WidePoint Corporation Reports Fourth Quarter and Full Year 2017 Results
McLean, VA, March 21, 2018 – WidePoint Corporation (NYSE Mkt: WYY) a leading provider of Trusted Mobility Management (TM2) specializing in Telecommunication Lifecycle Management (TLM) and Cybersecurity solutions, announced its fourth quarter and full year 2017 financial results.
Fourth Quarter 2017 Highlights (Comparisons versus Fourth Quarter 2016)
- Revenue grew 9% to $19.9 million
- Operating expenses declined 12% to $4.3 million
- Net loss reduced to $0.8 million from $2.4 million
- Adjusted EBITDA was $0.3 million as compared to ($1.7) million
“I’m very pleased with the progress we made to stabilize the company and reduce our net losses as a result of cost savings actions taken during the second, third and fourth quarters of 2017. I’m also pleased that our financial performance for the fourth quarter was markedly better than the third quarter with both top line and bottom line improvements. We believe that we have strategically aligned our resources in sales and marketing to support our TM2 offering, which is gaining traction as evidenced by the new contracts awarded in the first quarter,” stated Jin Kang, WidePoint’s President and Chief Executive Officer.
Kito Mussa, WidePoint’s Chief Financial Officer, added, “We saw revenue growth in the quarter of 9 percent year-over-year, we reduced our net losses for the full year and the fourth quarter, and we achieved our goal to be Adjusted EBITDA positive in the fourth quarter. We are focusing next on improving our business profitability by reducing the cost to deliver our services. We believe this approach will position WidePoint to scale and meet the demands of our potential revenue growth opportunities.”
Fourth Quarter 2017 Financial Highlights versus Comparative Period in Prior Year
- Cash and cash equivalents was approximately $5.3 million as of December 31, 2017.
- There was no outstanding balance on the credit facility.
Full Year 2017 Financial Highlights versus Comparative Period in Prior Year
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net loss to Adjusted EBITDA is included on the schedules attached hereto.
Conference Call Information
A conference call and live webcast will take place today at 4:30 p.m. Eastern Time. Anyone interested in listening to our analyst call should call 1-877-451-6152 if calling within the United States or 1-201-389-0879 if calling internationally. There will be a playback available until April 4, 2018. To listen to the playback, please call 1‑844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use PIN code 13676925 for the replay. The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=128570.
WidePoint Corporation (NYSE American: WYY) is a leading provider of technology-based management solutions including telecom management, mobile management, access management and identity management. For more information, visit www.widepoint.com.