DLT Resolution Reports First Quarter 2020 Financial Results
LAS VEGAS, NV, July 13, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- DLT Resolution, Inc. (OTC: DLTI), an information technology, cyber security, telecommunications and Union Services company, today reported financial results for its first quarter ended March 31, 2020.
2020 First Quarter Highlights in USD:
First quarter revenue of $428,000 was 250% higher than 2019 first quarter revenue
First quarter net loss of $329,000, was 63% less than 2019 first quarter net loss and included a one time $159,000 good will write down
Loss per share was $0.01 per share compared to a 2019 first quarter loss of $0.05 per share
Total Assets increased 748% to $4,410,316 compared to Q1 2019’s $589,253
Total liabilities increased to $2,667,845 compared to the previous year quarter liabilities of $957,553. The increase was due to the acquisition of Union Strategies Inc. on January 31, 2020.
“We are pleased that, in a difficult global environment, our January 30, 2020 acquisition of Union Strategies, Inc. immediately made a significant contribution to first quarter revenues. We have, during the COVID-19 outbreak, leveraged our ability to implement and provide support remotely. We are quickly adapting to find ways to communicate, sell and service our current and prospective customers,” said John Wilkes, Chief Executive Officer of DLT Resolution Inc.
First Quarter 2020 Results
The increase in first quarter revenue to $428,000 from $122,000 in 2019 first quarter revenue was primarily related to the $326,000 of revenue generated by Union Strategies, Inc. following the Company’s acquisition of its business on January 30, 2020. The Company reported a first quarter net loss of $329,000 that includes a $159,000 one-time charge for writing off goodwill that was carried from a prior acquisition, as compared to an $855,000 net loss in the comparable year-ago period.
John Wilkes concluded, “We continue to monitor the effects on our business of the current global pandemic and take the necessary actions to service our clients to our fullest ability. During 2020, we plan to continue our focus on integrating the Union Strategies business and creating new opportunities to provide value to its Union customers and their members that will in turn grow our revenues.”
Forward-Looking and Cautionary Statements The use of he 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.
Source: DLT Resolution Inc.