IT solutions provider - DecisionPoint Systems reported a drastic reduction in net loss in the second quarter ending June 30, 2014, when compared with same period of 2013.
Net loss in the second quarter of 2014 stood at $19,000, down from net loss of $1.1 million in the second quarter of 2013. On an EPS basis, the loss per share was $0.03, compared to $0.15 loss per share in the second quarter of 2013.
Revenues climbed 12.2% in the second quarter ending June 30, 2014 at DecisionPoint Systems to $16.5 million from $14.7 million in the comparable quarter of 2013. For the six months ending June 30, 2014, sales rose 16.6% over the comparable six months of 2013.
Gross profit rose to $3.8 million in second quarter 2014 over 3.6 million in same quarter of 2013, up 6.1%. Gross profit for the first half of 2014 stood at $7.4 million, compared to $6.4 million for the comparable first half of 2013, an increase of 15.1%.
SG&A expense fell by $1.1 million to $3.4 million mainly due to restructuring and other cost savings, compared to $4.5 million in the second quarter of 2013. It posted an operating income of $0.4 million in the quarter under review versus a loss of $0.9 million in the second quarter of 2013 also due to improved margins and cost savings.
Adjusted EBITDA for the second quarter of 2014 was $899,000, a $1.0 million improvement from prior year.
Michael Roe, CFO at DecisionPoint Systems said that they continued to pare down term debt, which fell to $2.9 million in June 2104 from $3.4 million at December 31, 2013.
He said, “Net cash provided by operations for the first half of 2014 was $1.1 million, compared to $200,000 for the like period of 2013. Likewise, interest expense was down to $429,000 from $483,000, mainly due to reduction in the amount of principal owed”.
