Nxt-ID, Inc. (NASDAQ:NXTD) https://www.nxt-id.com/ provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Cryptocurrency: February 8, 2018- Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), announced FlipTM, a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations. The launch of the new device follows a December 2017 announcement by Fit Pay that it is expanding its platform to connect cryptocurrencies to the payment ecosystem. Leveraging the FitPay Payment PlatformTM, Flip will use value exchanged from cryptocurrency to make traditional payment transactions. https://www.fliptopay.com/Get news alerts on Nxt-ID, Inc.
Gopher Protocol, Inc. (OTCQB:GOPH) is a development-stage company developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. The Company has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. Gopher believes this will be the first system that is developed using artificial intelligence based analysis engine. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide, Gopher envisions an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.Get News Alerts on Gopher Protocol, Inc.
GoverMedia Plus Canada Corp. (CSE: MPLS) is a Canadian holding company with a fully owned Russian technology subsidiary. GoverMedia has developed a fully operational state of the art internet platform offering all inclusive online services such as, e-commerce, social media, multimedia, corporate auctions, corporate database, messaging platform, crowdfunding, cryptocurrency and blockchain services. We believe the GoverMedia platform is the first and only internet platform offering such a wide range of online services accessible via only one account. The Company's management and advisors have extensive expertise in the Telecommunications, High-Technology, Corporate Development and Finance fields. www.gm.plus and govermedia.plusGet News Alerts on GoverMedia Plus Canada Corp.
Upco International Inc. (CSE: UPCO) is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco E-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.Get News Alerts on Upco International Inc.
Fineqia International is a listed entity in the Canada (CSE:FNQ), US (FNQQF) and Europe (FNQA.F). Fineqia International outlines the Company's corporate governance, culture, processes and relations by which the Company and its subsidiaries are controlled, directed and governed. Fineqia International oversees and ensures the overall success, planning and growth of the Company and all of its subsidiaries, including its adoption of blockchain technologies. For more information visit https://investors.fineqia.com/newsGet News Alerts on Fineqia International Inc.
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Cybersecurity - Internet/Network Security
Absolute Software Corporation ( TSX:ABT.TO ) is the industry standard in persistent endpoint security and management for computers, laptops, tablets and smartphones. The Company, a leader in device security and management tracking for 20 years, has over 30,000 commercial customers worldwide. Absolute's solutions - Computrace®, Absolute Manage®, Absolute Service, Absolute Secure Drive, and Absolute LoJack® - provide organizations with actionable intelligence to prove compliance, securely manage BYOD, and deliver comprehensive visibility and control over all of their devices and data. Absolute is positioned on two Gartner, Inc. Magic Quadrants - the Magic Quadrant for Client Management Tools and the Magic Quadrant for Mobile Device Management Software. Absolute is one of only four vendors to be recognized on both Magic Quadrants based on providing customers with the ability to secure and manage many different types of devices using a single solution. Absolute persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Motion, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple.
AT&T Inc. ( NYSE: T ) AT&T Government Services (AGS), a business unit of AT&T Corp., delivers IT solutions spanning cyber security, networking, wireless, mission support and applications. Thousands of experienced AGS personnel, along with certified professionals throughout the AT&T family of companies, focus exclusively on supporting the federal government.
AVG Technologies N.V. ( NYSE:AVG) mission is to simplify, optimize and secure the Internet experience, providing peace of mind to a connected world. AVG's powerful yet easy-to‐use software and online services put users in control of their Internet experience. By choosing AVG's software and services, users become part of a trusted global community that benefits from inherent network effects, mutual protection and support. AVG has grown its user base to 172 million active users as of September 30, 2013 and offers a protection, performance and privacy products and services suite to consumers and small businesses including Internet security, performance optimization, mobile security, online backup, identity protection and family safety software.
Barracuda Networks ( NYSE:CUDA ) provides cloud-connected security and storage solutions that simplify IT. These powerful, easy-to-use and affordable solutions are trusted by more than 150,000 organizations worldwide and are delivered in appliance, virtual appliance, cloud and hybrid deployments. Barracuda's customer-centric business model focuses on delivering high-value, subscription-based IT solutions that provide end-to-end network and data security. Barracuda Networks has developed a worldwide reputation as the go-to leader for providing government agencies with powerful yet easy-to-use IT solutions that simplify the most complex security, storage, application delivery, networking and data protection challenges.
