LONDON, UK / ACCESSWIRE / July 19, 2018 / If you want access to our free earnings report on SuperCom Ltd (SPCB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SPCB. SuperCom reported its first quarter fiscal 2018 operating and financial results on July 16, 2018. The provider of secure solutions for the e-government, public safety, healthcare, and finance sectors recorded positive earnings before interest, tax, depreciation, and amortization (EBITDA) in the reported quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended March 31, 2018, SuperCom’s revenue decreased to $7.01 million from $8.30 million in Q1 2017.
During Q1 2018, SuperCom’s gross profit surged 30% to $3.9 million from $3 million in Q1 2017. The Company’s non-GAAP gross margin increased to 58.3% in the reported quarter from 39.4% in the prior year’s comparable quarter,
For Q1 2018, SuperCom’s non-GAAP core operating expenses decreased 22% to $3.5 million from $4.5 million. The Company recorded operating loss of $553 million in the reported quarter compared to an operating loss of $4.8 billion in the prior year’s corresponding quarter. SuperCom’s EBITDA improved to $1.2 million in Q1 2018 compared to an EBITDA loss of $0.6 million in Q1 2017.
SuperCom reported GAAP net loss of $320 million compared to net loss of $.62 billion in Q1 2017. The Company’s non-GAAP net profit improved to $999,000, or $0.07 per share, in the reported quarter from non-GAAP net loss of $913,000 or $0.06 per share, in the prior year’s corresponding quarter.
Working Capital increased 11% to 10.6 million from $9.6 million.
During Q1 2018, the e-Gov segment in April 2018, signed a new contract worth approximately $4 million in value with an existing national government customer in Africa. The majority of the new contract is expected to be recognized over the next two years and will grow SuperCom's steady-state recurring revenues.
SuperCom’s IoT and Connectivity segment, in January 2018, secured an additional contract to provide PureSecurity EM Suite in Idaho. In March 2018, the segment secured an additional contract to provide PureSecurity EM Suite in South Carolina. In April 2018, IoT and Connectivity segment was awarded a $7 million project with the national government of Sweden to deploy PureSecurity EM Suite.
As of March 31, 2018, SuperCom’s cash and cash equivalents totaled $1.38 million compared to $1.04 million as on December 31, 2017. For the reported quarter, the Company’s working capital increased 11% to 10.6 million from $9.6 million in the year ago same period. SuperCom’s current ratio increased 9% on a q-o-q basis to 1.66 from 1.53 in the previous quarter.
Stock Performance Snapshot
July 18, 2018 - At Wednesday’s closing bell, SuperCom’s stock fell 7.07%, ending the trading session at $1.71.
Volume traded for the day: 350.87 thousand shares, which was above the 3-month average volume of 238.37 thousand shares.
After yesterday’s close, SuperCom’s market cap was at $22.21 million.
The stock is part of the Technology sector, categorized under the Security Software & Services industry. This sector was flat at the end of the
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