Business
Telkonet Announces Fiscal Year 2019 Financial Results with Strong Revenue Growth of 42% Over Prior Year
Telkonet Announces Fiscal Year 2019 Financial Results with Strong Revenue Growth of 42% Over Prior Year.
About this update from Telkonet, Inc.
[{"type":"text","content":"Teleconference and Webcast to be Held Today at 4:30 P.M. ESTWAUKESHA, WI / ACCESSWIRE / March 30, 2020 / Telkonet, Inc. (OTCQB: TKOI), (the "Company", "Telkonet"), developer of the EcoSmart Platform of intelligent automation designed to optimize occupancy comfort, energy management and operational efficiencies for living environments, announces financial results for the fiscal year ended December 31, 2019. Management will host a teleconference at 4:30pm ET today to discuss these results with the financial community."2019 represented a significant increase in industry demand for intelligent automation and Telkonet was well-positioned to take advantage of the opportunity," stated Jason Tienor, Telkonet's President and Chief Executive Officer. "Through innovative products and strong channel support, we continue to broaden our EcoSmart platform and its market penetration in support of our strategic growth goals."Operating and Financial Highlights Comparison for the Years Ended December 31, 2019 and 2018:Total revenues increased 42% year over year.Total revenues increased in all core markets year over year, with the hospitality market leading the way with an increase of $2.1 million, or 30%.Product revenues derived from value-added resellers and distribution partners were $8.6 million, an increase of 39% compared to prior year.Material costs as a percentage of product revenues were 42%, an improvement of 8%, compared to the prior year period.Operating expenses decreased 14% in second half of 2019 compared to first half of 2019, resulting from a number of cost elimination and liquidity actions initiated during the second half of 2019.Operating losses were $2.0 million for the year, an improvement of $1.0 million year over year.During the twelve-month period ended December 31, 2019, the Company's cash balances decreased, on average, approximately $0.11 million per month compared to a decrease of approximately $0.31 million per month for the prior year period.For the three month period ended December 31, 2019, with reported net income of $0.2 million, the Company achieved profitable operations as a single reportable business unit, for the first time."Telkonet's fourth quarter performance capped a strong 2019 that demonstrates the development of the Company overall," continues...