BlackBerry (Research in motion) ( NasdaqGS:BBRY ; TSX:BB.TO ) a global leader in wireless innovation, revolutionized the mobile industry with the introduction of the BlackBerry® solution in 1999. Today, BlackBerry products and services are used by millions of customers around the world to stay connected to the people and content that matter most throughout their day. Founded in 1984 and based in Waterloo, Ontario, RIM operates offices in North America, Europe, Asia Pacific and Latin America. Integral security features and an ever-expanding administrative toolset have earned BlackBerry® products the trust of some of the most secure organizations in the world. These security features have also made the BlackBerry solution a world leader in mobile security certifications
Internet Community (Social Networking) Stocks
Apple Inc. ( NasdaqGS:AAPL ) designs Macs, the best personal computers in the world, along with OS X, iLife, iWork, and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple is reinventing the mobile phone with its revolutionary iPhone and App Store, and has recently introduced its magical iPad which is defining the future of mobile media and computing devices. The company provides many different apps for social networking.
Amazon.com, Inc. ( NasdaqGS: AMZN ) a Fortune 500 company based in Seattle, opened on the World Wide Web in July 1995 and today offers Earth's Biggest Selection. Amazon owns part of LivingSocial , a leading marketplace to buy and share the best things to do in your city - or wherever you may be. We provide a trusted, convenient source for finding value on everyday items and activities and identifying novel, enriching and fun experiences for you to enjoy and share with your friends. With thousands of unique and diverse offers every day, we inspire our members to discover everything from weekend excursions to international travel, from exclusive gourmet dinners to family outings and more. We help local and national businesses grow by introducing them to high-quality new customers. We deliver compelling and cost-effective marketing solutions for businesses large and small and provide our partners with the tools to make our members their regulars.
bBooth, Inc. ( OTC:BBTH ) At the forefront of the new, 'experiential, location-based entertainment' movement, bBooth (BBTH) (CUSIP number:07331L 108), The Talent Discovery Company, is deploying kiosk-sized, family-friendly, professional-quality, TV recording studios in local shopping centers across the country. The audition booths are being seamlessly integrated into a social media, messaging, gaming, music streaming, video sharing mobile app, creating a new, robust talent discovery platform where both fans and established artists alike have a new way to engage, promote and sell music and other video content.
Bizzingo, Inc. ( OTC:BIZZ ) is a global social media company that has developed Bizzingo.com as a unified social network designed especially for businesses. Bizzingo will provide a channel to negotiate transactions devoid of personal networking clutter. As the first true business-to-business social platform, Bizzingo also is designed to allow businesses a way to find each other by keyword and view promotional information, as well as synchronously communicate with their users. Bizzingo's profiling system will create one of the most detailed business databases in the world, delivering targeted search engine results.
Clicker Inc. ( OTC:CLKZ ) together with its subsidiaries, operates as a Web publisher brand builder primarily in the United States. The company focuses on developing stand-alone brands that incorporate social networking and reward properties that leverage content, commerce, and advertising for the global Internet users. Its Web properties include Sippinit.com, an online pop, entertainment, and gossip property that incorporates social networking with entertainment; Sportsgulp.net, a social networking Website and gossip channel for sports enthusiasts; Wallst.net and Mywallst.net, a news consumption property and advertising platform that aggregates financial news and information from the Web; Dahoodbuzz.com, a news consumption property and advertising platform, which aggregates hip hop and urban news from the Web; and U-Furnish.com, a furniture e-commerce site that offers urban style furniture. Clicker Inc. also owns Internet domain names, such as Forwant.com, Cashclicker.com, ItsMyLocal.com, and financialfilings.com.See the full stock directory here
August 14, 2018 (Investorideas.com Newswire) If you have a service or a product that you want to market, bulk mail has proven to be an effective means of marketing.
