Castellum, Inc. Announces $6 million Cost Reduction Plan
26 Mayo 2023 - 5:45AM
Castellum, Inc. (the “Company”) (NYSE-American: CTM), a
cybersecurity and electronic warfare services company focused on
the federal government, announces that it is undertaking a cost
reduction effort targeting at least $6 million per year in cash and
non-cash indirect costs, general and administrative costs, and
overhead costs. The Company expects to make the changes over the
next 60 days to improve the profitability of the company.
“We are taking a very close look at how to improve
the profitability of our company,” said Mark Fuller, President and
CEO of Castellum. “While we have done good things growing our
revenue to a $50 million run-rate, we need to run leaner so that
our bottom line also improves. Taking $6 million in costs out of
the business in everything from salary reductions, personnel
reductions and changes in how we handle stock-based compensation is
an important first step in right-sizing our business. We will
continue to pursue accretive acquisitions and invest in organic
growth but with a clear eye toward better operating margins and
better net margins for our business.”
Cautionary Statement Concerning
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. These forward-looking statements represent the Company’s
expectations or beliefs concerning future events and can generally
be identified by the use of statements that include words such as
“estimate,” “project,” “believe,” “anticipate,” “intend,” “plan,”
“foresee,” “likely,” “will,” “goal,” “target” or similar words or
phrases. Forward-looking statements include, but are not limited
to, statements regarding the Company’s expectations for revenue
growth and new customer opportunities, improvements to cost
structure, and profitability. These forward-looking statements are
subject to risks, uncertainties, and other factors, many of which
are outside of the Company’s control, that could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, including, among others: the
Company’s ability to compete against new and existing competitors;
its ability to effectively integrate and grow its acquired
companies; its ability to identify additional acquisition targets
and close additional acquisitions; and the impact on the Company’s
revenue due to a delay in the U.S. Congress approving a federal
budget or raising the federal debt ceiling. For a more detailed
description of these and other risk factors, please refer to the
Company’s Annual Report on Form 10-K and its Quarterly Reports on
Form 10-Q and other filings with the Securities and Exchange
Commission (“SEC”) which can be viewed at www.sec.gov. All
forward-looking statements are inherently uncertain, 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. The Company
expressly disclaims any intent or obligation to update any of the
forward-looking statements made in this release or in any of its
SEC filings except as may be otherwise stated by the Company.
Contact:
Skyline Corporate Communications Group, LLC Lisa
Gray, Senior Account Manager One Rockefeller Plaza, 11th Floor
New York, NY 10020 Office: 646.893.5835 x1
Email: lisa@skylineccg.com; info@castellumus.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0dce6e3-cb0d-4ad1-a714-90d6f2f839f2
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