Business
Adaptive Ad Systems Provides Financial Results for Q2 2020 23rd Profitable Quarter in a Row despite Impact of Pandemic
Adaptive Ad Systems Provides Financial Results for Q2 2020 23rd Profitable Quarter in a Row despite Impact of Pandemic.
About this update from Adaptive Ad Systems, Inc.
[{"type":"text","content":"VANCOUVER, WA / ACCESSWIRE / August 18, 2020 / Adaptive Ad Systems, Inc. (OTC PINK:AATV), today releases the Company's report of its financial performance for the quarter ending on June 30, 2020, reporting a profitable quarter for the 23rd time in a row. Adaptive provides Dynamic Digital Ad Insertion (DDAI) via its streaming media hardware and proprietary processing software for all U.S. cable TV markets.The Company reports that, despite the nation-wide temporary business closures beginning in March following CDC guidelines to stem the COVID 19 pandemic, Adaptive was able to continue deployment of scheduled ad insertions throughout its network, as well as continue installations of new proprietary Adaptive hardware systems to keep expanding its network and revenue potential.Sales for the three months ending June 30, 2020 were slightly lower than sales in the comparative period in 2019, amounting to $1,179,608, a decrease of $150,463, or about 11%. Results for the second quarter were clearly hampered by the negative impact the pandemic had on the entire industry. Nevertheless, Adaptive was able to produce another profitable quarter for the 23rd time in a row, with its revenue already recovering in the last month of the second quarter. Results are summarized as follows:Total sales for the second quarter were $1,179,608Six months sales increased to $2,494,644Net Profit before taxes amounted to $161,474.Net assets increased by $646,106 to $9,211,278Current assets exceed liabilities by $7,995,522.Current cash balance is $2,148,595CEO J. Michael Heil states: "While some people had originally expected a more significant negative impact on our financial performance during the second quarter of 2020, due to the lack of consumer confidence during the ongoing pandemic, we were able to respond effectively by continuing the installation of new systems to expand our existing network and maintain deployment of our scheduled ad insertions. We offer advanced technological management and a desirable revenue sharing model to our clients, thus creating a solid foundation for our clients to expand their advertising reach, even during difficult economic times. This was further supported by advertisers regaining confidence in the latter part of the quarter. All of the foregoing is reflected in our financial performance, which produced yet anot...