BK Announces First-Quarter Financial Results
Thursday, May 23, 2019 | Comments

BK Technologies announced financial and operating results for the first quarter ended March 31, 2019.

For the first quarter ended March 31, 2019, revenues totaled approximately $7.6 million, compared with approximately $11.7 million for the first quarter last year. Operating loss for the quarter totaled approximately $2.3 million, compared with operating income of approximately $748,000 for the first quarter last year. The net loss for the first quarter of 2019 was approximately $1.3 million, or $0.10 per basic and diluted share, compared with a net loss of approximately $443,000, or $0.03 per basic and diluted share, for the same quarter last year.

The net loss for the first quarter 2019 includes unrealized gains on investments in securities totaling approximately $592,000, compared with losses of approximately $1.1 million for the same quarter last year.

The company had approximately $17.6 million in working capital as of March 31, 2019, of which $12.6 million was comprised of cash, cash equivalents and trade receivables, compared to working capital of approximately $21 million as of December 31, 2018, of which $17 million was comprised of cash, cash equivalents and trade receivables.

“The first quarter was a challenging start to the year,” said BK President Tim Vitou. “Impacted by the extended federal government shutdown, sales to federal agencies declined significantly in January and February. Sales to state and local government customers were also soft in the first quarter. Sales growth has been a primary component of our success in recent years, so it was encouraging to note that sales activity rebounded in March. Additionally, we officially launched BK’s first multiband product, the BKR9000, at the International Wireless Communications Exposition (IWCE) and received favorable customer reviews. In addition to incremental sales, the new products are anticipated to bolster our gross profit margins.

“The multiband handheld products are just the first step in a comprehensive upgrade and overhaul of out entire product line. Aggressive development is continuing and anticipated to yield additional new products later this year and next year, providing what we believe will be a highly competitive foundation on which we can build growth and shareholder value,” he said.

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