UPDATE: (Correction) WidePoint (WYY) Reports In-Line Q2 EPS
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(Updated - August 10, 2016 11:31 AM EDT)
(Update corrects EPS to say loss of $0.01, not $0.11. The press release stated a loss of $0.011 which was mistakenly inputted as 0.11)
WidePoint (NYSE: WYY) reported Q2 EPS of ($0.01), in-line with the analyst estimate of ($0.01). Revenue for the quarter came in at $17.5 million versus the consensus estimate of $19.55 million.
"Our second quarter was marked by substantial improvements in our progress toward profitability," stated Steve L. Komar, WidePoint's chief executive officer. "We continue to selectively invest in our next-generation solutions and to expand our partnerships with leading technology Channel Partners, including Samsung and AT&T. We are driving fundamental changes to our business model to push our new business building efforts to a focus on higher margin services including mobility telecommunications and cybersecurity, and de-emphasizing lower margin reselling and administrative services activities, and continue to take steps to optimize our costs of operations and delivery. We fully expect to see the financial impact of this prioritization throughout the remainder of 2016, and increasingly in the years to come."
James McCubbin, WidePoint's chief financial officer, added, "Our improvements in both our net operating losses and adjusted EBITDA loss in the second quarter and in the first half were largely driven by our ongoing business rationalization efforts to improve our operating model. We believe we are on track to reach operational profitability in the second half of 2016."
For earnings history and earnings-related data on WidePoint (WYY) click here.
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