DIRV
DirectView Reports Record Sales for the 9 Months Ended September 30th, 2018, Provides Update on New COO/CFO, and Executes Focused Initiatives to Drive Future Growth
DirectView's New Initiatives Continue To Drive Growth, Alongside Virtual Surveillance and Apex CCTV
NEW YORK, November 20, 2018 /PRNewswire/
DirectView Holdings, Inc., (OTC: DIRV) ("DirectView" or the "Company"
, a company focused on ownership and management of leading video and security technology companies, announced today that the Company achieved record sales and gross profit for the nine months ended September 30, 2018.
DirectView's record results reflect a number of large new and existing customer projects where DirectView and its subsidiaries were awarded contracts.
2018 Nine Months Results
22% sales growth to a record $3.3 million
20% growth in product sales to a record $2.7 million
32% growth in services sales to a record $0.6 million
7% gross profit growth to a record $1.3 million
30% growth in product gross profit to a record $1.4 million
400 basis point gross profit margin increase to 52.3%
108% increase in SG&A
Sales and gross profit trends continued to expand during the first nine months of 2018 and reflect continued strong product and services demand. SG&A continues to reflect on-going investments in technology and additional customer-facing headcount.
Roger Ralston, DirectView's CEO stated: "DirectView's performance during the first nine months of 2018 turned out to be impressive, generating the highest sales and profits of any period in the Company's history. As we continue to be awarded significant new and existing contracts, we continue to invest in our subsidiaries to support the continuation of significant growth, customer experience, and satisfaction- thereby ensuring our customers receive industry-leading products and service throughout the project life cycle.
Recent Business Highlights Drive Future Growth
DirectView to Attend and Showcase MJ Security Solutions at MJBIZON 2018 - Announced on November 8, 2018, DirectView Networked and Showcased Custom-Tailored MJ Industry Security And Surveillance Solutions
DirectView's Virtual Surveillance Completes $600,000 Surveillance Project for Mission Foods and Begins Designing New Locations - Announced on November 8, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, completed a project valued at approximately $600,000 and has moved on to designing additional locations for Mission Foods - the manufacturer of tortilla-related products and subsidiary of the multinational, $3.7B publicly-traded GRUMA Corporation (MX:GRUMB) (GRUMAB.MX)
DirectView's Virtual Surveillance Signs Master Agreement with Texas' Premier General Contractor, Rogers-O'Brian - Announced on October 29, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, signed a master agreement to work with world-renowned Texas builder, Rogers-O'Brian who is headquartered in Dallas and has offices in Austin and Houston
DirectView Offers Custom-Tailored Security, Surveillance, Safety and Access Control Solutions for The Cannabis and CBD Industry - Announced on October 9, 2018, DirectView has focused on a new initiative to provide and install custom-tailored security, surveillance and safety equipment to meet the regulatory and compliance requirements of the booming cannabis industry
DirectView's Virtual Surveillance Wins Surveillance Equipment, Installation & Support Contract for Texas Municipality - Announced on October 2, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, has been contracted to provide and install surveillance equipment for a Texas municipality in the Fort Worth, Texas region
DirectView Wins $150,000 Contract with Prominent New York City Hotel - Announced on August 23, 2018, DirectView signed a $150,000 contract for a security and surveillance project for a world-renowned high-rise hotel in Midtown, NYC, opening the door to further contracts in the hospitality space in New York and across the country
New COO/CFO Update
In September 2018, DirectView named Chris Cutchens as Chief Operating and Financial Officer, expanding its C-Suite position to drive organic growth, bolster M&A activity, and fuel business transformation.
Chris Cutchens, DirectView's COO/CFO stated: "DirectView is well positioned to transform the security and surveillance industry, all while experiencing significant organic and inorganic growth. The current market is significantly fragmented and ripe for the adaptation of DirectView's product and service offerings, as well as its roll-up acquisition strategy. The remainder of 2018 will be focused on completing the establishment of a solid foundation to position the Company for scale beginning in 2019 and thereafter."
Mr. Ralston added: "Since joining the DirectView family in September 2018, Chris has hit the ground running, tackling a number of critical initiatives while staying laser-focused on DirectView's long-term strategy of maximizing the return on our investment in people, process, and technology to significantly transform our industry and customer experience."
About DirectView Holdings, Inc.
DirectView Holdings, Inc., ( DIRV ) together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. For more information visit our websites at http://www.DirectView.com, http://www.ApexCCTV.com, and connect with us on Twitter, LinkedIn, Facebook, and Google+.
