UPDATE: Micronet Enertec (MICT) Reports Q4 Loss of $0.10 on Revenues of $6.4M

Micronet Enertec (NASDAQ: MICT) reported Q4 EPS of ($0.10). Revenue for the quarter came in at $6.4 million.

Fourth Quarter 2017 Review

• Total revenue increased to $6.4 million for the fourth quarter of 2017, as compared to $1.3 million in the fourth quarter of 2016.
• Gross profit margin was 25%, as compared to gross loss margin of 67% in the fourth quarter of 2016.
• Research and development (R&D) expense for the fourth quarter of 2017 was $0.50 million, or 8% of sales, as compared to $0.3 million, or 26% of sales, in the fourth quarter of 2016.
• Selling, general and administrative (SG&A) expense $1.7 million, or 27% of sales, in the fourth quarter of 2017, as compared to $2.1 million, or 160% of sales, in the fourth quarter of 2016.
• Net loss from continued operation for the fourth quarter of 2017 was $1 million, or a net loss of $0.10 per basic and diluted share from continued operation, as compared to a net loss from continued operation of $3.7 million, or net loss of $0.42 per basic and diluted share from continued operation, for the fourth quarter of 2016.
• At December 31, 2017, the Company reported cash and restricted cash totaling $2.4 million and net working capital of $3 million.

Year End 2017 Review

• Total revenue increased by 38% to $18.4 million in 2017, as compared to $13.3 million in 2016.
• Consolidated Backlog was $17.4 million on December 31, 2017.
• Gross profit margin increased to 23% in 2017 from 20% in 2016.
• R&D expense in 2017 was down 3% as a percentage of sales, but increased on a dollar basis to $2.0 million, or 11% of sales, in 2017, from $1.8 million, or 14% of sales, in 2016.
• SG&A expense declined 12% as a percentage of sales, but was relatively consistent on dollar basis with $6.0 million in 2017, as compared to $5.9 million in 2016.
• Net loss from continued operation narrowed by 19% in 2017 to $5.1 million, or a loss of $0.70 per basic share from continued operation, as compared to a net loss of $6.3 million from continued operation, or a loss of $0.76 per basic and diluted share from continued operation in 2016.
• Non-GAAP net loss from continued operation for 2017 was $4.3 million, or $0.60 per basic and diluted share, as compared to a $5.4 million, or $0.91 per basic and diluted share, Non-GAAP net loss from continued operation in 2016.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• SanDisk upgraded at JPMorgan after investor day; shares climb
• Vivos Therapeutics posts 35% revenue gain but widens net loss