World News: 22:33 GMT Wednesday 15th May 2019. [Vislink Technologies, Inc. via Globe Newswire via SPi World News]
HACKETTSTOWN, NJ, May 15, 2019 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq: VISL), whose brands are recognized as the global leaders in live video communications, announced its results for the first quarter ended March 31, 2019. Management will hold a conference call to discuss the results on Wednesday, May 15, 2019 at 5:00 p.m. Eastern Time (details below).
“After successfully rightsizing our operations in 2018, we completed the realignment of the Company in the first quarter by bringing our corporate and operating brands together under the single entity of Vislink Technologies,” said Roger Branton, CEO of Vislink Technologies. “Reorganizing our offerings under the solution areas Live Production, Military and Government and Satellite allows us to better communicate the value of our solutions to our core markets. The reaction to these changes has already been positive in our key sectors, as we are building a strong backlog of business across the three main solution lines. This was particularly evident from our presence at the recent NAB (National Association of Broadcasters) Show. At this event, pre-order bookings were strong, in part driven by our HCAM 4K systems receiving a product award for innovation.”
Mr. Branton continued, “While the first quarter reflected the seasonality of our industry, we are pleased with the momentum we are seeing as a result of the financial and operational milestones we have achieved. We are focused on maintaining the long-term health of the business, which we believe remains positive. A key action item for us in 2019 is regaining compliance with NASDAQ, both in independent board compliance and minimum stock listing. We are confident that these actions, combined with the achievements we have realized, will allow us to capitalize on our industry leadership position and generate sustainable and profitable growth.”
Management will hold a conference call to discuss financial results for the year ended March 31, 2019 and provide a corporate update on Wednesday, May 15, 2019 at 5:00 p.m. Eastern Time. To participate in the conference call, please call 1-866-987-9124 (toll free) or 1-409-217-8842 (international call-in) and ask to join the Vislink Technologies Q1 2019 call. The call will also be simultaneously webcast. Listeners can access the webcast live through the Company's website at . For those who cannot participate in the call, an audio replay will be made available on the Vislink Technologies website.
We disclose non-GAAP financial measures as we believe they provide useful information on actual operatingperformance. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies.
Non-GAAP gross margin excludes the impact of purchase price amortization on the step up of assets as a result of the bargain purchase gain and the impact of foreign exchange gains or losses.
Non-GAAP income (loss) from operations excludes the impact of purchase price amortization related to the Vislink acquisition, acquisition-related expenses and restructuring expenses.
We use the above-noted non-GAAP financial measures for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. These non-GAAP measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance. Adjusted EBITDA is defined as net income (loss) plus purchase price amortization, acquisition-related expense, restructuring expense, depreciation and amortization, foreign exchange gains or losses and interest expense.
Adjusted EBITDA is a metric used by investors and analysts for valuation purposes and we believe that it is an important indicator of our operating performance.
Vislink Technologies is a global leader in the development and distribution of advanced communication solutions. Driven by technical excellence that has led the industry for over 50 years, our innovative products and turnkey solutions provide reliable connectivity in the toughest environments across the global live production, military and government sectors. Our solutions include high-definition communication links that reliably capture, transmit and manage live event footage, as well as secure video systems that support mission-critical applications. Headquartered in Hackettstown, New Jersey, Vislink Technologies has over 70 patents and pending patent applications. More information can be found at .
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This press release may contain projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are the risk that our reduction in operating expenses may impact our ability to meet our business objectives and achieve our revenue targets and may not result in the expected improvement in our profitability, the fact that our future growth depends in part on further penetrating our addressable market and also growing internationally, and we may not be successful in doing so; our dependence on sales of certain products to generate a significant portion of our revenue; the effect of a decrease in the sales or change in sales mix of these products would harm our business; the risks that an economic downturn or economic uncertainty in our key U.S. and international markets may adversely affect demand for our products; difficulty in accurately predicting our future customer demand; the importance of maintaining the value and reputation of our brand; and other factors detailed in the Risk Factors section of our Registration Statement on Form S-1, as amended (No. 333-225975), which is on file with the Securities and Exchange Commission. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2018. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. The Company disclaims any obligation to update these forward-looking statements.
Daniel Carpini 941-953-9035
The accompanying notes are an integral part of these condensed consolidated financial statements.
Our financial statements are prepared in accordance with US GAAP on a basis consistent for all periods presented. In addition to results reported in accordance with US GAAP, we use non-GAAP financial measures as supplemental indicators of our operating performance. We disclose non-GAAP measures as we believe that these measures provide better information on actual operating results.
Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by US GAAP and therefore may not be comparable to similar measures presented by other companies.
Globe Newswire: 22:33 GMT Wednesday 15th May 2019
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