xG Technology Announces First-Quarter Financial Results
Tuesday, May 16, 2017 | Comments

xG Technology announced its results for the first quarter ended March 31. Total first quarter 2017 revenues were $9.3 million compared to $929,000 in the first quarter of 2016. First quarter operating loss was $5.7 million compared to operating loss of $4.6 million in the first quarter of 2016.

Net income attributable to common shareholders was $8.3 million, or $0.87 per share compared to a net loss of $4.4 million, or $(21.42) per share in the first quarter of 2016. xG ended first quarter 2017 with $4.7 million in cash compared to $9.1 million at December 31, 2016.

Key accomplishments in the quarter included:
• Completion of the acquisition of the assets of Vislink. With the Vislink acquisition complete, xG has now fully transitioned its focus to providing comprehensive video, broadband and satellite solutions for broadcast, sports and entertainment, and defense markets.
• Receipt of a number of six-figure orders from U.S. and internationally based customers in the broadcasting, sports/entertainment and law enforcement sectors for wireless camera systems, aerial downlink components, satellite systems and other microwave transmission equipment.
• Reduction of costs by eliminating 46 redundant positions, an annual cost savings of $3.8 million. In addition, the company reduced facility costs by $600,000, of which $103,000 has been recorded in the quarter and will not continue.
• xG's IMT business launch of the IMTDragonfly, an ultra-miniature wireless video system designed for drone, body-worn camera, sports broadcast and reality-based production applications.

“We are already seeing the promised synergies between xG, Vislink and IMT start to bear fruit in areas such as sales, joint technology and product development and manufacturing, and we are now leveraging the strength of our expanded solutions in the marketplace,” said George Schmitt, CEO and chairman of the board of xG Technology. “As a result, we are well-positioned to expand our customer base, gain additional market share in key sectors, and deliver strong overall financial performance through the remainder of 2017."

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