Business
Wi2Wi Corporation Announces First Quarter Earnings
Q1 FY20 Marks 16th Consecutive Quarter of Profitability Company Committed to Ensuring ...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces First Quarter EarningsQ1 FY20 Marks 16th Consecutive Quarter of ProfitabilityCompany Committed to Ensuring Safety and Meeting Customer's NeedsTORONTO, ON / ACCESSWIRE / May 19, 2020 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending March 31, 2020. The company remained profitable while adapting to meet the needs of key customers amid the COVID-19 pandemic.Key Financial HighlightsIn Q1 FY20, Wi2Wi generated $2.191 million in revenue and a gross profit of $543,000. Total assets increased 36.7% from Q1 FY19, from $9.016 million in Q1 FY19 to $12.328 million in Q1 FY20. Wi2Wi's Q1 earnings marks the 16th consecutive quarter of profitability.As a part of the Critical Infrastructure Sectors designated by the U.S. Department of Homeland Security, the company has maintained operational capacity during the pandemic and subsequent industry-wide shutdowns. This has enabled Wi2Wi to continue meeting the needs of customers within the avionics, space and military industries. Wi2Wi has also accommodated order rescheduling for customers who themselves are responding to global events, leading to a change in product mix shipped in the first three months of 2020 compared to the same period last year.As a result of the company's approach to the ongoing pandemic, Wi2Wi continues to generate positive cash flow, operate debt-free and fund operations through the income it generates. Cash on hand has increased by 6.8% from Q1 FY19. Shareholder's equity increased from $6.388 million to $7.251 million, representing a growth of 13.5% in FY20 over the same period in FY19.Zachariah Mathews, President and CEO of Wi2Wi said: \"Amid the global pandemic, FY20 has presented a challenge to our customers out of the gate. Yet, Wi2Wi remains profitable - a result of our operational excellence and testament to our business resiliency. While the current industry shutdowns have no clear end date, we will continue to act in the best interest of both our employees and customers by taking internal measures to mitigate risk and rescheduling orders as needed.\"Q1 FY20 Financial Overview (Unaudited)(In thousands of U.S. dollars) 3 Months endingMarch 31,2020 3 Months endingMarch 31,2019 Revenue $ 2,191 $ 2,476 Net income 2 15 Net cash provided by (used in) operations 81 (178)Total assets 12,328 9,...