Company Recognizes Approximately $1.4MM in Net Income,
Profitable Quarter Post Transaction
Naples, FL -- October 24, 2017 -- InvestorsHub NewsWire
-- FTE Networks, Inc. (OTCQX:
FTNW) ("FTE" or the "Company"), a leading provider of
innovative technology-oriented solutions for smart platforms,
network infrastructure and buildings, today announced certain
preliminary unaudited financial results for the three months ended
September 30, 2017.
September 30, 2017 Financial Highlights
- Total revenue of approximately $79.1MM versus $50.7MM for the
quarter ended June 30, 2017, a 56% increase
- Gross margin increase of over approximately 320 basis points to
19.6% versus 16.4% for the period ending June 30, 2017
- Net income of approximately $1.4MM
Recent Business Highlights
- Won three new projects that include infrastructure and
technology expansion; valued at a combined $61.6MM
- Combined backlog of approximately $299.3MM as of September 30,
2017
- Continued to expand footprint and services to Fortune 100/500
clients
Third Quarter 2017 Preliminary Unaudited Financial Results
For the three months ended September 30, 2017, total revenues
were approximately $79.1MM compared to $3.8MM in the same period of
2016, a greater than 21-fold increase primarily reflecting the
consolidation of Benchmark Builders, Inc. Management made further
advances on the Company's one-stop shopping concept leveraging the
Company's three complementary businesses: FTE Network Services,
CrossLayer, Inc., and Benchmark Builders, Inc. FTE Networks
continues to achieve accretive synergies on the Benchmark
integration and expand its consolidated service offerings
nationally.
Reflecting improving operating leverage on the growing revenue
base, the consolidated third quarter 2017 gross margin increased by
approximately 320 basis points over the prior quarter of 2017. FTE
Networks generated an operating profit of approximately $4.9MM in
third quarter 2017, compared to the prior quarter operating loss of
$2.3MM. (The quarter ended June 30, 2017, included approximately
$1.8MM in one-time expenses). Further, the company anticipates net
income of approximately $1.4MM.
"We continue to expand our footprint to new markets and to
leverage the industry-leading position that our Benchmark
subsidiary enjoys in the New York metropolitan region," said Mr.
Michael Palleschi, President and CEO of FTE Networks. "The key
hires that we made earlier in the year have contributed to
successful performance on the aggressive growth plan that we set
for ourselves. The strong sequential revenue growth we produced in
the third quarter of 2017 is testimony to our ability to execute
our strategy."
These are preliminary financial results and remain subject to
the completion of the Company's customary quarterly close and
review procedures. Material adjustments may arise between the date
of this release and the date on which the Company announces its
third quarter 2017 results and files its Form 10-Q with the
SEC.
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW"), a leading provider of innovative
technology-oriented solutions for smart platforms, network
infrastructure and buildings. FTE's three complementary businesses
are FTE Network Services, CrossLayer, Inc. and Benchmark Builders,
Inc. Together they provide end-to-end design, build and support
solutions for state-of-the-art networks and commercial properties
to create the most transformative smart platforms and buildings.
FTE's businesses are predicated on smart design and consistent
standards that reduce deployment costs and accelerate delivery of
innovative projects and services. The company works with Fortune
100/500 companies, including some of the world's leading
communications services providers. FTE Networks and its
subsidiaries support multiple services, including Data Center
Infrastructure, Fiber Optics, Wireless Integration, Network
Engineering, Internet Service Provider, General Contracting
Management and General Contracting. For more information, please
visit www.ftenet.com.
Note on Forward-Looking Statements
This release may contain "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "preliminary,"
"anticipates," "approximate," "leverage," "growth," "plan" and
similar references to future periods. Examples of forward-looking
statements in this release may include, without limitation,
statements and forecasts we make regarding our financial
performance and anticipated operating results; our strategies for
continued growth and market expansion, including our efforts to
leverage our combined business offerings; and other matters that
involve known or unknown risks, uncertainties and other factors
that may cause our results, levels of activity, performance or
achievements to differ materially from results expressed or implied
by this release.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations, and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and market trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. These risk factors and others are
included from time to time in documents we file with the Securities
and Exchange Commission, including but not limited to, our Form
10-K's, Form 10-Q's and Form 8-K's. Our actual results and
financial condition may differ materially from those indicated in
the forward-looking statements. Accordingly, you should not place
undue reliance on these forward-looking statements. Any
forward-looking statement made by us in this update is based only
on information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Media and Investor Relations:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX:FTNW
FTE Networks (AMEX:FTNW)
Historical Stock Chart
From Mar 2024 to Apr 2024
FTE Networks (AMEX:FTNW)
Historical Stock Chart
From Apr 2023 to Apr 2024