DynTek Announces Results for the First Quarter Fiscal Year 2013
29 Outubro 2012 - 2:00PM
OTC Markets
For more information,
contact:
Linda Ford
DynTek, Inc.
949-271-6705
linda.ford@dyntek.com
DynTek
Announces Results for the First Quarter Fiscal Year
2013
Newport Beach, CA – October
29, 2012 – DynTek, Inc. (DYNE.PK), a leading provider of
professional technology
services, today announced results for its fiscal year
2013 first quarter ended September 30, 2012.
DynTek reported revenues of
$36,351,000 for the first fiscal quarter ended September 30, 2012,
an increase of 32%, or $8,799,000 over revenues of $27,552,000 in
the prior year first quarter. The Company reported EBITDA of
$1,155,000 for the first fiscal quarter ended September 30, 2012, a
decrease of $273,000 or 19% from $1,428,000 for the quarter ended
September 30, 2011. Net income was $784,000 for
the first fiscal quarter of 2013, an increase of 29% or $177,000
from net income of $607,000 in the first fiscal quarter of 2012.
Gross profit increased 2% to
$5,556,000 for the first quarter ended September 30, 2012, an
increase of $109,000 over gross profit of $5,447,000 for the prior
year quarter. Total
operating expenses increased 9.9% to $4,454,000 in the first fiscal
quarter ended September 30, 2012 compared to $4,054,000 in the
prior year first quarter ended September 30, 2011. The ratio of operating expenses
to total revenues declined from 14.7% to 12.3% in the same
period.
“Our objective for Fiscal Year 2013
is to drive consistent EBITDA growth across all of our core
geographies and technology segments,” said Ron Ben-Yishay, DynTek’s
chief executive officer. “We expect to see new
opportunities develop as a result of our investment in areas such
as managed services, as well as accelerated growth in our core
cloud solutions from the data center to the
desktop.”
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 Ended September 30,
|
|
Quarter Ended September 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
|
|
|
|
|
|
|
Product revenues
|
|
|
|
|
|
$27,799
|
|
$19,196
|
Service revenues
|
|
|
|
|
|
8,552
|
|
8,356
|
TOTAL REVENUES
|
|
|
|
|
|
36,351
|
|
27,552
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES
|
|
|
|
|
|
|
|
|
Cost of products
|
|
|
|
|
|
24,192
|
|
15,749
|
Cost of services
|
|
|
|
|
|
6,603
|
|
6,356
|
TOTAL COST OF REVENUES
|
|
|
|
|
|
30,795
|
|
22,105
|
GROSS PROFIT
|
|
|
|
|
|
5,556
|
|
5,447
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
Selling
|
|
|
|
|
|
3,307
|
|
2,767
|
General and administrative
|
|
|
|
|
|
1,121
|
|
1,257
|
Depreciation and amortization
|
|
|
|
|
|
26
|
|
30
|
TOTAL OPERATING EXPENSES
|
|
|
|
|
|
4,454
|
|
4,054
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS
|
|
|
|
|
|
1,102
|
|
1,393
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
1,155
|
|
1,428
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
(231)
|
|
(248)
|
Other income
(expense), net
|
|
|
|
|
|
-
|
|
-
|
TOTAL OTHER EXPENSE
|
|
|
|
|
|
(231)
|
|
(248)
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
|
|
871
|
|
1,145
|
Income tax
provision
|
|
|
|
|
|
(87)
|
|
(538)
|
NET INCOME
|
|
|
|
|
|
$784
|
|
$607
|
|
|
|
|
|
|
|
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NET
INCOME PER SHARE:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$0.38
|
|
$0.31
|
Diluted
|
|
|
|
|
|
$0.38
|
|
$0.30
|
|
|
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|
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WEIGHTED
AVERAGE NUMBER
OF
SHARES:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
2,088,118
|
|
1,964,998
|
Diluted
|
|
|
|
|
|
2,088,118
|
|
2,030,882
|
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