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Flyht Aerospace Solutions, Ltd. (FLYLD: OTCQX International) | FLYHT Reports Second Quarter 2017 Results

FLYHT Reports Second Quarter 2017 Results

Aug 16, 2017

OTC Disclosure News Service

– FLYHT Reports Second Quarter 2017 Results

CALGARY, AB–(Marketwired – August 16, 2017) – FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLD) (the “Company” or “FLYHT”), the leading provider of real-time data streaming technology that enhances the efficiency and safety of aircraft, has reported financial results for the second quarter ended June 30, 2017.

“Overall FLYHT had a good quarter and we are well positioned at this point in the year, ahead of budget, and ahead of last year’s revenue at this reporting period by 16%,” stated Thomas R. Schmutz, Chief Executive Officer of FLYHT. “We have announced over USD $10.5 million in sales in the first half of this year.” Schmutz added, “We also signed trial agreements with Boeing and another industry major to demonstrate Autonomous Distress Tracking and Timely Access to Flight Data using the FLYHT solution on both the Iridium and Inmarsat satellite constellations.”

Second Quarter highlights include:

  • Revenue of $3,388,030, which represents 4.2% decrease over the second quarter of 2016. Revenue for the six months ended June 30 was $7,117,112, an increase of 15.7% from 2016.
  • Net loss of $742,102 compared to the second quarter loss of 2016 of $651,105 excluding the sale of intellectual property in 2016 included as other income of $3,223,166.
  • Expenses in the second quarter included a non-cash share based compensation charge of $411,408 compared to $340,990 in 2016 or an increase of $70,418.
  • Gross profit was 66.8% of revenue compared to 63.9% for the second quarter of 2016, with the increase being consistent for the six months ended June 30.
  • Recurring revenue (voice and data services) of $1,158,340, an increase of 14.2% over the first quarter of 2016, and parts revenue of $1,479,402, an increase of 30.8%.
  • Distribution expenses were $1,420,236 representing an increase of $171,453 compared to the second quarter of 2016, attributable mainly to higher costs associated with sales activities.
  • Administration expenses were comparable to the same quarter of 2016 with a decrease of $14,690 to $1,088,709 in the quarter.
  • Research and development expenses were $399,920, or 18.7% higher than in the same quarter of 2016, principally due to higher labour and contract labour costs for the quarter that were partially offset by recoveries from government programs.
  • Customer deposits of $909,318 at quarter end were slightly increased from Q2 2016, and payments received in the quarter were $224,050 lower than the same quarter last year.
  • The value of deposits moved to unearned revenue was $582,210, an increase of $320,139 compared to Q2 2016.
  • Unearned revenue decreased in the quarter to $656,844 from $1,561,020 at the end of Q2 2016. This was 57.9% lower than June 2016, and was due to sales being recognized in periods subsequent to June 30 in 2016.
  • Revenue recognized on AFIRS units shipped was $561,725 lower than in Q2 2016 but were only lower by $72,059 year-to-date. Revenue was recognized on 17 installation kits in Q2 2017 compared to 27 in the second quarter of 2016.

Detailed information in FLYHT’s 2017 Second Quarter Report containing the CEO’s Message, Management Discussion and Analysis and Financial Statements has been posted to the Company’s website and can be accessed at http://flyht.com/financial-reports/. The MDA and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

FLYHT has scheduled a live conference call to discuss its second quarter results on Thursday, August 17, 2017 at 7 am MDT (9 am EDT, 6 am PDT).

To access the conference call by phone within Canada and the U.S.A. the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call, can do so by pressing *1. Questions can be emailed to investors@flyht.com.

An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider. http://flyht.com/presentation-and-webcast/

About FLYHT Aerospace Solutions Ltd.

FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY: TSX.V; FLYLF: OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRS™) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTime™ cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information
FLYHT Aerospace Solutions Ltd.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@flyht.com

Investor Relations
The Howard Group Inc.
Dave Burwell
Vice President
(888) or (403)-221-0915
dave@howardgroupinc.com

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The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/FLYLD/news?id=167504

ABcann Global Corp (ABCCF: OTCQB) | NetworkNewsWire Announces Publication Discussing the Companies Ready to Strike on the Canadian Legal Marijuana Industry

NEW YORK, NY–(Marketwired – Aug 16, 2017) – NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company, today announces the publication of an editorial featuring ABcann Global (TSX VENTURE: ABCN) (OTCQB: ABCCF), a client of NNW that is a globally licensed, cost efficient producer of premium quality organic standardized medicinal cannabis.

