DirectView, Inc. Reports Record Year
Results
In 2017,
revenues reached a record $2.9 million, up 531% compared to
$461,000 in 2016
in 2017, gross profit rose by 450% to $1.3
million compared $229,000 in 2016
New York, NY --
April 19, 2018 -- InvestorsHub NewsWire -- DirectView Holdings, Inc., (OTC:DIRV)
("DirectView" or
the "Company"),
a company focused on ownership and management of leading video and
security technology companies, on Tuesday, April 17, 2018, filed its
year-end financial dislosures reporting record results for the year ending December 31, 2017, showing significant increases in revenue
and gross profit of 531% and 450%, respectively.
Financial Highlights for the Full Year
2017
Revenues: Total revenues in 2017 reached a record $2.9
million, increasing by 531% compared to $461,000 in 2016. The
record revenue was a result of a $2.1 million
increase in product sales
coupled with a $375,000 increase in services revenue.
The revenue gains were mainly
attributable to the Company's acquisition of Virtual Surveillance, LLC and ApexCCTV,
LLC., two Texas-based
video security and surveillance companies.
Gross Profit and Margin:
Gross profit rose to $1.3 million
in 2017, a 450% increase compared to gross profit of $229,000 in
2016. Product sales accounted for 98% of gross profit dollars
compared to 76% in 2016. Gross margin percentage was 43.4% in 2017
compared to 49.8% in 2016.
Operating Expenses: Operating expenses in 2017 increased by 30.9%
to $2.1 million compared to $1.6 million in 2016. The increase in
operating expenses is mainly attributed to a $326,000 increase in compensation and
taxes, a $146,000 increase in amortization, and a $127,000 increase in depreciation, partially
offset by a $100,000 decrease in debt expense and a $50,000
decrease in marketing and public relations
expenses.
Loss from Operations:
The Company's operating loss
narrowed to $(873,000) in 2017 compared to an operating loss of
$(1.4) million in 2016. Net loss attributable to DirectView
shareholders in 2017 narrowed by $3.2 million to $(1.6 million) or
$(0.22) per share on 6.98 million weighted average shares
outstanding compared to a net loss of $(6.7 million) or
$(16.95) per share on 280,943 weighted average shares
outstanding.
"We are pleased
to have achieved record revenue and gross profit in 2017 as well as
a significant improvement in our overall operating results," said
Roger Ralston, CEO of DirectView. "We have successfully integrated
our Virtual Surveillance,
LLC and ApexCCTV, LLC into
our operations and are poised to achieve continued improvement in
our performance in the years to come."
"As we move
through 2018,
our entire team
will work diligently to continue driving sales growth while managing
expenses to achieve future profitability and build lasting value
for our stockholders."
About DirectView Holdings,
Inc.
DirectView
Holdings, Inc., (DIRV)
together with its subsidiaries, provides video surveillance
solutions and teleconferencing products and services to businesses
and organizations. The company operates in two divisions, Security
(Video Surveillance) and Video Conferencing. The Security division
offers technologies in surveillance systems providing onsite and
remote video and audio surveillance, digital video recording, and
services. It also sells and installs surveillance systems; and
sells maintenance agreements. The company sells its products and
services in the United States and internationally through direct
sales force, referrals, and its Websites. The Video Conferencing
division offers teleconferencing products and services that enable
clients to conduct remote meetings by linking participants in
geographically dispersed locations. It is involved in the sale of
conferencing services based upon usage, the sale and installation
of video equipment, and the sale of maintenance agreements. This
division primarily provides conferencing products and services to
numerous organizations ranging from law firms, banks, high tech
companies and government organizations. For more information visit
our websites at http://www.DirectView.com, www.ApexCCTV.com,
www.VS-US.com and connect with us on Twitter, LinkedIn, Facebook,
and Google+.
Cautionary
Statement Regarding Forward Looking Statements
Forward Looking
Statements: This press release contains forward-looking statements
that involve a number of risks and uncertainties, including
statements regarding the outlook of the Company's business and
results of operations. By nature, these risks and uncertainties
could cause actual results to differ materially from those
indicated. Generally speaking, any statements using terms such as
"will," "expect," "anticipate," or "may," or which otherwise
predict or address future results or events, are likely to contain
forward-looking statements. It is important to note that actual
results may differ materially from what is indicated in any
forward-looking statement. Readers should consider any
forward-looking statements in light of factors that could cause
actual results to vary. These factors are described in our filings
with the SEC, and readers should refer to those filings, including
Risk Factors described in those filings, in connection with any
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact:
DirectView Holdings, Inc.
Roger Ralston
+1-212-858-9100 EXT. 111
www.DirectView.com
IR@DirectView.com