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DecisionPoint Systems Q4 revenues $14.6 million

Staff writer ▼ | March 31, 2014
DecisionPoint Systems, Inc. reported financial results for the fourth quarter and year ended December 31, 2013. Q4 revenues were $14.6 million, compared to $17.4 million in the comparable quarter in 2012.
DecisionPoint Systems
DecisionPoint SystemsDecisionPoint Systems, Inc. reported financial results for the fourth quarter and year ended December 31, 2013. Q4 revenues were $14.6 million, compared to $17.4 million in the comparable quarter in 2012.


The company reported a net loss of $1.8 million in the quarter ended December 31, 2013, compared to a net loss of $1.3 million in the comparable quarter in 2012. Net loss attributable to common shareholders was $3.8 million in the quarter ended December 31, 2013, or $0.32 loss per share.

That loss includes $2 million in non-cash dividends and imputed costs on preferred stock. Net loss attributable to common shareholders was $1.6 million in the quarter ended December 31, 2012, or $0.19 loss per share. The imputed preferred stock dividends in 2012 were $244,000.

Revenues for 2013 were $60.7 million, compared to $71.5 million in 2012. The drop is almost entirely due to lower hardware sales, which dropped from $48.5 million in 2012 to $38.0 million in 2013. The company's revenue is booked largely at the end of each quarter, upon shipment.

In the fourth quarter of 2013 one of company's most important vendors delayed some end-of-quarter shipments to us. The shipments were received and were shipped out to our customers beginning in January, which will have the effect of moving some revenues from 2013 to 2014, spread out over the first and subsequent quarters as installation dates are re-set for customer convenience.

The company reported a net loss of $5.2 million in the year ended 2013, compared to a net loss of $3.9 million in the year ended 2012. Net loss attributable to common shareholders was $7.8 million for the year ended 2013, or $0.80 loss per share. That loss includes $2.6 million in non-cash dividends and imputed costs on preferred stock.

Net loss attributable to common shareholders was $4.8 million for the year ended 2012, or $0.61 loss per share. The imputed preferred stock dividends in 2012 were $954,000.

Overall gross margin percentage remained at 21%, but importantly, the margin for professional services increased and for the year was just over 31%.

The company incurred significant expense as we expanded our sales force in 2013 to bring our new flagship product line, APEXWare, to the US market, but overall SG&A was in line with 2012.

The company paid down debt by $2.1 million and raised new financing on two occasions in 2013, most recently bringing in a net of $3.5 million in the fourth quarter. The company intends to increase the ratio of common shares to preferred by encouraging the conversion to common of the two oldest preferred series (A and B). And The company plan to do whatever is necessary to uplist to a national exchange during 2014 as improved results come in.


 

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