DLT Resolution Reports 366% Sales Growth in Third Quarter 2020
LAS VEGAS, NV / ACCESSWIRE / November 16, 2020 / DLT Resolution, Inc. (OTC:DLTI), an information technology, cyber security, telecommunications and Union Services company, today reported financial results for its third quarter ended September 30, 2020.
2020 Second Quarter Highlights:
2020 Q3 revenue of $599,000 was 366% higher than 2019 Q3 revenue
On a consecutive quarter basis, 2020 Q2 revenue of $599,000 was 9% higher than the 2020 Q2 quarter
2020 EBITDA of $48,000 for nine months ended September 30, 2020 compared to 2019 EDITDA of ($620,000) for nine months ended September 30, 2019
"We are pleased to report accelerating revenue growth for the Q3 despite the business environment made challenging by the COVID-19 pandemic." said John Wilkes, Chief Executive Officer of DLT Resolution Inc., adding "We are currently expanding our service offerings and expect revenue growth will continue to drive our improved financial performance."
Third Quarter 2020 Results
The increase in 2020 third quarter revenue to $599,000 from 2019's third quarter revenue of $128,000 resulted from revenue generated by Union Strategies, Inc. following the Company's acquisition of its business on January 30, 2020. The Company reported a 2020 third quarter net loss of $13,000 that includes $8,000 in depreciation, amortization and interest expense, as compared to a $196,000 2019 third quarter net profit that benefited from a one-time $268,000 gain on a stock-based liability at the time.
John Wilkes concluded, "During the remainder of 2020 and the first half of 2021, our focus is to expand our service offerings in order to grow and diversify our revenues while maintaining positive EBITDA and delivering profitability."
Forward-Looking and Cautionary Statements
The use of the word "company" or "Company" refers to DLT Resolution Incorporated and its wholly-owned subsidiaries. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the company's actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. DLT Resolution may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (available at http://www.sec.gov). DLT Resolution undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. Nothing within this communication is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.
John S. Wilkes President DLT Resolution Inc. DLTTelecom.com 1 800-463-5465
DLT RESOLUTION, INC Condensed Consolidated Financials
SOURCE: DLT Resolution Inc.