Business
Telkonet Announces Second Quarter 2019 Financial Results
Telkonet Announces Second Quarter 2019 Financial Results.
About this update from Telkonet, Inc.
[{"type":"text","content":"Revenue Ramp Continues for Third Consecutive Quarter Contributing to Record Results Teleconference and Webcast to be Held Today at 10:00 A.M. ETWAUKESHA, WI / ACCESSWIRE / August 13, 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 June 30, 2019. Telkonet management will hold a teleconference to discuss these results with the financial community today at 10:00 a.m. ET/9:00 a.m. CT. “While continued global economic uncertainty and import tariffs have had a material impact on Telkonet’s results, our continued strength in Channel growth and penetration within secondary markets have fueled the second quarters’ record revenues,” stated Jason Tienor, Telkonet’s President and Chief Executive Officer. “2019 has brought a new appetite for automation and IoT solutions to Telkonet’s targeted markets creating an enormous opportunity for growth.”Operating and Financial Highlights Comparison for the Three and Six Months Ended June 30, 2019:For the three and six month periods, total revenues increased 20% and 38% respectively when compared to prior year periods.For the three and six month periods, revenues generated via the Company’s value added resellers and distribution partners increased 30% and 12% respectively when compared to prior year periods. International revenues as a percentage of total revenues grew 11% to $0.9 million when compared to the prior year period year to date. The significant year-over-year increase was primarily driven by one contract for a modular home project sold through an OEM partner.Phase 1 completion of a domestic, military housing project increased governmental revenues to 13% of total revenues when compared to the prior year six month period.Backlog was approximately $3.6 million at June 30, 2019.Implementation of portfolio pricing measures to offset near-term tariff impact and improve future product margins.Quarterly revenue per employee increased by 18% to $74k per employee compared to the three months ended June 30, 2018.“Telkonet’s current results paired with our strong backlog and verbal commitments strengthen the company’s outlook for full y...