DirectView's New Initiatives Continue To Drive Growth, Alongside Virtual Surveillance and Apex CCTV
NEW YORK, November 20, 2018 /PRNewswire/
DirectView Holdings, Inc., (OTC: DIRV) ("DirectView" or the "Company"
, a company focused on ownership and management of leading video and security technology companies, announced today that the Company achieved record sales and gross profit for the nine months ended September 30, 2018. DirectView's record results reflect a number of large new and existing customer projects where DirectView and its subsidiaries were awarded contracts.
2018 Nine Months Results
22% sales growth to a record $3.3 million
20% growth in product sales to a record $2.7 million
32% growth in services sales to a record $0.6 million
7% gross profit growth to a record $1.3 million
30% growth in product gross profit to a record $1.4 million
400 basis point gross profit margin increase to 52.3%
108% increase in SG&A
Sales and gross profit trends continued to expand during the first nine months of 2018 and reflect continued strong product and services demand. SG&A continues to reflect on-going investments in technology and additional customer-facing headcount.
Roger Ralston, DirectView's CEO stated: "DirectView's performance during the first nine months of 2018 turned out to be impressive, generating the highest sales and profits of any period in the Company's history. As we continue to be awarded significant new and existing contracts, we continue to invest in our subsidiaries to support the continuation of significant growth, customer experience, and satisfaction- thereby ensuring our customers receive industry-leading products and service throughout the project life cycle.
Recent Business Highlights Drive Future Growth
DirectView to Attend and Showcase MJ Security Solutions at MJBIZON 2018 - Announced on November 8, 2018, DirectView Networked and Showcased Custom-Tailored MJ Industry Security And Surveillance Solutions
DirectView's Virtual Surveillance Completes $600,000 Surveillance Project for Mission Foods and Begins Designing New Locations - Announced on November 8, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, completed a project valued at approximately $600,000 and has moved on to designing additional locations for Mission Foods - the manufacturer of tortilla-related products and subsidiary of the multinational, $3.7B publicly-traded GRUMA Corporation (MX:GRUMB) (GRUMAB.MX)
DirectView's Virtual Surveillance Signs Master Agreement with Texas' Premier General Contractor, Rogers-O'Brian - Announced on October 29, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, signed a master agreement to work with world-renowned Texas builder, Rogers-O'Brian who is headquartered in Dallas and has offices in Austin and Houston
DirectView Offers Custom-Tailored Security, Surveillance, Safety and Access Control Solutions for The Cannabis and CBD Industry - Announced on October 9, 2018, DirectView has focused on a new initiative to provide and install custom-tailored security, surveillance and safety equipment to meet the regulatory and compliance requirements of the booming cannabis industry
DirectView's Virtual Surveillance Wins Surveillance Equipment, Installation & Support Contract for Texas Municipality - Announced on October 2, 2018, DirectView's wholly-owned subsidiary, Virtual Surveillance, has been contracted to provide and install surveillance equipment for a Texas municipality in the Fort Worth, Texas region
DirectView Wins $150,000 Contract with Prominent New York City Hotel - Announced on August 23, 2018, DirectView signed a $150,000 contract for a security and surveillance project for a world-renowned high-rise hotel in Midtown, NYC, opening the door to further contracts in the hospitality space in New York and across the country
New COO/CFO Update
In September 2018, DirectView named Chris Cutchens as Chief Operating and Financial Officer, expanding its C-Suite position to drive organic growth, bolster M&A activity, and fuel business transformation.
Chris Cutchens, DirectView's COO/CFO stated: "DirectView is well positioned to transform the security and surveillance industry, all while experiencing significant organic and inorganic growth. The current market is significantly fragmented and ripe for the adaptation of DirectView's product and service offerings, as well as its roll-up acquisition strategy. The remainder of 2018 will be focused on completing the establishment of a solid foundation to position the Company for scale beginning in 2019 and thereafter."
Mr. Ralston added: "Since joining the DirectView family in September 2018, Chris has hit the ground running, tackling a number of critical initiatives while staying laser-focused on DirectView's long-term strategy of maximizing the return on our investment in people, process, and technology to significantly transform our industry and customer experience."
About DirectView Holdings, Inc.
DirectView Holdings, Inc., ( DIRV ) together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. For more information visit our websites at http://www.DirectView.com, http://www.ApexCCTV.com, and connect with us on Twitter, LinkedIn, Facebook, and Google+.
