Micronet Enertec (MICT) Reports Q2 Loss of $0.18 on Revenues of $5.9M

Micronet Enertec (NASDAQ: MICT) reported Q2 EPS of ($0.18). Revenue for the quarter came in at $5.9 million.

Second Quarter 2017 Review

• Backlog as of June 30, 2017 for Micronet was $9.1 million and for Enertec was $7.4 million, for a combined backlog of $16.5 million, an increase of 7% quarter-over-quarter.
• Total revenue was $5.9 million for the second quarter of 2017, an increase of 12% on a quarter-over-quarter basis from revenues of $5.3 million in the first quarter of 2017 and a decrease of 12% from $6.7 million in the second quarter of 2016.
• Gross profit margin was 14% in the second quarter of 2017, an increase of 1% on a quarter-over-quarter basis and a decrease of 9% as compared to 23% in the second quarter of 2016. The decrease in overall gross margin was related to an increase in cost associated with the introduction of a new line of products at Micronet and contracts with lower profitability at Enertec.
• R&D expense for the second quarter of 2017 was $618,000, or 10% of sales, compared to $683,000 or 10% of sales, in the second quarter of 2016.
• SG&A expense decreased by $253,000 to $1.75 million, or 30% of sales, as compared to $2.0 million, or 30% of sales, in the second quarter of 2016.
• Net loss attributable to Micronet Enertec Technologies, Inc. for the second quarter of 2017 was $1,331,000, or ($0.20) per basic and diluted share, a 9% increase compared to a net loss of $1,219,000, or ($0.21) per basic and diluted share, for the second quarter of 2016. Non-GAAP net loss for the second quarter of 2017 was $1,196,000 or ($0.18) per basic and diluted share, as compared to $967,000, or ($0.16) per basic and diluted share, for the second quarter of 2016. A reconciliation of GAAP to non-GAAP net loss and loss per share is provided in the table at the end of this press release.
• The Company reported a loss from continuing operations of $1,735,000 for the second quarter of 2017, as compared to a loss of $1,353,000 in the second quarter of 2016 and a loss of $2,091,000_in the first quarter of 2017
• At June 30, 2017, the Company reported cash totaling $7.7 million and working capital of $6.4 million.

For earnings history and earnings-related data on Micronet Enertec (MICT) click here.

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