Pivot Technology Solutions, Inc. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2018; Provides CapEx Guidance for the Year 2018
Pivot Technology Solutions, Inc. announced unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of $369,266,000 against $322,423,000 a year ago. Loss before the following: depreciation and amortization, finance expense, change in fair value of liabilities and other expense, net was $99,000 against profit of $784,000 a year ago. Loss before income taxes was $2,605,000 against $6,120,000 a year ago. Loss for the period attributable to shareholders was $2,469,000 or $0.06 basic and diluted share against $4,136,000 or $0.10 basic and diluted share a year ago. Adjusted EBITDA was $1.5 million, up $3.1 million from a loss of $1.6 million in the first quarter of 2017 reflecting revenue growth and effective cost management. Cash provided by operating activities was $16.2 million was $35.8 million lower than the prior year quarter. The decrease is primarily due to the timing of noncash working capital items, specifically, accounts receivable, inventory and accounts payable. The company spent $370,000 on CapEx, which is in keeping with plan.
CapEx plan for 2018 is to spend approximately $3 million.