|By Marketwired .||
|January 28, 2013 12:30 PM EST||
NEWPORT BEACH, CA -- (Marketwire) -- 01/28/13 -- DynTek, Inc. (PINKSHEETS: DYNE), a leading provider of professional technology services, today announced results for the quarter and six months ended December 31, 2012.
Second Fiscal Quarter Ended December 31, 2012
DynTek reported revenues of $31,868,000 for the second quarter ended December 31, 2012, an increase of 24% from $25,669,000 in the second quarter ended December 31, 2011. Gross profit increased to $5,514,000 for the second quarter ended December 31, 2012, an increase of $1,512,000 or 38% from $4,002,000 for the prior second fiscal quarter. Total operating expenses increased to $4,230,000 in the second quarter ended December 31, 2012 compared to $3,546,000 in the prior second quarter ended December 31, 2011, primarily attributable to higher selling expense associated with higher revenues.
DynTek reported positive EBITDA of $1,399,000 for the second fiscal quarter ended December 31, 2012, an increase of $889,000 or 174% from $510,000 for the prior second fiscal quarter ended December 31, 2011. Net income is $944,000 for the second fiscal quarter of 2013, an increase of $864,000 over the $80,000 for the second fiscal quarter of 2012.
Year-to-Date Period Ended December 31, 2012
DynTek reported revenues of $68,219,000 for the six months ended December 31, 2012, an increase of 28% from $53,222,000 in the six months ended December 31, 2011. Gross profit also increased to $11,070,000 for the six months ended December 31, 2012, an increase of $1,620,000 or 17% from $9,450,000 for the prior six months ended December 31, 2011. Total operating expenses increased to $8,684,000 in the six months ended December 31, 2012 compared to $7,601,000 in the prior six months ended December 31, 2011, primarily attributable to higher selling expense associated with higher revenues.
DynTek reported positive EBITDA of $2,554,000 for the six months ended December 31, 2012, an increase of $613,000 or 32% from $1,941,000 for the prior six months ended December 31, 2011. Net income is $1,728,000 for the six months ended December 31, 2012, an increase of $1,042,000 over the prior six months ended December 31, 2011.
"DynTek is driving double and triple digit growth on both the top and bottom lines, highlighting that our investments are performing and we are controlling costs in line with growth," said Ron Ben-Yishay, DynTek's chief executive officer. "Our focus continues to be on sustaining our organic growth across all regions and technology areas through key investments in technical talent, sales and marketing and customer service."
The Company defines EBITDA as net income from operations before interest, taxes, depreciation and amortization, and stock-based compensation. Other companies may calculate EBITDA differently. Although EBITDA is a widely used financial indicator of a company's ability to service debt, it is not a recognized measure for financial statement presentation under generally accepted accounting procedures (GAAP). EBITDA should not be considered in isolation or as superior or as an alternative to net income or to cash flows from operating activities as determined in accordance with GAAP. Nonetheless, the Company believes that EBITDA provides useful supplemental information for investors and others to measure operating performance, especially in situations where a company has significant non-cash operating expenses that are not indicative of core business operating results. EBITDA is widely used in the IT services industry to analyze comparable company performance, and management of the Company also uses EBITDA, in addition to GAAP information, as a measure of operating performance for assessing its business units.
DynTek is a leading provider of professional technology services to mid-market companies, such as state and local governments, educational institutions and commercial entities in the largest IT markets nationwide. From virtualization and cloud computing to unified communications and collaboration, DynTek provides professional technology solutions across the three core areas of our customers' technical environment: Infrastructure/Data Center, Microsoft Platform, End Point Computing. DynTek's multidisciplinary approach allows our clients to turn to a single source for their most critical technology requirements. For more information, visit http://www.dyntek.com.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements made in this press release, such as statements relating to the effect that the adoption of the revolving line of credit will have on our business and our intended use of funds borrowed under the revolving line of credit, involve known and unknown risks and uncertainties that could cause actual results to materially differ from the forward-looking statements. Such risks and uncertainties include, among others, our success in reaching target markets for services and products in a highly competitive market; our ability to maintain existing customers and attract future customers; our ability to finance and sustain operations, including our ability to comply with the terms of the revolving line of credit and the Company's other existing and future indebtedness; our ability to achieve profitability and positive cash flow from operations; our ability to maintain business relationships with IT product vendors; the size and timing of additional significant orders for our products and services and our ability to fulfill such orders; the continuing desire of state and local governments to outsource to private contractors and the availability of budgets to place orders for our products and services; our ability to retain skilled professional staff and certain key executives; the performance of our government and commercial technology services; and the continuation of general economic and business conditions that are conducive to outsourcing of IT services. We have no obligation to publicly revise any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.