July 24, 2018 (Investorideas.com Newswire) When you turn 18, you are automatically provided with a credit score.
July 18, 2018 (Investorideas.com Newswire) Whether you operate a local business that offers products in a limited geographic area or a corporation that serves specific communities across the country, the quality of your local SEO will impact your search engine rankings.
June 21, 2018 (Investorideas.com Newswire) When you turn 18, you are automatically provided with a credit score.
May 15, 2018 (Investorideas.com Newswire) The manner in which small business owners are interacting with debt is quickly shifting.
April 23, 2018 (Investorideas.com Newswire) As of today, the supplement manufacturing business booming and signs portend that it will only continue to grow.
February 20, 2018 (Investorideas.com Newswire) You might be told that in today's advertising platforms, social media is the best.
January 24, 2018 (Investorideas.com Newswire) If you own a small business, it's likely one of the main things you think about. A great deal of your passion, time, and care is poured into this entrepreneurial adventure, and it's important to you to see your business grow.
January 19, 2018 (Investorideas.com Newswire) Sharing files and documents confidentially has always been a major concern in business, but in recent years that concern has become even more pertinent with the threat of cyber attacks constantly looming.
January 19, 2018 (Investorideas.com Newswire) You may feel like celebrating when you learn that your company has landed your third, fourth, or even tenth lucrative business contract - until it comes time to manage your clients.
October 31, 2017 (Investorideas.com Newswire) There's a lot of focus on technology nowadays. When a new iPhone is released, it's considered headline news. You can now unlock your phone with your face instead of your finger or thumb.
August 28, 2017 (Investorideas.com Newswire) At the beginning of August, Apple revealed its latest earnings and revenue report.
August 28, 2017 (Investorideas.com Newswire) Brand review by Bestonlinereviews.com - No one can deny the fact that point of sale (POS) systems result in increased efficiency and decreased bill processing time.
May 3, 2017 (Investorideas.com Newswire) There is perhaps no more iconic industry in the United States than steel.
March 7, 2017 (Investorideas.com Newswire) Although much of the traditional wisdom will always apply when it comes to buying stocks, what changes each year are the best industries to focus on, as well as any news that will affect the markets.
February 23, 2017 (Investorideas.com Newswire) It is does not make sense in the world we live today to run a business that does not have an online presence. That in itself is an indication that you need to invest in social media and technology.
DIGITAL ARTS MEDIA NETWORK, INC., N/K/A DIGITAL ASSET MONETARY NETWORK, INC – PENDING FINRA APPROVAL, INFORMS SHAREHOLDERS OF A CLERICAL ERROR CAUSING THE COMPANY TO REAPPLY WITH OTC MARKETS AND NOT FILE ITS FINANCIAL DISCLOSURES – MAY RESULT IN 'CURRENT STATUS' DOWNGRADE FOR A SHORT PERIOD OF TIME
NEW YORK, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Digital Arts Media Network, Inc. – n/k/a Digital Asset Monetary Network, Inc. – pending FINRA approval (OTCMKTS: DATI), a specialized tech accelerator leveraging the Public Accelerator-Incubator (PAI) model, today announced that the Company will not be able to file its financial disclosures due to a clerical error encountered during the transitioning from the previous corporate name to the current.
“The corporate name change from Digital Arts Media Network, Inc., to Digital Asset Monetary Network, Inc., better reflecting how operations have evolved, has been in the works for some time,” said Ajene Watson, CEO of DATI. “This includes new online assets (emails, domains, social media, etc.).”
“During this transition however, a clerical error resulted in a missed invoice while we were transitioning to a new email system. This mishap unfortunately requires us to reapply with the OTC Markets Group. Regrettably this put us in a difficult spot, as now, we cannot file our financial disclosures in a timely manner. Nor can we file a proper ‘Notification of Late Filing’ notice in order to maintain our ‘Current Status.’ Thus, the reason for this announcement.
“It is important, given the overall state and sentiment of the microcap environment, our shareholders are kept fully apprised of challenges before they unfold or as they unfold. Certainly, not after. We presume that during this reapplication process our ‘Current Status’ will be downgraded until our application is reaccepted.
