$DIRV announced today that the Company achieved record sales and gross profit during the six months ended June 30, 2018.
DirectView's record results reflect the completed integration of the Virtual Surveillance and ApexCCTV acquisitions (which closed during the 2nd quarter of 2017). Record results are also attributed to several sizable new and existing contracts.
First Half 2018 Results
70% sales growth to a record $2.3 million
73% growth in product sales to a record $1.9 million
57% growth in services sales to a record $0.4 million
37% gross profit growth to a record $1.0 million
64% growth in product gross profit to a record $0.9 million
185% increase in SG&A
Sales and gross profit expanded significantly during the first half of 2018, reflecting strong DirectView product and services demand. SG&A reflects on-going investments in technology and additional customer-facing headcount.
Roger Ralston, DirectView's CEO, stated: "DirectView's first half of 2018 performance generated the highest sales and profits of any period in our history. As we continue our technology and acquisition investments, we realize significant adoption and scale will take time. The results speak for themselves and we remain laser focused and bullish on our strategy."
Recent Business Highlights Drive Future Growth
• New Orders for School Security and Surveillance - Announced on August 8, 2018, DirectView has received orders from a Texas college and prestigious New York City private school or DirectView's advanced surveillance cameras, both covert and overt, as well as entry access control camera solutions.
• New Company Wide Master Agreement to Service Mission Foods Facilities, a $3.7B Leader in the Global Food Production Space - Announced on July 30, 2018, DirectView is expected to realize 7-digit revenue under the Master Agreement to install comprehensive security solutions of all security surveillance equipment, access control, and related infrastructure, in addition to multiyear support and service contracts.
• New Contract with $3.7B Leader in the Global Food Production Space - Announced on July 10, 2018, DirectView has secured a new contract worth approximately $475,000 for the security management for several large production plants with 24/7 operating schedules.
Technology Investment Update
DirectView recently completed the first investment phase of its relaunched ApexCCTV.com e-commerce surveillance product website. Taking several months to complete with an investment of over $100,000, ApexCCTV.com is the one-stop-shop for all things surveillance and security, catering to everyone from the most seasoned installers and resellers to the home do-it-yourselfer. With products and services that will meet nearly any surveillance and security need, ApexCCTV.com continues to evolve to include thousands of products while providing information and training videos in the surveillance space.
Mr. Ralston added: "Investments of this magnitude take time to deploy, and once deployed, take time to assess their overall impact and value. In addition to the planned technology investments we are investing heavily in people and process to significantly transform our industry and customer experience. I continue to believe 2018 will generate record sales and gross profit results, further establishing our foundation for even greater future growth."
https://finance.yahoo.com/news/directview-ach...00024.html
DirectView's record results reflect the completed integration of the Virtual Surveillance and ApexCCTV acquisitions (which closed during the 2nd quarter of 2017). Record results are also attributed to several sizable new and existing contracts.
First Half 2018 Results
70% sales growth to a record $2.3 million
73% growth in product sales to a record $1.9 million
57% growth in services sales to a record $0.4 million
37% gross profit growth to a record $1.0 million
64% growth in product gross profit to a record $0.9 million
185% increase in SG&A
Sales and gross profit expanded significantly during the first half of 2018, reflecting strong DirectView product and services demand. SG&A reflects on-going investments in technology and additional customer-facing headcount.
Roger Ralston, DirectView's CEO, stated: "DirectView's first half of 2018 performance generated the highest sales and profits of any period in our history. As we continue our technology and acquisition investments, we realize significant adoption and scale will take time. The results speak for themselves and we remain laser focused and bullish on our strategy."
Recent Business Highlights Drive Future Growth
• New Orders for School Security and Surveillance - Announced on August 8, 2018, DirectView has received orders from a Texas college and prestigious New York City private school or DirectView's advanced surveillance cameras, both covert and overt, as well as entry access control camera solutions.
• New Company Wide Master Agreement to Service Mission Foods Facilities, a $3.7B Leader in the Global Food Production Space - Announced on July 30, 2018, DirectView is expected to realize 7-digit revenue under the Master Agreement to install comprehensive security solutions of all security surveillance equipment, access control, and related infrastructure, in addition to multiyear support and service contracts.
• New Contract with $3.7B Leader in the Global Food Production Space - Announced on July 10, 2018, DirectView has secured a new contract worth approximately $475,000 for the security management for several large production plants with 24/7 operating schedules.
Technology Investment Update
DirectView recently completed the first investment phase of its relaunched ApexCCTV.com e-commerce surveillance product website. Taking several months to complete with an investment of over $100,000, ApexCCTV.com is the one-stop-shop for all things surveillance and security, catering to everyone from the most seasoned installers and resellers to the home do-it-yourselfer. With products and services that will meet nearly any surveillance and security need, ApexCCTV.com continues to evolve to include thousands of products while providing information and training videos in the surveillance space.
Mr. Ralston added: "Investments of this magnitude take time to deploy, and once deployed, take time to assess their overall impact and value. In addition to the planned technology investments we are investing heavily in people and process to significantly transform our industry and customer experience. I continue to believe 2018 will generate record sales and gross profit results, further establishing our foundation for even greater future growth."
https://finance.yahoo.com/news/directview-ach...00024.html
