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, 2012. The 2012 audited consolidated
financial statements and notes thereto are available under DYNE.PK.
Fourth Fiscal Quarter Ended June 30,
2012
DynTek reported revenues of $39,860,000 for the fourth quarter
ended June 30, 2012, an increase of 5% from $37,854,000 in the
fourth quarter ended June 30, 2011. Gross profit increased to
$6,707,000 for the fourth quarter ended June 30, 2012, an increase
of $1,046,000 or 18% from $5,661,000 for the prior fourth fiscal
quarter. Total operating expenses increased to $5,696,000 in the
fourth fiscal quarter ended June 30, 2012 compared to $4,662,000 in
the prior fourth quarter ended June 30, 2011.
DynTek reported positive EBITDA of $1,397,000 for the fourth
fiscal quarter ended June 30, 2012, an increase of $35,000 or 3%
from $1,362,000 for the prior fourth fiscal quarter ended June 30,
2011. Net income is $812,000 for the fourth fiscal quarter of 2012,
a decrease of $3,019,000 or 79% from $3,831,000 from the fourth
fiscal quarter of 2011. The decrease in net income is primarily due
to a $2,863,000 income tax benefit recorded in the fourth fiscal
quarter of 2011 from a release of deferred tax asset valuation
allowance.
Fiscal Year Ended June 30, 2012
DynTek reported revenues of $117,363,000 for the year ended June
30, 2012, a decrease of 5% from $123,801,000 in the year ended June
30, 2011. Gross profit slightly decreased to $20,662,000 for the
year ended June 30, 2012, a decrease of $51,000 or 0.2% from
$20,713,000 for the prior year ended June 30, 2011. The year over
year revenue reduction was primarily attributable to a significant
multi million dollar one-time deal that impacted revenue by
$15,176,000 in fiscal year 2011. Total operating expenses increased
to $17,207,000 in fiscal year ended June 30, 2012 compared to
$16,192,000 in the prior year ended June 30, 2011.
DynTek reported positive EBITDA of $3,991,000 for the year ended
June 30, 2012, a decrease of $1,058,000 or 21% from $5,049,000 for
the prior year ended June 30, 2011. Net income is $2,388,000 for
the fiscal year ended June 30, 2012, a decrease from the net income
of $5,633,000 for the prior year ended June 30, 2011. Decrease in
net income is primarily due to a $2,741,000 tax benefit recorded in
the prior fiscal year from a release of deferred tax asset
valuation allowance.
"We had a strong fiscal year 2012, delivering a 37% growth in
revenue from fiscal year 2010," said Ron Ben-Yishay, DynTek's chief
executive officer. "When factoring in large, one-time deals
realized in fiscal year 2011, our core business stream is growing
at an aggressive clip. We anticipate increasing demand in fiscal
2013 as organizations continue the adoption of new Microsoft
product releases, such as Windows Server 2012, System Center 2012,
Lync and more, and as organizations continue to invest in
technology projects around virtualization, security and the data
center. In addition, our managed services offering is growing at a
rapid pace and we expect that as it continues to mature, this
offering will be a key catalyst to our growth in the upcoming
year."
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 Platform, 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.
DYNTEK, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(EBITDA presentation)
(Unaudited, in thousands, except share and per share data)
Quarter Fiscal Quarter Fiscal
Ended June Year Ended Ended June Year Ended
30, June 30, 30, June 30,
2012 2012 2011 2011
---------- ---------- ---------- ----------
REVENUES
Product revenues $ 31,347 $ 86,078 $ 29,871 $ 92,900
Service revenues 8,513 31,285 7,983 30,901
---------- ---------- ---------- ----------
TOTAL REVENUES 39,860 117,363 37,854 123,801
---------- ---------- ---------- ----------
COST OF REVENUES
Cost of products 26,651 72,650 26,143 79,145
Cost of services 6,502 24,051 6,050 23,943
---------- ---------- ---------- ----------
TOTAL COST OF REVENUES 33,154 96,701 32,193 103,088
---------- ---------- ---------- ----------
GROSS PROFIT 6,707 20,662 5,661 20,713
---------- ---------- ---------- ----------
OPERATING EXPENSES
Selling 3,799 11,765 3,023 11,191
General and
administrative 1,866 5,317 1,608 4,870
Depreciation and
amortization 31 125 31 131
---------- ---------- ---------- ----------
TOTAL OPERATING EXPENSES 5,696 17,207 4,662 16,192
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 1,011 3,455 999 4,521
EBITDA 1,397 3,991 1,362 5,049
OTHER INCOME (EXPENSE)
Interest expense (189) (939) (31) (1,615)
Other income (expense),
net (14)
---------- ---------- ---------- ----------
TOTAL OTHER EXPENSE (189) (939) (31) (1,629)
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 822 2,516 968 2,892
Income tax benefit
(provision) (10) (128) 2,863 2,741
---------- ---------- ---------- ----------
NET INCOME $ 812 $ 2,388 $ 3,831 $ 5,633
========== ========== ========== ==========
NET INCOME PER SHARE:
Basic $ 0.40 $ 1.17 $ 1.99 $ 2.92
========== ========== ========== ==========
Diluted $ 0.40 $ 1.15 $ 1.93 $ 2.86
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
SHARES:
Basic 2,033,325 2,033,325 1,927,915 1,927,915
========== ========== ========== ==========
Diluted 2,047,149 2,073,837 1,983,232 1,968,523
========== ========== ========== ==========
For more information, contact: Linda Ford DynTek, Inc.
949-271-6705 Email Contact
Dyntek (CE) (USOTC:DYNE)
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