“This clerical error is a silly mistake which will likely be a one-time event and avoided in the future. We expect to file our financial disclosures with the OTC Markets Group upon the acceptance of our re-application.”
The corporate name change continues to pend FINRA approval. However, the Company stands ready to unveil its new website and other online assets along with a new executive summary and other material detailing the Company’s significant progress and opportunity.
ABOUT Digital Asset Monetary Network, Inc., f/k/a Digital Arts Media Network (pending FINRA approval)
Forward Looking Statements
CALGARY, Alberta, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Critical Control Energy Services Corp. (TSX: CCZ) today reported its financial results for the three and six months ended June 30, 2018.
“Management is actively engaged to improve efficiency, reduce cost and increase profitability,” said Alykhan Mamdani. “Management is confident that the growth from its key strategic initiatives are the foundation of future profitability.”
Earnings and net earnings
Outlook and Guidance
The strengthening price of oil in early 2018 has created cautious optimism in the Corporation’s US client base but the lack of access to export markets in Canada continues to negatively impact investment in the Corporation’s largest revenue base.
As the industry struggled during the past three years, oil and gas service providers have become increasingly competitive materially driving down costs to the producer, which have materially impacted the Corporation’s revenue base. While the impact to the Corporation’s measurement services and software based services was felt the most, the value provided by the Corporation’s cloud based software generated modest growth, driven primarily through penetration of the Corporation’s software into the US market.
The Corporation’s strategy for Field Services in 2018 and onwards is to leverage its Field Services’ customers in the US to adopt the Corporation’s software. Instead of competing on price alone, the Corporation is rebuilding its Field Services business to differentiate an increasingly commoditized offering with cost savings based on adoption of software. Management is confident that this endeavour will yield growth in the Corporation’s strategic cloud based software revenue, but the effort is expected to continue to negatively impact the Corporation’s measurement services revenue in 2018 as the Corporation implements customers onto its cloud based software. Management’s expectation of growth is based upon continued penetration of the Corporation’s software by its US customers and may be impacted as the industry continues investment in automation attracting the entry of new competitive products to the Corporation’s software.
Cash available to the Corporation in cash and availability on its secured lines of credit has declined from $1.1 million as at December 31, 2017 to $0.9 million as at June 30, 2018. This decline is attributed primarily to investment by the Corporation in capitalized research and development. In May 2018, the Corporation did a restructuring of the research and development department. The payment of these restructuring costs is expected to be substantially paid by the end of the fourth quarter of 2018, but have been fully expensed in the second quarter of 2018.
The Corporation is working closely with its lender to ensure ongoing compliance with the provisions of its credit facilities. To ensure sufficient liquidity to meet its financial obligations for the remainder of 2018, the Corporation will require additional capital, replacement financing or an amended credit agreement from its existing lender. The Corporation is actively engaged in addressing alternative solutions, including but not limited to, the raising of additional equity capital, the replacement of its existing credit facility with different repayment terms, or a combination thereof. Until an alternative solution is reached, the Corporation has suspended payment of cash dividends on its preferred shares.
About Critical Control
Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.
For further information
SARASOTA, Fla., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE: ROP) (the “Company”) announced today the pricing of its public offering of $700 million of 3.650% Senior Notes due 2023 (the “2023 notes”) and $800 million of 4.200% Senior Notes due 2028 (the “2028 notes” and, together with the 2023 notes, the “notes”). The offering is expected to close, subject to customary closing conditions, on August 28, 2018.
The 2023 notes will bear interest at the rate of 3.650% per year and the 2028 notes will bear interest at the rate of 4.200% per year. Interest on the notes will be payable semi-annually on March 15 and September 15 of each year, beginning March 15, 2019. The 2023 notes will mature on September 15, 2023 and the 2028 notes will mature on September 15, 2028. The notes will be senior unsecured obligations of the Company.
Net proceeds from the sale of the notes will be used to repay all of the Company’s $500 million of outstanding 6.25% senior notes due 2019 and outstanding amounts under its 2016 unsecured credit facility and for general corporate purposes.
