Business
MPHASE REPORTS THIRD CONSECUTIVE PROFITABLE QUARTER AND BEGINS CONVERTIBLE NOTE REPAYMENTS
MPHASE REPORTS THIRD CONSECUTIVE PROFITABLE QUARTER AND BEGINS CONVERTIBLE NOTE REPAYMENTS.
About this update from Mphase Technologies, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, Jan. 20, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”) reported financial results for its fiscal 2021 first quarter, which ended September 30, 2020. The first quarter of fiscal 2021 financial results achieved the Company’s third consecutive profitable quarter. In conjunction with this release, the Company is also providing additional operational developments. For fiscal Q1 2021, management is noting the following items of importance: Revenue remained steady at $7.6 million, a continuation of the recurring revenue trend in recent quarters and in line with the $7.6 million reported in fiscal Q1 2020;Gross profit margin of 25.9% was 130 basis points higher than the 24.6% reported in fiscal Q1 2020;Operating income of $1.2 million achieved the Company’s third consecutive profitable quarter compared to a loss of $10.1 million in fiscal Q1 2020;Net income of $0.7 million achieved the Company’s third consecutive profitable quarter, compared to a net loss of $10.3 million in fiscal Q1 2020;Basic and diluted net income per common share of $0.01 significantly improved from basic and diluted net loss per share of ($0.85) in Q1 2020; andStockholders’ equity achieved a new record at $7.0 million, a 27% increase over the $5.5 million reported at prior fiscal year-end June 30, 2020. Following the fiscal Q1 2021 reporting period, the Company is pleased to report additional positive developments: Receipt of the $14.2 million in receivables reported in fiscal Q1 2021 is underway, reducing this outstanding balance;Increased cash flows enabled the Company to pay off two convertible promissory notes in early January, significantly strengthening the balance sheet and avoiding dilution; andUpon yesterday’s filing of the fiscal Q1 2021 Form 10-Q for the quarter ended September 30, 2020, the Company is current in its filings with the Securities and Exchange Commission. “As this quarter shows, our base learning management system (“LMS”) business is exceptionally steady, and we expect that to continue,” explained mPhase CEO Anshu Bhatnagar. “The benefit of this recurring revenue stream is finally starting to show, as we were able to generate sufficient cash flow recently to pay off multiple convertible ...