Business
Telkonet Announces Third Quarter 2017 Financial Results
Telkonet Announces Third Quarter 2017 Financial Results.
About this update from Telkonet, Inc.
[{"type":"text","content":"\nTelkonet Announces Third Quarter 2017 Financial Results\n\nTelkonet Announces Third Quarter 2017 Financial Results\n\n\nNew Key Initiatives Driving Revenue Growth and Successes; Teleconference and Webcast to be Held Today at 4:30 P.M. EST\n\nWAUKESHA, WI --(Marketwired - November 14, 2017) - 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 third quarter ended September 30, 2017. 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. \"With the redevelopment of Telkonet's operations following our divestiture of EthoStream now completed, the third quarter enabled Telkonet to refocus on its' core business growth,\" stated Jason Tienor, Telkonet's President and Chief Executive Officer. \"Through the deployment of new tools and resources designed to drive sales enablement and success, we are now beginning to recognize their potential.\"Operating and Financial Highlights Comparison for the Three and Nine Months Ended September 30, 2017 and 2016:The Company completed the divestiture of its hospitality networking assets for $12.75 million in March 2017.Net income attributable to common stockholders increased to $4.2 million for the nine months ended September 30, 2017 compared to a loss of $0.9 million in the prior year periodWorking capital from continuing operations increased to $9.8 million as of September 30, 2017 compared to zero as of December 31, 2016Operating expense decreased 9% to $5.8 million for the nine months ended September 30, 2017 compared to $6.4 million in the prior year periodOperating expense decreased 9% to $1.7 million for the three months ended September 30, 2017 compared to $1.9 million in the prior year period Selling, general and administrative expense decreased 17% to $1.2 million for the three months ended September 30, 2017 compared to $1.4 million in the prior year period The Company's EcoSmart Platform was selected for deployment throughout one of the most prestigious venues in Las VegasOpportunities completed across all core markets served by EcoSmart including Hospitality, ...