For the offering of the notes, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are serving as joint book-running managers, and Mizuho Securities USA LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, BB&T Capital Markets, a division of BB&T Securities LLC, RBC Capital Markets, LLC and Regions Securities LLC are serving as co-managers.
The offering is being made pursuant to an effective shelf registration statement, and only by means of a preliminary prospectus supplement dated August 14, 2018 and accompanying prospectus dated November 24, 2015. Full details of the offering, including a description of the notes and certain risk factors related to the notes, are contained in the preliminary prospectus supplement and the accompanying prospectus. Copies of these documents may be obtained for free by visiting EDGAR on the SEC’s website at http://www.sec.gov or by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: Investment Grade Syndicate Desk- 3rd Floor, telephone: 1-212-834-4533, Merrill Lynch, Pierce, Fenner & Smith Incorporated, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: toll-free 1-800-294-1322 , email: firstname.lastname@example.org or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota, Attention: WFS Customer Service, telephone: toll-free: 1 800-645-3751, email: email@example.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the notes or any other securities, nor will there be any sale of the notes or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, among others, statements regarding the closing of the offering and the use of proceeds therefrom. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, the newly acquired businesses. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
IRVINE, Calif., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Propel Media, Inc. (OTCPink:PROM), a performance focused digital media and advertising company, today announced its financial results for the second quarter and six months ended June 30, 2018. Adjusted EBITDA for the quarter was $9.8 million, bringing the total for the first six months of 2018 to a record $19.0 million from $17.1 million in the same period a year ago. The improvement occurred despite revenues in the first half of 2018 improving only 2.6% to $41.2 million from $40.2 million in the same period a year ago.
Marv Tseu, Chief Executive Officer of Propel Media, commented: “The Company’s performance in the second quarter and first half of the year was outstanding. During the quarter, we focused on optimizing performance on our traditional direct response advertisers, and those efforts contributed to our improved Adjusted EBITDA on slightly lower revenues. As a result, we did not have to acquire as many new users to support our owned-and-operated network, thereby allowing us to grow gross margins significantly. Additionally, DeepIntent, our artificial intelligence and audience insights platform, is continuing to gain traction in the marketplace and showed meaningful month-over-month gains in the second quarter.”
Performance Highlights for the Second Quarter 2018:
Mr. Tseu went on to say, “Yesterday, we announced our intention to deregister our common stock and suspend our reporting obligations with the SEC. We believe that there is great opportunity through DeepIntent and other diversification efforts to build shareholder value. We believe that being able to focus intently on these initiatives without the associated burdens of being an SEC reporting company will help us to maximize shareholder value in the future.”
Further details regarding the results of operations for the second quarter ended June 30, 2018 are included in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2018.
About Propel Media
For more information visit: www.propelmedia.com
Use of Non-GAAP Financial Information
Quarterly Revenue increased 155% over the same period in 2017
Second Quarter 2018 Highlights:
SANTA CLARA, Calif., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS) (the “Company”), a global leader in embedded software and products for the Internet of Things (IoT), today reported financial results for the quarter ended June 30, 2018.
The Company reported net revenue of $56.34 million for the second quarter of 2018, including $48.64 million from the Connected Solutions Business Unit which engaged in the design and manufacturing of IoT products, and $7.70 million from the MVNO Business Unit which included mobile virtual operator and some traditional telephony services. Net revenue for the first half of 2018 was $114.60 million versus $53.34 million for the first half of 2017. This represented increases of 155% and 115% in net revenue for the three and six months ended June 30 this year from the corresponding periods of last year, respectively. The increased sales in IoT products was primarily due to hardware orders from a customer from the emerging markets in Asia. We expect a similar strong trend in the Connected Solutions sales and anticipate modest growth in the MVNO mobile services for the rest of the year 2018.
For the quarter ended June 30, 2018, gross margin for the Connected Solutions Business Unit was 11.2% compared with 20.5% from the same quarter in 2017. While the sales volume in our Connected Solutions BU increased in the second quarter of 2018 over the same period last year, our gross margin decreased due to competitive pricing on larger orders combined with a supply shortage during Q2 2018 and resulting increase in component prices on orders for which the sales price had already been fixed.
