Business
Telkonet Announces First Quarter 2019 Financial Results
Telkonet Announces First Quarter 2019 Financial Results.
About this update from Telkonet, Inc.
[{"type":"text","content":"- Substantial Year-over-Year Revenue Growth Fueled by Channel and International Sales and a Strong Backlog- Teleconference and Webcast to be Held Today at 4:30 P.M. ESTWAUKESHA, WI / ACCESSWIRE / May 15, 2019 / Telkonet, Inc. (OTCQB: TKOI), (the "Company", "Telkonet"), creator of the EcoSmart platform of intelligent automation solutions designed to optimize comfort, energy efficiency and operational analytics in support of the emerging Internet of Things (IoT), today announced financial results for the quarter ended March 31, 2019. Telkonet management will hold a teleconference to discuss these results with the financial community today at 4:30 p.m. ET/3:30 p.m. CT."Fueled by broad 2018 market development and expanded channel distribution, Telkonet has entered a period of growth and market awareness," stated Jason Tienor, Telkonet President and Chief Executive Officer. "While 2019 first quarter results continued to be impacted by tariffs on Chinese imports, the Company's ongoing sales and performance trends point towards substantial revenue growth."Operating and Financial Highlights Comparison for the First Quarter Ended March 31, 2019 and 2018: A backlog of approximately $4.0 million at the beginning of the quarter drove revenue growth of 72% to $2.8 million for the quarter ended March 31, 2019 compared to $1.6 million in the prior year period Expanded marketing efforts continued to drive orders during the quarter, resulting in a continued strong backlog of approximately $4 million ended March 31, 2019 Loss from continuing operations decreased $0.4 million to $0.8 million for the quarter ended March 31, 2019 compared to $1.2 million in the prior year period as margins continued to be pressured by the impact of increased costs of materials and increased freight costs due to tariffs on Chinese imports Focusing on long-term, sustainable strategic growth, the Company recognized 74% growth in recurring revenues year-over-year resulting from increased sales activity on the annual support contracts Continued extensive channel development resulting in first quarter revenue through channel efforts of 77% for the quarter ended March 31, 2019 International revenues as a percentage of total revenues grew from 2% in fiscal year 2018 to 20% for quarter ended March 31, 2019. The year-over-year increase ...