The publication, titled, “Green Rush taking Hold in Canada as US Lawmakers Continue to Spin Tires,” discusses several public companies rushing to make their mark on the expanding Canadian cannabis market.

To view the full publication, visit: https://www.networknewswire.com/green-rush-taking-hold-canada-us-lawmakers-continue-spin-tires/

“Many Canadian cannabis growers have already experienced sizable share price increases in recent years, but one company that could be on the verge of a significant uptick is ABcann Global Corporation. At just over three months old and having completed its U.S. listing on the OTCQB Venture Market on July 13th (http://nnw.fm/BTh41), ABcann is firing out of the gate with approximately $43 million in cash in its coffers, 100 percent ownership of a 65-acre parcel of land upon which to construct expansions to its operations and a completely licensed and fully operational production facility with annual production capacity of about 1,000 kilograms of cannabis.

“At the heart of ABcann’s expansion effort is its advanced growing technology, which not only creates a consistent, organically grown, pesticide free standardized product, but also brings down costs through the use of exclusive, computer-controlled environmental systems. By monitoring every variable in the growing, curing and harvesting processes, the company is able to produce yield quantities that significantly exceed those produced through traditional growing techniques.

“Unlike many of its U.S. counterparts, ABcann has found early success in attracting investors thanks in part to the predictability of the Canadian market. On August 2, the company announced (http://nnw.fm/aVAL7) the close of an initial $15 million investment by Cannabis Wheaton Income Corp., the world’s first cannabis streaming company, as part of a larger phased investment to fund an additional 50,000 square feet at ABcann’s second production facility at its 65-acre Kimmett property in Napanee, Ontario.”

About ABcann Global Corporation

ABcann was one of the first companies to obtain a production license under the Marijuana for Medical Purposes Regulations, which it received on March 21, 2014. It obtained a sales license on December 31, 2015. ABcann’s flagship facility, in Napanee, Ontario, contains proprietary plant-growing technology, including environmentally-controlled chambers capable of monitoring and regulating all variables in the growing process. This approach and the systems in place allow ABcann to produce organically grown and pesticide-free, high-yielding plants, which, in turn, can generate high-quality products that are consistent from batch to batch. ABcann is able to control environmental and nutrient demands, tailor-made for a particular strain of cannabis, without the variation that is typical when producing large quantities in less-controlled, larger rooms and greenhouse-type structures. ABcann’s modular approach to systems technology eliminates scale-up risk and allows ABcann to locate anywhere in the world and maintain consistency and quality of product.

For more information, visit www.ABcannGlobal.com

About NetworkNewsWire

NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

For more information please visit https://www.NetworkNewsWire.com

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Forward-Looking Statements

This release contains 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.

Article source: http://www.otcmarkets.com/stock/ABCCF/news?id=167434

Costar Technologies, Inc. (CSTI: OTC Pink Current) | Costar Technologies, Inc. Announces Financial Results For the Second Quarter Ended June 30, 2017

COPPELL, Texas, Aug. 15, 2017 /PRNewswire/ — Costar Technologies, Inc. (the “Company”) (OTC Markets Group: CSTI), announced its financial results for the quarter ending June 30, 2017 that have been reviewed by the independent accounting firm RSM US LLP.

Summary Results for the Quarter Ended June 30, 2017

  • GAAP net income of $112, or $0.07 per share based on 1,567 weighted average diluted shares outstanding. This compares to GAAP net income of $135, or $0.09 per share based on 1,541 weighted average diluted shares outstanding for the quarter ended June 30, 2016.
  • The Company incurred $471, or $0.31 per share in amortization and fair value adjustment expenses. Innotech’s amortization expense was $214, or $0.14 per share, and CohuHD’s was $81, or $0.05 per share, while a fair value adjustment to the contingent consideration relating to the Innotech acquisition was $184, or $0.12 per share.
  • Consolidated revenue increased approximately $1,200, or 13%, from the prior year due to a $1,100 contribution from the Company’s recently acquired subsidiary, Innotech.

