PR Newswire
NAPERVILLE, Ill., May 11, 2018
NAPERVILLE, Ill., May 11, 2018 /PRNewswire/ -- Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its second quarter ended March 31, 2018 (the "Second Quarter"). The Company posted gross profit of $4.0M, on total revenue of $7.3M, for a gross margin of 55%. In addition, the Second Quarter adjusted EBITDA came in at $1.3M, up 96% compared to the Second Quarter of FY2017 and total Operating Expenses were $4.7M, down 6%, both of which contributed to the second lowest operating loss ($0.7M) in over three years.
"We're delighted to follow our fiscal year 2018 record First Quarter results with another strong Quarter," said Derek Cassell, Track Group's CEO. "We have begun implementing a number of new customer opportunities from our pipeline and expect to see the results of our hard work in our upcoming Third and Fourth Quarters."
BUSINESS AND FINANCIAL HIGHLIGHTS
BUSINESS OUTLOOK
| Actual | Outlook | |
| FY 2016 | FY 2017 | FY 2018 |
| | | |
Revenue: | $27.2M | $29.7M | $32-35M |
| | | |
Adjusted EBITDA Margin: | 7.3% | 12.2% | 18-22% |
The revenue outlook for FY2018 has been adjusted downward from $35-$40 million to $32-$35 million; however, management believes that the annualized run rate based on the revenue estimated for the Quarter ended 30 September 2018 will range from $35-$40 million. The Adjusted EBITDA margin has been adjusted upward from 15-20% to 18-22% to reflect the results in the first half of the fiscal year and the outlook for the remainder of the fiscal year.
About Track Group, Inc.
Track Group designs, manufactures, and markets location tracking devices and develops and sells a variety of related software, services, accessories, networking solutions, and monitoring applications. The Company's products and services are designed to empower professionals in security, law enforcement, corrections and rehabilitation organizations worldwide with single-sourced offender management solutions that integrate reliable intervention technologies to support re-socialization and monitoring initiatives.
The company currently trades under the ticker symbol "TRCK" on the OTCQX exchange. For more information, visit www.trackgrp.com.
Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to Track Group, Inc. and subsidiaries ("Track Group") are intended to identify such forward-looking statements. These statements are only predictions and reflect Track Group's current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in Track Group's annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the dates on which they are made.
Non-GAAP Financial Measures
This release includes financial measures defined as "non-GAAP financial measures" by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non- GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.
Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, gains and losses, currency effects, one time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based or other non-cash compensation or other stated cash and non-cash charges (the "Adjustments").
The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company's financial results, including management's analysis of results from operations and financial condition, are contained in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2017, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company's Form 10-K and other reports, including the risk factors contained in such Form 10-K.
TRACK GROUP, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
| |||
| March 31, | | September |
| 2018 | | 30, |
Assets | (unaudited) | | 2017 |
Current assets: | | | |
| | | |
Cash | $ 2,661,829 | | $ 2,027,321 |
Accounts receivable, net of allowance for doubtful accounts of $3,532,609 and $3,268,095, respectively | 4,926,116 | | 5,438,564 |
Note receivable, current portion | 234,733 | | 234,733 |
Prepaid expense and other | 5,143,501 | | 854,122 |
Inventory, net of reserves of $26,934, respectively | 269,924 | | 261,810 |
Total current assets | 13,236,103 | | 8,816,550 |
Property and equipment, net of accumulated depreciation of $1,950,847 and $1,778,634, respectively | 913,232 | | 903,100 |
Monitoring equipment, net of accumulated depreciation of $5,045,835 and $4,906,925, respectively | 3,149,664 | | 3,493,012 |
Intangible assets, net of accumulated amortization of $10,984,263 and $9,839,032, respectively | 23,902,278 | | 24,718,655 |
Goodwill | 8,207,990 | | 8,226,714 |
Other assets | 202,581 | | 2,989,101 |
Total assets | $ 49,611,848 | | $ 49,147,132 |
| | | |
Liabilities and Stockholders' Equity | | | |
Current liabilities: | | | |
Accounts payable | 2,731,842 | | 2,769,835 |
Accrued liabilities | 9,109,373 | | 6,650,291 |
Current portion of long-term debt, net of discount of $74,324 and $185,811, respectively | 30,370,943 | | 30,270,531 |
Total current liabilities | 42,212,158 | | 39,690,657 |
Long-term debt, net of current portion | 3,451,588 | | 3,480,717 |
Total liabilities | 45,663,746 | | 43,171,374 |
| | | |
Stockholders' equity: | | | |
Common stock, $0.0001 par value: 30,000,000 shares authorized; 10,462,433 and 10,480,984 shares outstanding, respectively | 1,046 | | 1,048 |
Additional paid-in capital | 301,038,832 | | 300,717,861 |
Accumulated deficit Werbung Mehr Nachrichten zur Track Group Aktie kostenlos abonnieren
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