PR Newswire
COLORADO SPRINGS, Colo., July 11, 2017
COLORADO SPRINGS, Colo., July 11, 2017 /PRNewswire/ -- root9B Holdings, Inc. (Nasdaq: RTNB) ("RTNB") today announced financial results for the first quarter ended March 31, 2017 ("Q1 2017").
As previously announced, in connection with its shift to a pure-play cybersecurity company, RTNB sold its Control Engineering, Inc. ("CEI") subsidiary on December 31, 2016 and the Investigative Due Diligence Practice of its wholly-owned subsidiary IPSA International Services, Inc. ("IPSA") on April 30, 2017. Accordingly, the financial results of CEI and IPSA have been presented as discontinued operations for all periods presented. The following highlights our financial results from continuing operations for Q1 2017 and 2016, except where noted.
Q1 2017 Financial Overview
Business Overview
"Q1 2017 cybersecurity revenue nearly tripled from the same period last year, the result of the industry's understanding that a shift to active cybersecurity tools from passive cyber software is mandatory," said Eric Hipkins, Chief Executive Officer of RTNB. "Given our ongoing business development activities, new product introductions, and the rising threat of cybercrime in the government and commercial space, we continue to expect improved operating results in 2017."
"We spent the last several quarters taking steps to sharpen our business focus to pure play cybersecurity, streamline our operations, strengthen our capital base, and create a solid foundation for growth. Although there is still much work to be done, we are confident in our outlook, our ability to advance root9B's pioneering approach of manned information security, and support the continuing roll-out of HUNT and cybersecurity-as-a-service business model," said Dan Wachtler, RTNB's President.
Form 10-Q
RTNB filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission on July 6, 2017. Investors are encouraged to read this document which provides further details related to our operations and financial condition including that the Company continues to have a "going concern" designation. In addition, please refer to information provided in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 in Part 1, Item 1A labeled "Risk Factors."
About root9B
Ranked as the #1 Cybersecurity Company by Cybersecurity Ventures, root9B stands in defiance of the unwanted human presence within our clients' networks by attacking the root of the problem—the adversary's ability to gain entry and remain undetected. root9B's application of advanced technology developed through cutting-edge R&D and engineering and refined through relevant, hands-on training is revolutionary. root9B combines next generation technology, tactics development, specialty tools, and deep mission experience. root9B personnel leverage their extensive backgrounds in the U.S. Intelligence Community to conduct advanced vulnerability analysis, penetration testing, digital forensics, incident response, Industrial Control System (ICS) security, and HUNT (Active Adversary Pursuit) engagements on networks worldwide. For more information, visit www.root9B.com.
About root9B Holdings, Inc.
root9B Holdings is a leading provider of Cybersecurity Services for clients ranging from Fortune 100 companies to mid-sized and owner-managed businesses across industries, as well as local, state and federal government agencies. For more information, visit www.root9bholdings.com.
Forward-looking Statements
Certain statements contained in this press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the Company's business. These risks, uncertainties and contingencies are indicated from time to time in the Company's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company's financial results in any particular period may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Media Contact: | | Investors: | |
Andrew Hoffman | | Dan Wachtler | |
Zito Partners | | President and COO | |
908-546-7447 | | root9B Holdings, Inc. | |
| 719-661-2735 | | |
| | | |
| | | |
| | Devin Sullivan | |
| | Senior Vice President | |
| | The Equity Group Inc. | |
| | 212-836-9608 | |
| | |
ROOT9B HOLDINGS, INC. | |||
CONSOLIDATED BALANCE SHEETS | |||
| |||
| (Unaudited) | | (Revised) (1) |
| March 31, 2017 | | December 31, 2016 |
ASSETS | | | |
CURRENT ASSETS: | | | |
Cash and cash equivalents | $ 1,372,028 | | $ 1,445,028 |
Accounts receivable, net | 1,097,800 | | 1,664,808 |
Cost and estimated earnings in excess of billings | 505,160 | | 298,814 |
Assets held for sale | 8,645,897 | | 10,259,963 |
Prepaid expenses and other current assets | 379,732 | | 369,332 |
| | | |
Total current assets | 12,000,617 | | 14,037,945 |
Property and equipment, at cost less accumulated depreciation | 2,260,257 | | 2,417,456 |
OTHER ASSETS: | | | |
Goodwill | 2,307,700 | | 2,307,700 |
Intangible assets, net | 38,635 | | 49,372 |
Investment in cost-method investee | 100,000 | | 100,000 |
Deposits and other assets | 134,003 | | 130,554 |
Total other assets | 2,580,338 | | 2,587,626 |
TOTAL ASSETS | $ 16,841,212 | | $ 19,043,027 |
| | | |
| (Unaudited) | | (Revised) (1) |
| March 31, 2017 | | December 31, 2016 |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
CURRENT LIABILITIES: | | | |
Notes payable | $ - | | $ 1,600,000 |
Related party notes payable | 745,000 | | 500,000 |
Accounts payable | 2,114,779 | | 1,932,813 |
Billings in excess of costs and estimated earnings | 602,760 Werbung Mehr Nachrichten zur root9B Technologies Aktie kostenlos abonnieren
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