Period
Ended December 31, 2013
DynTek reported revenues of $80,280,000 and gross profit of
$13,590,000 for the six months ended December 31, 2013 compared to
revenues of $68,219,000 and gross profit of $11,070,000 in the
prior year six months ended December 31, 2012. The $12,061,000 or
17% revenue growth, and the $2,520,000 or 23% gross profit growth,
quarter over prior year quarter, are primarily attributable to
several multi-million dollar deals with government customers
in the New York district and government and commercial customers in
the Newport Beach district in the second quarter of FY2014.
Total operating expenses were $10,382,000 for the six months
ended December 31, 2013 compared to $8,684,000 in the prior year
six months ended December 31, 2012. The $1,698,000 or 16%
increase year over year is due to sales commissions on higher
revenue levels and investments in additional sales
representatives.
DynTek reported EBITDA of $3,367,000 for the six months ended
December 31, 2013, compared to $2,554,000 in the prior year six
months ended December 31, 2012, an increase of $813,000 or 32% year
over year. Net income was $2,562,000 for the six months ended
December 31, 2013, or $1.18 per diluted share, an increase of
$834,000 or $0.35 per diluted share, over net income of $1,728,000
or $0.83 per diluted share, in the six months ended December 31,
2012.
"Our strong financial position, industry domain expertise,
maturity of our practices, and technical and sales excellence puts
DynTek in a position to compete for and win larger transactions,
such as the deals we closed this quarter," said Ron
Ben-Yishay, DynTek's chief executive officer. "This quarter our
EBITDA growth outpaced our top line revenue growth, which is a
testament to our focus on high-value, high-margin business and
operational efficiency. DynTek's core cloud computing
solutions help our customers satisfy their key business
initiatives, such as improved productivity, reduced operating
expenses and enhanced competitive differentiation. We are seeing
tremendous ROI in our investments in cloud offerings because these
solutions deliver ROI to our customer base."
EBITDA The Company defines EBITDA as net 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, such as statements relating to the effect that the
adoption of the revolving line of credit will have on our business
and our intended use of funds borrowed under the revolving line of
credit, 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.
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DYNTEK, INC. AND SUBSIDIARY |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(EBITDA presentation) |
|
(Unaudited, in thousands, except share and per share
data) |
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Quarter Ended December 31, |
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Six Months Ended December 31, |
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Quarter Ended December 31, |
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Six Months Ended December 31, |
|
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
2012 |
|
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|
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|
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|
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REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues |
|
$ |
43,097 |
|
|
$ |
64,673 |
|
|
$ |
23,773 |
|
|
$ |
51,571 |
|
|
Service revenues |
|
|
7,369 |
|
|
|
15,607 |
|
|
|
8,095 |
|
|
|
16,647 |
|
|
TOTAL
REVENUES |
|
|
50,466 |
|
|
|
80,280 |
|
|
|
31,868 |
|
|
|
68,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of products |
|
|
36,130 |
|
|
|
53,987 |
|
|
|
19,748 |
|
|
|
43,939 |
|
|
Cost
of services |
|
|
6,231 |
|
|
|
12,703 |
|
|
|
6,606 |
|
|
|
13,209 |
|
|
TOTAL
COST OF REVENUES |
|
|
42,361 |
|
|
|
66,690 |
|
|
|
26,354 |
|
|
|
57,148 |
|
GROSS PROFIT |
|
|
8,105 |
|
|
|
13,590 |
|
|
|
5,514 |
|
|
|
11,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
4,405 |
|
|
|
8,186 |
|
|
|
3,163 |
|
|
|
6,470 |
|
|
General and administrative |
|
|
1,212 |
|
|
|
2,158 |
|
|
|
1,042 |
|
|
|
2,163 |
|
|
Depreciation and amortization |
|
|
20 |
|
|
|
37 |
|
|
|
25 |
|
|
|
51 |
|
|
TOTAL
OPERATING EXPENSES |
|
|
5,639 |
|
|
|
10,382 |
|
|
|
4,230 |
|
|
|
8,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
|
2,466 |
|
|
|
3,208 |
|
|
|
1,285 |
|
|
|
2,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
2,555 |
|
|
|
3,367 |
|
|
|
1,399 |
|
|
|
2,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(212 |
) |
|
|
(428 |
) |
|
|
(237 |
) |
|
|
(468 |
) |
|
TOTAL
OTHER EXPENSE |
|
|
(212 |
) |
|
|
(428 |
) |
|
|
(237 |
) |
|
|
(468 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
|
|
2,255 |
|
|
|
2,781 |
|
|
|
1,049 |
|
|
|
1,919 |
|
Income tax provision |
|
|
(176 |
) |
|
|
(219 |
) |
|
|
(104 |
) |
|
|
(191 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
2,079 |
|
|
$ |
2,562 |
|
|
$ |
945 |
|
|
$ |
1,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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NET INCOME PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.98 |
|
|
$ |
1.21 |
|
|
$ |
0.45 |
|
|
$ |
0.83 |
|
|
Diluted |
|
$ |
0.95 |
|
|
$ |
1.18 |
|
|
$ |
0.45 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,125,934 |
|
|
|
2,125,934 |
|
|
|
2,093,188 |
|
|
|
2,090,653 |
|
|
Diluted |
|
|
2,177,661 |
|
|
|
2,172,323 |
|
|
|
2,093,188 |
|
|
|
2,090,653 |
|
|
|
|
|
|
|
|
|
|
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For more information, contact: Linda Ford DynTek, Inc.
949-271-6705 Email Contact
Dyntek (CE) (USOTC:DYNE)
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Dyntek (CE) (USOTC:DYNE)
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