DirectView's New Initiatives Continue To Drive Growth, Alongside Virtual Surveillance and Apex CCTV
NEW YORK, November 20, 2018 /PRNewswire/ --
DirectView Holdings, Inc., (OTC: DIRV) ("DirectView" or the "Company"), a company focused on ownership and management of leading video and security technology companies, announced today that the Company achieved record sales and gross profit for the nine months ended September 30, 2018.
DirectView's record results reflect a number of large new and existing customer projects where DirectView and its subsidiaries were awarded contracts.
2018 Nine Months Results
- 22% sales growth to a record $3.3 million
- 20% growth in product sales to a record $2.7 million
- 32% growth in services sales to a record $0.6 million
- 7% gross profit growth to a record $1.3 million
- 30% growth in product gross profit to a record $1.4 million
- 400 basis point gross profit margin increase to 52.3%
- 108% increase in SG&A
Sales and gross profit trends continued to expand during the first nine months of 2018 and reflect continued strong product and services demand. SG&A continues to reflect on-going investments in technology and additional customer-facing headcount.
Roger Ralston, DirectView's CEO stated: "DirectView's performance during the first nine months of 2018 turned out to be impressive, generating the highest sales and profits of any period in the Company's history. As we continue to be awarded significant new and existing contracts, we continue to invest in our subsidiaries to support the continuation of significant growth, customer experience, and satisfaction- thereby ensuring our customers receive industry-leading products and service throughout the project life cycle.
Recent Business Highlights Drive Future Growth
- DirectView to Attend and Showcase MJ Security Solutions at MJBIZON 2018 - Announced on November 8, 2018, DirectView Networked and Showcased Custom-Tailored MJ Industry Security And Surveillance Solutions
- DirectView's Virtual Surveillance Completes $600,000 Surveillance Project for Mission Foods and Begins Designing New Locations - Announced on November 8, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, completed a project valued at approximately $600,000 and has moved on to designing additional locations for Mission Foods - the manufacturer of tortilla-related products and subsidiary of the multinational, $3.7B publicly-traded GRUMA Corporation (MX:GRUMB) (GRUMAB.MX)
- DirectView's Virtual Surveillance Signs Master Agreement with Texas' Premier General Contractor, Rogers-O'Brian - Announced on October 29, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, signed a master agreement to work with world-renowned Texas builder, Rogers-O'Brian who is headquartered in Dallas and has offices in Austin and Houston
- DirectView Offers Custom-Tailored Security, Surveillance, Safety and Access Control Solutions for The Cannabis and CBD Industry - Announced on October 9, 2018, DirectView has focused on a new initiative to provide and install custom-tailored security, surveillance and safety equipment to meet the regulatory and compliance requirements of the booming cannabis industry
- DirectView's Virtual Surveillance Wins Surveillance Equipment, Installation & Support Contract for Texas Municipality - Announced on October 2, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, has been contracted to provide and install surveillance equipment for a Texas municipality in the Fort Worth, Texas region
- DirectView Wins $150,000 Contract with Prominent New York City Hotel - Announced on August 23, 2018, DirectView signed a $150,000 contract for a security and surveillance project for a world-renowned high-rise hotel in Midtown, NYC, opening the door to further contracts in the hospitality space in New York and across the country
New COO/CFO Update
In September 2018, DirectView named Chris Cutchens as Chief Operating and Financial Officer, expanding its C-Suite position to drive organic growth, bolster M&A activity, and fuel business transformation.
Chris Cutchens, DirectView's COO/CFO stated: "DirectView is well positioned to transform the security and surveillance industry, all while experiencing significant organic and inorganic growth. The current market is significantly fragmented and ripe for the adaptation of DirectView's product and service offerings, as well as its roll-up acquisition strategy. The remainder of 2018 will be focused on completing the establishment of a solid foundation to position the Company for scale beginning in 2019 and thereafter."
Mr. Ralston added: "Since joining the DirectView family in September 2018, Chris has hit the ground running, tackling a number of critical initiatives while staying laser-focused on DirectView's long-term strategy of maximizing the return on our investment in people, process, and technology to significantly transform our industry and customer experience."
About DirectView Holdings, Inc.
DirectView Holdings, Inc., ( DIRV ) together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and services in the United States and internationally through direct sales force, referrals, and its websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and government organizations. For more information visit our websites at http://www.DirectView.com, http://www.ApexCCTV.com, and connect with us on Twitter, LinkedIn, Facebook, and Google+.
Cautionary Statement Regarding Forward Looking Statements
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
DirectView Holdings, Inc.
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