DYNTEK, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (EBITDA presentation) (Unaudited, in thousands, except share and per share data) Six Months Quarter Six Months Quarter Ended Ended Ended Ended December 31, December 31, December 31, December 31, 2012 2012 2011 2011 ------------- ------------- ------------- ------------- REVENUES Product revenues $ 23,773 $ 51,571 $ 18,736 $ 37,933 Service revenues 8,095 16,647 6,933 15,289 ------------- ------------- ------------- ------------- TOTAL REVENUES 31,868 68,219 25,669 53,222 ------------- ------------- ------------- ------------- COST OF REVENUES Cost of products 19,748 43,939 16,293 32,042 Cost of services 6,606 13,209 5,374 11,730 ------------- ------------- ------------- ------------- TOTAL COST OF REVENUES 26,354 57,148 21,667 43,772 ------------- ------------- ------------- ------------- GROSS PROFIT 5,514 11,070 4,002 9,450 ------------- ------------- ------------- ------------- OPERATING EXPENSES Selling 3,163 6,470 2,489 5,256 General and administrative 1,042 2,163 1,024 2,283 Depreciation and amortization 25 51 33 63 ------------- ------------- ------------- ------------- TOTAL OPERATING EXPENSES 4,230 8,684 3,546 7,601 ------------- ------------- ------------- ------------- INCOME FROM OPERATIONS 1,285 2,386 456 1,849 EBITDA 1,399 2,554 510 1,941 OTHER INCOME (EXPENSE) Interest expense (237) (468) (304) (552) ------------- ------------- ------------- ------------- TOTAL OTHER EXPENSE (237) (468) (304) (552) ------------- ------------- ------------- ------------- INCOME BEFORE INCOME TAX PROVISION 1,048 1,919 152 1,297 Income tax provision (104) (191) (72) (610) ------------- ------------- ------------- ------------- NET INCOME $ 944 $ 1,728 $ 80 $ 686 ============= ============= ============= ============= NET INCOME PER SHARE: Basic $ 0.45 $ 0.83 $ 0.04 $ 0.35 ============= ============= ============= ============= Diluted $ 0.45 $ 0.83 $ 0.04 $ 0.34 ============= ============= ============= ============= WEIGHTED AVERAGE NUMBER OF SHARES: Basic 2,093,188 2,090,653 1,978,802 1,971,900 ============= ============= ============= ============= Diluted 2,093,188 2,090,653 2,035,766 2,023,589 ============= ============= ============= =============
For more information, contact:
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 28, 2016 02:00 AM EDT Reads: 34,349
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Oct. 28, 2016 02:00 AM EDT Reads: 4,375
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Oct. 28, 2016 01:15 AM EDT Reads: 2,221
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 28, 2016 01:00 AM EDT Reads: 1,201
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 28, 2016 12:45 AM EDT Reads: 4,259
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 28, 2016 12:45 AM EDT Reads: 1,514
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Oct. 28, 2016 12:00 AM EDT Reads: 2,183
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Oct. 28, 2016 12:00 AM EDT Reads: 631
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Oct. 28, 2016 12:00 AM EDT Reads: 1,452
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue an...
Oct. 27, 2016 10:30 PM EDT Reads: 3,084
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 27, 2016 10:30 PM EDT Reads: 9,808
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
Oct. 27, 2016 10:30 PM EDT Reads: 553
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Oct. 27, 2016 10:30 PM EDT Reads: 3,840
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 27, 2016 10:15 PM EDT Reads: 1,163
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 27, 2016 10:15 PM EDT Reads: 688
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Oct. 27, 2016 10:00 PM EDT Reads: 2,120
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock. @ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...
Oct. 27, 2016 09:45 PM EDT Reads: 553
As companies adopt the cloud-to-streamline workflow, deployment hasn’t been very seamless because of IT concerns surrounding security risks. The cloud offers many benefits, but protecting and securing information can be tricky across multiple cloud providers and remains IT’s overall responsibility. In his session at 19th Cloud Expo, Simon Bain, CEO of SearchYourCloud, will address security compliance issues associated with cloud applications and how document-level encryption is critical for sup...
Oct. 27, 2016 09:15 PM EDT Reads: 380
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Oct. 27, 2016 09:00 PM EDT Reads: 3,720
SYS-CON Events announced today that Impiger Technologies will exhibit in Booth #109 at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Impiger Technologies is a world-class, enterprise software product engineering company specializing in Mobile Application Development, Cloud Applications, Microsoft Technology Solutions, Web Technology and Telecom Services. Impiger Technologies helps enterprises improve busi...
Oct. 27, 2016 08:45 PM EDT Reads: 338