Acorn $ACFN Q3 Results Show Turnaround Progress
Acorn reported Q3 and held a call yesterday - audio of call will be posted to their website with transcript - link to release is below and CEO Quote is provided:
"Acorn continued to advance its turnaround and strategic repositioning, from closing the sale of GridSense assets, to continued growth at OmniMetrix and maintaining low operating costs -- all key steps in our path to positioning Acorn for profitable growth.
"Our core OmniMetrix machine-to-machine remote monitoring business achieved revenue growth of 20% in the third quarter of 2016 with a gross margin of 56%. We believe that the strong asset protection and return-on-investment benefits of remote monitoring, combined with favorable demand trends and OmniMetrix's technology leadership provide a compelling business opportunity. Further, more than half of OmniMetrix's revenue comes from recurring maintenance contracts with attractive margins that generate stable cash flow.
"Our goal is to scale our operations both organically and through acquisitions in remote monitoring or similarly attractive businesses. We will also seek to continue to reduce costs and enhance operational efficiencies throughout the company as well as work to monetize the value of Acorn's assets on an opportunistic basis."
Posts that I make on Investors Hangout reflect my own personal thinking and opinion and are neither endorsed nor approved by the subject companies, many of which may be clients or client prospects of our our NY-based investor relations consulting firm.
David Collins, Managing Director
Catalyst Global Investor Relations
212 924 9800