BK Technologies Announces Second Quarter, Six Months Results
Wednesday, August 21, 2019 | Comments

BK Technologies announced financial and operating results for the second quarter and six months ended June 30. For the second quarter, revenues totaled approximately $13.3 million, compared with about $13.7 million for the second quarter last year.

Operating income for the second quarter 2019 totaled about $20,000, compared with operating income of approximately $1.3 million for the second quarter in 2018. The net loss for the second quarter of 2019 was about $247,000 compared with net income of about $947,000 for the same quarter last year.

The net loss for the second quarter 2019 includes unrealized losses on investments in securities totaling about $148,000, compared with losses of about $55,000 for the same quarter last year.

The company had $17.1 million in working capital as of June 30, of which $12.5 million was comprised of cash, cash equivalents and trade receivables. This compares with working capital of $21 million as of Dec. 31, 2018, of which $17 million was comprised of cash, cash equivalents and trade receivables.

“The second quarter rebounded well from the first quarter with sales increasing 73.9% and gross profit margins improving to near 43% versus first quarter gross profit margins of 31.9%,” said Tim Vitou, BK’s president. “After the federal government shutdown in the first quarter of 2019, sales in both the federal and state markets have shown renewed strength. We have continued to invest in a comprehensive upgrade and overhaul of our entire product line, which is reflected in our engineering and product development expenses for the first half of the year. We believe these development initiatives should ultimately provide a solid foundation of products with advanced technology and competitive advantages upon which we can build increased shareholder value.”

For the six months ended June 30, sales totaled about $20.9 million compared with approximately $25.4 million for the same period last year. Operating loss for the six-month period of 2019 totaled $2.3 million, compared with operating income of about $2.1 million for the same period last year.

Net loss for the six months ended June 30 totaled about $1.6 million, compared with net income of $503,000 for the same period last year. The financial results for the six months include a gain on investment in securities totaling about $444,000 compared with a loss of about $1.2 million for the six-month period last year.

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