World News: 21:30 GMT Wednesday 15th May 2019. [Glowpoint, Inc. via Globe Newswire via SPi World News]
DENVER, May 15, 2019 (GLOBE NEWSWIRE) -- Glowpoint, Inc. (NYSE American: ) (“Glowpoint” or the “Company”), a managed service provider of video collaboration and network applications, today announced financial results for the first quarter ended March 31, 2019.
“We are pleased to have recently regained full compliance with the NYSE American’s continued listing standards. We maintain a clean balance sheet with $1.6 million in cash and no debt as of March 31, 2019. We remain focused on implementing certain infrastructure cost reductions in our efforts to improve adjusted EBITDA and operating cash flow. We are encouraged by recent capital markets activity and heightened market awareness in both video and unified communications and intend to use our expertise, along with an excellent reputation for delivering managed services to the Enterprise, to explore potential opportunities for growth in this sector. We are actively exploring potential merger and acquisition and/or business development initiatives and are confident that we can leverage our strong reputation with our large enterprise customers, our investments in R&D during the past two years and our existing intellectual property to increase shareholder value,” said Peter Holst, President and CEO of Glowpoint.
Glowpoint’s results from operations and financial condition are more fully discussed in our Quarterly Report on Form 10-Q for the three months ended March 31, 2019 on file with the Securities and Exchange Commission (the “SEC”). Investors are encouraged to carefully review the Company’s Form 10-Q for a complete analysis of its results from operations and financial condition.
Adjusted EBITDA (“AEBITDA”), a non-GAAP financial measure, is defined as net loss before depreciation and amortization, income tax expense, stock-based compensation, impairment charges, merger expenses and interest and other expense, net. AEBITDA is not intended to replace operating loss, net loss, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles (GAAP). Rather, AEBITDA is an important measure used by management to assess the operating performance of the Company and is used in determining achievement of performance-based stock awards. AEBITDA as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Therefore, AEBITDA should be considered in conjunction with net loss and other performance measures prepared in accordance with GAAP, such as operating loss or cash flow provided by (used in) operating activities, and should not be considered in isolation or as a substitute for GAAP measures, such as net loss, operating loss or any other GAAP measure of liquidity or financial performance. A reconciliation of AEBITDA to net loss is shown in the attached schedules.
Globe Newswire: 21:30 GMT Wednesday 15th May 2019
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