For the quarter ended June 30, 2018, our MVNO Business Unit (which includes some traditional telephony businesses) returned a 29.5% gross margin versus 35.8% from 2017. The decrease was primarily due to the impact of heightened security checks in our sales process as well as the unavailability of one-time “beauty” phone numbers sales (e.g. sales of phone numbers with multiple digits of “8”). From time to time, we are assigned blocks of numbers from the incumbent operator; the lack of beauty numbers in Q2 2018 is not expected to re-occur in future periods. Despite the small decrease year over year, a healthy MVNO gross margin that has been maintained since 2017 was attributed to our activities in this business unit that has achieved economies of scale and also to the lingering effect of the removal of a minimum charge by our incumbent operator, China Unicom since October 2016.
The resulting combined gross margin for Q2 of 2018 was 13.7% versus 25.7% from a year ago. On a six-month basis, in the first half of 2018 our gross margin was 14.5% as compared to 18.5% from the first half of last year.
The Company achieved net income of $2.01 million and $3.40 million for the three and six months ended June 30, 2018, as compared to losses of $0.97 million and $0.95 for the respective periods of a year ago.
EBITDA and Adjusted EBITDA
EBITDA was $3.99 million and $8.91 million for the three and six months ended June 30, 2018, as compared to $1.29 million and $3.77 million for the same periods in 2017. Adjusted EBITDA, which includes other non-operational expense (income), was $3.98 million for the second quarter in 2018, as compared to $1.40 million for the same period in 2017.
Guidance from the Chief Executive
The Company’s Chairman and CEO, Pat Chan, commented: “We are pleased to report another strong quarter following the first quarter of 2018, both in revenue and net income. Gross margins in our Connected Business Unit were impacted in part by a sudden component shortage which caused an increase in component prices, while the selling price of the product was determined more than six months ago. We anticipate this component shortage will be relieved in the second half of this year as suppliers ramp up the manufacturing of such components. Meanwhile, we anticipate the gross margin of the MVNO business unit for the second half of 2018 will continue to be around 30%. Based primarily on the purchase orders we have received together with the positive impact on sales that we anticipate will be generated by our receipt of an official MVNO license in July of this year, we are estimating aggregate revenues for the full year of 2018 to come within a range from $195 million to $215 million, and net income (after taxes but excluding one-off expenditures, if any) to be in the range of $4 million to $6 million. We anticipate continued robust growth in 2019 as well.”
EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures exclusive of certain items to facilitate management’s review of the comparability of our core operating results on a period to period basis because such items are not related to our ongoing core operating results as viewed by management.
EBITDA and Adjusted EBITDA are not measures of net income or cash flows as determined by GAAP. We define EBITDA as Net Income plus income taxes, net interest expense, depreciation and amortization, and Adjusted EBITDA as EBITDA minus other non-operation expense (income).
We believe EBITDA and Adjusted EBITDA are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above in arriving at EBITDA and Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. EBITDA and Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP, or as an indicator of our operating performance or liquidity. Certain items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDA and Adjusted EBITDA. In prior periods, the Company has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. Our computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
The following table presents a reconciliation of the non-GAAP financial measures of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for the three and six months ended June 30, 2018 and 2017:
The Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2018 has been filed with the U.S. Securities and Exchange Commission, and is accessible on the SEC website at www.sec.gov.
Conference Call Schedule
About Borqs Technologies, Inc.
Borqs Technologies is a leading provider of software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. The Company designs, develops and provides turnkey solutions across device form factors such as smartphones, tablets, smartwatches, trackers, automotive IVI, and vertical application devices (for restaurants, payments etc.). For more information, please visit the Company’s website (www.borqs.com).
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “expects”, “anticipates” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements may include, without limitation, statements regarding the plans and objectives of management for future operations, projections of income or loss or other financial items, or our future financial performance, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including, without limitation, market acceptance of our products and services, competition from existing products or new products that may emerge, the implementation of our business model and strategic plans for our business and our products, estimates of our future revenue, expenses, capital requirements and our need for financing, our financial performance, and current and future government regulations, developments relating to our competitors, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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