James Pritchett, President and Chief Executive Officer of the Company, stated, “Despite the first six months being uncharacteristically slow, the Company had a solid second quarter generating over $10M in revenue. Costar Video Systems has large retail projects scheduled for the third and fourth quarter combined with CohuHD’s strengthening backlog and anticipated launch of its new thermal product position the Company for a strong finish to the year.”

Mr. Pritchett went on to say, “CohuHD’s dual headed thermal and visual camera, slated to launch in the fourth quarter, continues to generate attention within the marketplace, winning the 2017 GSN Airport, Seaport, Border Security Award for Best Long Range/High Resolution Camera and contributing to the strongest CohuHD backlog in history.”

Financial Results, Second Quarter of 2017 Compared to Second Quarter of 2016

Revenue for the second quarter of 2017 totaled $10,282, as compared to revenue of $9,082 for the second quarter of the prior year, an increase of approximately 13%. The majority of the increase, $1,100, was due to the acquisition of Innotech.

Gross profit for the second quarter of 2017 totaled $4,379. This compares to gross profit of $3,431 for the second quarter of 2016, an increase of 28%. The increase in gross profit is largely attributable to the increase in revenue.

Operating expenses for the second quarter of 2017 totaled $4,064. This compares to operating expenses of $3,172 for the second quarter of 2016, an increase of 28%. The majority of the increase is due to the inclusion of Innotech operating expenses in the second quarter of 2017 and the fair value change in the contingent consideration relating to the Innotech acquisition.

Other expense was $124 for the second quarter of 2017 compared to $30 for the second quarter of 2016. The increase is primarily due to an increase in interest expense.

Net income for the second quarter of 2017 was approximately $112, or $0.07 fully diluted earnings per share. This compares to net income for the second quarter of 2016 of $135, or $0.09 fully diluted earnings per share. 

Financial Results, Six Months Ended June 30, 2017 Compared to Six Months Ended June 30, 2016

Revenue for the six months ended June 30, 2017 totaled $19,853, an increase of 3% compared to revenue of $19,212 for the same period in 2016. Innotech accounted for approximately $2,000 of the increase.

Gross profit for the six months ended June 30, 2017 totaled $8,093. This compared to gross profit of $7,295 for the six months ended June 30, 2016. The 11% increase in gross profit was due to Company-wide revenue growth. 

Operating expenses for the six months ended June 30, 2017 totaled $7,905. This compares to operating expenses of $6,498 for the six months ended June 30, 2016, an increase of 22%. Expenses incurred in relation to the Innotech acquisition accounted for $68 of the increase, the fair value change in contingent consideration accounted for $184 of the increase, amortization of intangibles accounted for $427. The remaining increase was due to the inclusion of Innotech’s operating expenses for the six months ended June 30, 2017.

Other expenses, net increased by approximately $176 during the six months ended June 30, 2017 as compared to the six months ended June 30, 2016. The increase is primarily due to an increase in interest expense.

The income tax benefit for the six months ended June 30, 2017 was ($9) compared to income tax expense of $290 for the six months ended June 30, 2016.

Net loss for the six months ended June 30, 2017 was approximately ($47), or ($0.03) fully diluted earnings per share, compared to net income of $439 or $0.28 fully diluted earnings per share for the six months ended June 30, 2016.

The Company’s outside independent auditors completed their analysis of the Company’s financial condition. The Independent Auditor’s Review Report, including financial statements and applicable footnote disclosures, is available on our website at www.costartechnologies.com.

About Costar Technologies, Inc.

Costar Technologies, Inc. develops, designs and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company also develops, designs and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas, the Company’s shares currently trade on the OTC Markets Group under the ticker symbol “CSTI”. Costar was ranked 41 in as magazine’s Security 50 for 2016. Security 50 is an annual ranking of the world’s largest security manufacturers in the areas of video surveillance, access control and intruder alarms and is based on financial performance.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. You can identify forward-looking statements by words such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other comparable terminology. These forward-looking statements are based on management’s current expectations but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.

You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.

 

View original content:http://www.prnewswire.com/news-releases/costar-technologies-inc-announces-financial-results-for-the-second-quarter-ended-june-30-2017-300504985.html

SOURCE Costar Technologies, Inc.

Article source: http://www.otcmarkets.com/stock/CSTI/news?id=167411

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