PORT ORANGE, Fla., Nov. 17, 2014 /PRNewswire/ -- Thinspace
Technology Inc. (OTCQB: THNS; "Thinspace or the "Company"), a
global provider of reliable, scalable and affordable application
delivery, virtualization, and cloud client technology to public and
private sector companies and organizations of all sizes, today is
pleased to announce its third quarter 2014 financial and
operational results.
Third quarter 2014 revenue increased to $2.322 million as compared to $0.411 million in the comparable 2013 period, a
year-over-year improvement of 464%. The growth this period
over last year is consistent with the Company's previous 2014
quarterly performance improvements, which now total $5.701 million in revenue year to date versus
$.984K through this period in 2013,
representing an increase of over 479%.
Thinspace continues to realize improvements in operating
efficiencies while growing top line revenue, resulting in a
significant reduction in operating expenses as a percent of revenue
quarter over quarter from 80% in Q2 2014 down to 65% in Q3 2014.
The reduction in operating expenses in the third quarter 2014 was
the biggest contributor to the Company's improvement in operating
loss on both a quarter-over-quarter and year-over-year basis.
Operating loss improved greatly in the third quarter of 2014 to 29%
of revenue, from a loss of 47% of revenue in Q2 2014 and a loss of
110% of revenue in Q3 2013.
Chris Bautista, Chief Executive
Officer of Thinspace Technology Inc., commented, "We are excited to
report that the significant jump in revenue we achieved in second
quarter of this year continued through the third quarter. Our
revenue year-to-date totals $5.7
million versus just under $1
million through this same period last year, an increase of
over 479%. We also significantly improved our operating margins,
and will continue to seek gains in operating efficiencies,
positioning us for better performance going forward.
Execution of our accelerated business plan which started in the
second quarter of this year is progressing well as this quarter's
increased revenue and improved operational efficiencies clearly
demonstrate."
"Moving forward, Thinspace is well positioned to seize
opportunities similar to the large government project we recently
delivered which significantly drove our second and third quarter
revenue gains. With focused, innovative development unifying
our hardware and software enterprise virtualization solutions, we
now have a comprehensive suite of offerings to suit the needs of
any enterprise, big or small, delivering desktop virtualization in
an easy-to-use, effective, and economical manner."
For more information regarding Thinspace Technology's financial
performance during the three months ended September 30, 2014, please refer to the Quarterly
Report on Form 10-Q to be filed with the Securities and Exchange
Commission on or about November 14,
2014.
Thinspace Technology operates in high growth B2B markets of
application delivery, virtualization and cloud client technology
that make it easier, more flexible and more affordable for
companies and IT Managers to conduct and streamline computing
operations securely from any server - anywhere in the world.
IDC predicts that 2014 is the year where desktop virtualization is
going to become main stream given its advantages currently in
demand: low cost, flexibility, secure and green. According to
Gartner research, the global desk top virtualization market is
expected to surpass $65 billion in 2015.
About Thinspace Technology Inc.
Thinspace Technology Inc. is a global provider of reliable,
scalable and affordable application delivery, virtualization, and
cloud client technology to public and private sector companies and
organizations of all sizes. Operating on the belief that
application delivery and cloud computing solutions should be
flexible, dynamic and above all, simple to use, Thinspace
understands and is passionate about solving customer problems
affordably in the most efficient and effective manner possible. The
Company's list of private and public sector customers include NASA,
PWC, Deutsche Bank, Toyota, as well as, NHS, local councils,
universities, schools, and housing associations. With over 5,000
enterprise customers worldwide, Thinspace is recognized as a
leading player in application delivery, virtualization, and cloud
technology markets. The Company is headquartered in Port Orange, Florida with international
offices in U.K., Canada, and
India. For more information on the
Company, please visit www.thinspace.com.
Forward-Looking Statements:
This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise.
The Company is subject to the risks and uncertainties
described in its filings with the Securities and Exchange
Commission, including the section entitled "Risk Factors" in its
Annual Report on Form 10-K for the year ended December 31, 2013.
Investor Relations
Email: lauren@choosewindmill.com
Phone: 855-371-3936
SOURCE Thinspace Technology Inc.