DynTek, Inc. (PINKSHEETS: DYNE), a leading
provider of professional technology services, today announced
results for the quarter and six months ended December 31, 2011.
Second Fiscal Quarter Ended December 31,
2011
DynTek reported revenues of $25,699,000 for the second quarter
ended December 31, 2011, an increase of 11% from $23,114,000 in the
second quarter ended December 31, 2010. Gross profit decreased to
$4,003,000 for the second quarter ended December 31, 2011, a
decrease of $481,000 or 11% from $4,483,000 for the prior second
fiscal quarter. Total operating expenses decreased to $3,546,000 in
the second quarter ended December 31, 2011 compared to $3,575,000
in the prior second quarter ended December 31, 2010.
DynTek reported positive EBITDA of $510,000 for the second
fiscal quarter ended December 31, 2011, a decrease of $449,000 or
47% from $959,000 for the prior second fiscal quarter ended
December 31, 2010. Net income is $80,000 for the second fiscal
quarter of 2012, a decrease of $239,000 or 75% from $319,000 for
the second fiscal quarter of 2011.
Year-to-Date Period Ended December 31,
2011
DynTek reported revenues of $53,222,000 for the six months ended
December 31, 2011, an increase of 3% from $51,798,000 in the six
months ended December 31, 2010. Gross profit also increased to
$9,450,000 for the six months ended December 31, 2011, an increase
of $429,000 or 5% from $9,021,000 for the prior six months ended
December 31, 2010. Total operating expenses increased to $7,601,000
in the six months ended December 31, 2011 compared to $7,249,000 in
the prior six months ended December 31, 2010, primarily
attributable to higher selling expense associated with higher
revenues.
DynTek reported positive EBITDA of $1,941,000 for the six months
ended December 31, 2011, an increase of $63,000 or 3% from
$1,878,000 for the prior six months ended December 31, 2010. Net
income is $686,000 for the six months ended December 31, 2011, down
slightly from the net income of $700,000 for the prior six months
ended December 31, 2010.
"DynTek continues to realize positive trends across all areas of
our business," said Ron Ben-Yishay, DynTek's chief executive
officer. "The technology solutions we provide are
business-enabling, which allow organizations to enhance
productivity and reduce expenses. As we move further into the
second half of our fiscal year, we are focused on expanding our
capabilities in adjacent technologies, such as storage, managed
services and cloud offerings, as well as growing in net new
geographic markets neighboring our regional headquarters."
EBITDA 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.
About DynTek 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.
Follow Us Online: Twitter: @DynTek DynTek on Facebook DynTek on LinkedIn
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)
Quarter Six Months Quarter Six Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2011 2011 2010 2010
------------ ------------ ------------ ------------
REVENUES
Product revenues $ 18,736 $ 37,933 $ 15,011 $ 36,481
Service revenues 6,933 15,289 8,103 15,317
------------ ------------ ------------ ------------
TOTAL REVENUES 25,669 53,222 23,114 51,798
------------ ------------ ------------ ------------
COST OF REVENUES
Cost of products 16,293 32,042 12,298 30,654
Cost of services 5,374 11,730 6,333 12,123
------------ ------------ ------------ ------------
TOTAL COST OF
REVENUES 21,667 43,772 18,631 42,777
------------ ------------ ------------ ------------
GROSS PROFIT 4,002 9,450 4,483 9,021
------------ ------------ ------------ ------------
OPERATING EXPENSES
Selling 2,489 5,256 2,434 4,976
General and
administrative 1,024 2,283 1,111 2,206
Depreciation and
amortization 33 63 30 67
------------ ------------ ------------ ------------
TOTAL OPERATING
EXPENSES 3,546 7,601 3,575 7,249
------------ ------------ ------------ ------------
INCOME FROM
OPERATIONS 456 1,849 908 1,772
EBITDA 510 1,941 959 1,878
OTHER INCOME
(EXPENSE)
Interest expense (304) (552) (606) (1,056)
------------ ------------ ------------ ------------
TOTAL OTHER EXPENSE (304) (552) (606) (1,056)
------------ ------------ ------------ ------------
INCOME BEFORE INCOME
TAX PROVISION 152 1,297 302 716
Income tax
provision (72) (610) 17 (16)
------------ ------------ ------------ ------------
NET INCOME $ 80 $ 686 $ 319 $ 700
============ ============ ============ ============
NET INCOME PER
SHARE:
Basic $ 0.04 $ 0.35 $ 0.17 $ 0.36
============ ============ ============ ============
Diluted $ 0.04 $ 0.34 $ 0.16 $ 0.36
============ ============ ============ ============
WEIGHTED AVERAGE
NUMBER OF SHARES:
Basic 1,978,802 1,971,900 1,927,915 1,927,915
============ ============ ============ ============
Diluted 2,035,766 2,023,589 1,962,232 1,951,348
============ ============ ============ ============
For more information, contact: Linda Ford DynTek, Inc.
949-271-6705 Email Contact
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