Lattice Incorporated Announces Earnings Results for the Third Quarter and Cash Flow Results for the First Nine Months Ended September 30, 2015; Provides Gross Margin Guidance for the Full Year of Fiscal 2015 and Cash Flow Guidance for the Full Year of Fiscal 2016
November 16, 2015 at 02:00 pm
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Lattice Incorporated announced earnings results for the third quarter and cash flow results for the first nine months ended September 30, 2015. For the quarter, the company announced total revenue decreased 6% from prior year to $1.9 million from $2 million. The company had an operating loss in the quarter of $782,000 which compared to a loss of $493,000 in the prior year. The $782,000 loss adjusts to $534,000 after adding back noncash expenses totaling $248,000. The increase in loss from prior year was mainly due to decline in gross profit resulting from the soft quarter in tech sales.
For the first nine months, the company's operating cash flows were negative $929,000 which compared to a negative $809,000 prior year.
The company provided gross margin guidance for the full year of fiscal 2015 and cash flow guidance for the full year of fiscal 2016. The company expects to track to prior guidance of a blended gross margin for fiscal 2015 in the high 30% to low 40% range.
The company expects to narrow the operating cash flow deficit into 2016 with continued growth in recurring service revenue.
Lattice Incorporated is an inmate management and communications solutions provider. The Company serves approximately 350 correctional facilities and approximately 78,000 inmates in the United States, Canada, Japan and Europe. The Companyâs products and services include Nexus Inmate Telephone System (ITS), CellMate Mobile Device; NetVisit Video Visitation; NetVisit Video Arraignment and Deposit Solutions. ITS is a solution, which includes hardware and software for secure inmate account management, call connection, monitoring, recording and customer service/technical support. CellMate Mobile Device is a communications device, which reduces inmate movement and maximize the frequency of calls, text messages and electronic messages. Its NetVisit Video Visitation is a solution, which includes all hardware, software and support for scheduling, monitoring and recording secure video visitation sessions. NetVisit Video Arraignment is a technology.
Lattice Incorporated Announces Earnings Results for the Third Quarter and Cash Flow Results for the First Nine Months Ended September 30, 2015; Provides Gross Margin Guidance for the Full Year of Fiscal 2015 and Cash Flow Guidance for the Full Year of Fiscal 2016