Root9BG Technologies Inc. Reports Consolidated Earnings Results for the Second Quarter Ended June 30, 2016; Revises Earnings Guidance for the Full Year 2016
August 18, 2016 at 11:25 am
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root9B Technologies Inc. reported consolidated earnings results for the second quarter ended June 30, 2016. For the quarter, net revenue rose 28.3% to $10.2 million from $7.9 million a year ago. Loss from operations was $3.9 million as compared to $3.1 million a year ago. Net loss available to common stockholders was $4.8 million or $0.06 per diluted share compared to a net loss of $1.1 million or $0.02 per diluted share a year ago. Excluding the derivative effects, the net loss available to common stockholders was approximately $4.4 million or $0.05 per diluted share against $3.6 million or $0.05 per diluted share a year ago.
The company revised its previous forecast for the full year 2016, expecting to report net revenue of approximately $34.7 million, an increase of 18.1% from net revenue of $29.4 million in 2015. Operating loss for 2016 is expected to narrow to approximately $11.9 million from an operating loss of $13.2 million in 2015, a 9.2% improvement. The improvement will be driven primarily by a combination of higher revenue, a higher proportion of cybersecurity revenue, the impact of previously enacted cost cutting initiatives, and the absence of certain expenses that were incurred in 2015.
root9B Holdings, Inc., formerly root9B Technologies, Inc., is engaged in providing cybersecurity, business advisory services principally in regulatory risk mitigation, and energy and controls solutions. The Company helps clients in various industries to provide cyber operations and solutions, mitigate risk, comply with regulations, and leverage and integrate technology. It operates through three segments: Cyber Solutions, IPSA International, Inc. (IPSA)/Business Advisory Solutions, and Energy and Controls Solutions. The Cyber Solutions segment provides cyber security and technology training capabilities, operational support and consulting services. The IPSA/Business Advisory Solutions segment delivers solutions in both regulatory compliance and risk mitigation. The Energy and Controls Solutions segment works with its customers to assess, design and install processes and automation. Its services include cyber operations assessments, forensics, exploitation and defense planning.
Root9BG Technologies Inc. Reports Consolidated Earnings Results for the Second Quarter Ended June 30, 2016; Revises Earnings Guidance for the Full Year 2016